Sherwin-Williams (NYSE:SHW) is set to apply a new coat of shareholder payout. The company announced that it will distribute a dividend of $0.50 per share of its common stock on May 31 to shareholders of record as of May 17. That matches the previous disbursement, which was handed out in February. Before that, Sherwin-Williams dispensed $0.39 per share.

The company is a habitual and steady dividend payer. It tends to increase its distribution at the beginning of every year.

The current dividend annualizes to an even $2.00 per share, which yields 1.2% at Sherwin-Williams' most recent closing stock price of $170.89.

The company is scheduled to unveil its Q1 results on Thursday before the market opens.

Fool contributor Eric Volkman has no position in Sherwin-Williams. The Motley Fool recommends Sherwin-Williams. 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.