Sherwin-Williams (NYSE:SHW) is set to apply a new coat of shareholder payout. The company announced that it will distribute a dividend of $0.50 per share of its common stock on May 31 to shareholders of record as of May 17. That matches the previous disbursement, which was handed out in February. Before that, Sherwin-Williams dispensed $0.39 per share.

The company is a habitual and steady dividend payer. It tends to increase its distribution at the beginning of every year.

The current dividend annualizes to an even $2.00 per share, which yields 1.2% at Sherwin-Williams' most recent closing stock price of $170.89.

The company is scheduled to unveil its Q1 results on Thursday before the market opens.