The updated payment schedule, rising from the previous 20 cents per share, brings the company's annual dividend to $1 per share. Investors on record as of June 24 are eligible to receive the payout on July 6. Based on Wednesday’s closing price of $58.15, the new rate equates to a dividend yield of approximately 1.7 percent.

This adjustment follows a similar upward trend from last June, when the firm raised its quarterly distribution from 17 cents to 20 cents. By maintaining this trajectory, the company continues its long-standing tradition of capital returns that dates back over eight decades.