One of the most famous and reliable dividend payers on the market is maintaining its long streak of shareholder payouts. Procter & Gamble (NYSE: PG) has declared the latest in a great many series of quarterly distributions, committing to a payout of $0.6015 per share of its common stock and its series A and B convertible class A preferred securities. All will be handed out "on or after" Aug. 15 to shareholders of record as of the close of business on July 19 in the case of common stock, and as of the start of business the same day for the series A and B preferreds.

That amount matches P&G's previous set of distributions, which were disbursed in mid-May.

In the press release announcing the news, the company didn't shy away from pointing out that it has paid a dividend for 123 years in a row, increasing that amount for the past 57 of those years.

The just-declared dividends annualize to just under $2.41 per share. That yields 3% at P&G's most recent common stock closing price of $79.57.

Fool contributor Eric Volkman has no position in Procter & Gamble. The Motley Fool recommends Procter & Gamble. 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.