Xerox (NYSE:XRX) has declared its first quarterly dividend for 2013, with plans to raise the payout by 35%. The company is to pay $0.0575 per share of its common stock on April 30 to shareholders of record as of March 28. The previous disbursement in December was $0.0425. Xerox had kept the payout at that level since late 2007.

The new dividend annualizes to $0.23, for a 2.9% yield on the company's current share price of $7.85.

Xerox also declared a dividend of $20 per share on its Series A convertible perpetual preferred stock. That payout will be distributed on April 1 to holders of record as of March 15.

Fool contributor Eric Volkman and The Motley Fool have no position in Xerox. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.