3M (NYSE:MMM) 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.

Fool contributor Eric Volkman has no position in 3M. The Motley Fool recommends 3M. 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.