Aerospace defense contractor Northrop Grumman (NYSE:NOC) announced yesterday it is increasing its second-quarter dividend payment by 11%, raising the payout to $0.61 per share from $0.55 per share.

The board of directors said the quarterly dividend is payable on June 12 to the holders of record at the close of business on May 28. Grumman has increased its payout annual for 10 consecutive years.

The regular dividend payment equates to a $2.44-per-share annual dividend yielding 3.1% based on the closing price of Northrop Grumman's stock on May 15.

NOC Dividend Chart

NOC Dividend data by YCharts. Chart does not reflect latest dividend increase.