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. 

PNR Dividend Chart

PNR Dividend data by YCharts. Chart does not reflect the new, higher dividend announcement.

Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool owns shares of Pentair. 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.