General Dynamics (NYSE:GD) has declared its latest quarterly dividend, and its first for 2013. The company will dispense $0.56 per share of its common stock on May 10 to shareholders of record as of April 12. This amount is nearly 10% higher than the $0.51 the firm distributed in the preceding four quarters

The company typically adjusts its payout once per year. In the press release announcing the new dividend, it pointed out that this is its 16th consecutive annual increase.

The new disbursement annualizes to $2.24 per share, which yields 3.3% at General Dynamics' current stock price of $67.68.

Fool contributor Eric Volkman has no position in General Dynamics. The Motley Fool owns shares of General Dynamics. 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.