3M (MMM -0.94%) announced a dividend increase today.The company has declared a $0.635-per-share payout on its common stock, representing an increase of 8% on the former amount. The disbursement will be made on March 12 to shareholders of record as of the end of Feb. 15.
The company pointed out in the news release announcing the move that it "marks the company's 55th consecutive year of 3M dividend increases, and its 96th year of continuous dividend payments."
At an annualized rate, the new payout equates to a yield of 2.5% on the current stock price.
The company's board has also authorized the repurchase of up to $7.5 billion worth of stock. This replaces the company's existing buyback program, and it has no closing date.
