PotashCorp's (NYSE:POT) quarterly dividend is starting to sprout. The company announced it will distribute $0.35 per share of its common stock, which will be handed out on Aug. 2 to shareholders of record as of July 12. This amount is an even 25% higher than the company's previous disbursement of $0.28 per share, which was paid earlier this month.
In the press release announcing the move, the company pointed out that this marks the fifth time it has raised its payout since 2011.
The new dividend annualizes to $1.40 per share. That yields 3.2% at PotashCorp's most recent closing stock price of $43.38.
Fool contributor Eric Volkman has no position in PotashCorp. Nor does The Motley Fool. 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.