As per its habit, Universal Insurance Holdings (NYSE:UVE) has decided to share recent good fortunes with its investors. The company declared a common stock dividend of $0.10 per share, to be handed out on October 1 to shareholders of record as of September 23. That distribution consists of the previously anticipated $0.08-per-share payout, plus an additional disbursement of $0.02. That bests the firm's previous two dividends totaling $0.08 apiece, the most recent of which was paid in June.

From time to time, the company adds to its payout following a good quarter. The last time it did so was in December 2012, when it added $0.12 to its base distribution of $0.08.

All told, the just-declared dividend annualizes to $0.40 per share. That yields 5.5% at Universal Insurance Holdings' most recent closing stock price of $7.32.

Fool contributor Eric Volkman has no position in Universal Insurance Holdings, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not 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.