Investors will find a few more coins deposited into their Coach (NYSE:TPR) handbags this summer. The company has declared a quarterly dividend of $0.3375 per share of its common stock. This will be paid on July 1 to shareholders of record as of June 7. That amount is 12.5% higher than the apparel maker's previous dividend of $0.30, which was handed out at the beginning of April.
Coach has been a reliable and steady dividend payer since launching distributions in mid-2009. It tends to raise that payout once every year.
The new dividend annualizes to $1.35 per share. That yields 2.3% at Coach's most recent closing stock price of $58.38.
Fool contributor Eric Volkman has no position in Coach. The Motley Fool recommends Coach. The Motley Fool owns shares of Coach. 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.