Concurrent with its release of second-quarter results, Home Depot (HD 1.11%) has announced a fresh quarterly dividend. The board of directors of the DIY construction retailer has declared a payout of $1.50 per share, which is to be dispensed on Sept. 17 to stockholders of record as of Sept. 3.

The company didn't hesitate to mention that this is the 134th quarter in a row it has paid a dividend. Over many years, it has also consistently raised its distribution, typically toward the end of the year -- so the next declaration could very well be an increase. The last bump was made in November 2019, from $1.36 to the present $1.50.

Home Depot's dividend increases have been dramatic at times. Since the beginning of 2010 -- when the company handed out just under $0.24 per share -- the payout has increased by a factor of over 6. 

DIVIDEND written in wooden blocks.

Image source: Getty Images.

There is little reason to doubt that a lift is coming. Home Depot's Q2 was impressive in numerous ways, not least its double-digit increases in revenue, comparable-store sales, and net profit. Free cash flow also saw a significant rise, leaving plenty of room for a higher dividend.

CEO Craig Menear was quoted in the earnings release as saying that the company would continue to devote capital to keep that growth fire lit. Some might view that as a potential threat to the dividend, but Home Depot is obviously committed to keeping that payout on a long-term growth trajectory, too.

On Wednesday, however, Home Depot stock was not an outperformer. The shares were down by more than 0.4% in late afternoon trading, in contrast to the flat performance of the S&P 500.