Procter & Gamble (NYSE:PG) has commemorated its second dividend payment of 2013 with an increase. The company will pay $0.6015 per share of its common stock "on or after" May 15 to shareholders of record as of the close of business on April 26. The same amount and payout date applies to holders of P&G's series A and series B ESOP convertible class A preferred stock, but the record date commences from the start of business on April 26.

That $0.6015 represents a 7% increase over the firm's most recent payout, which was $0.562 per share. This was distributed in mid-January.

The new dividend annualizes to nearly $2.41 per share. That yields 3% at P&G's current stock price of $79.65.

Fool contributor Eric Volkman has no position in Procter & Gamble. The Motley Fool recommends Procter & Gamble. 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.