That's more than double the $1.20 rate the Minneapolis-based retailer most recently paid. Target says $3 per share is possible as long as annual earnings are at $8 per share in five years.

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Related

Target boosts dividend by 20 percent

The Minneapolis-based discount chain says it has increased its quarterly dividend to 36 cents. The dividend will be paid on September 10 to shareholders of record as of August 15. Target has reportedly paid a dividend every quarter since going public in 1967.

Target executives net millions as stock soars

Shares for the Minneapolis-based discount retailer have surged 130 percent since late 2009 -- up 20 percent since the beginning of 2012. The Star Tribune writes Target's P-Fresh grocery format, Red Card program and exclusive merchandising partnerships have led to higher traffic and bigger purchases per visit. Four top executives, including CEO Gregg Steinhafel, have reaped millions of dollars by selling some shares.

Target shares dip upon news of portfolio sale delay

Shares of Target stock dropped nearly 2 percent Wednesday morning after the Minneapolis-based retailer reported that it would temporarily delay its efforts to sell the portfolio containing the balances credit card holders owe the company. The Associated Press reports that the company does not expect to sell the portfolio until later this year or early next.

Target's new chief marketing officer shares vision for creative agencies

Jeff Jones, the chief marketing officer at Target, told Ad Age he wants to work with the best creative agencies in the world. "I'm not willing to commit to two agencies or four or 50. We want to have flexibility," Jones said. He is also interested in expanding the use of QR codes and more "shoppable videos," like Target's "Falling for You" short film series.

Wells Fargo, U.S. Bancorp raise dividends after passing stress tests

Wells Fargo nearly doubled its first-quarter dividend to 22 cents per share. U.S. Bancorp boosted its by 56 percent to 19 cents. It came after the Fed measured how well the banks might hold up in a financial crisis.