Siding with the board of directors, Pentair (NYSE: PNR ) said shareholders approved the company's plan to raise the quarterly dividend to $1.00 per share from its current $0.92-per-share annual level.
The dividend will be paid in four equal quarterly installments of $0.25 in each of the third and fourth quarters of 2013 and the first and second quarters of 2014. The increase marks the 37th consecutive year in which Pentair has raised its dividend.
Pentair paid dividends of $0.88 per share in 2012 and had announced last Sept. 28 that it would pay dividends previously authorized by Pentair's former sole shareholder on Sept. 14 of $0.23 per share for the first and second quarters of 2013.
The water and fluids specialist $1.00 per share annual dividend will yield 1.8% at current prices.
Pentair has about $8 billion in annual revenues and employs more than 30,000 people worldwide.