Following a long-standing tradition, RPM International (NYSE:RPM) has added to its shareholder payout. The company declared its latest quarterly dividend, which is to be $0.24 per share paid on October 31 to shareholders of record as of October 21. That amount is $0.015, or 7%, higher than the firm's previous distribution of $0.225, paid at the end of July.

In the press release heralding the news, the company pointed out that this marks the 40th consecutive year it has increased its distribution.

The new dividend annualizes to $0.96 per share. That yields 2.6% at RPM International's most recent closing stock price of $37.06.

Fool contributor Eric Volkman has no position in RPM International. Nor 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.