Industrial distributor Applied Industrial Technologies (NYSE:AIT) announced today its third-quarter dividend of $0.23 per share, the same rate it's paid for the past two quarters after raising the payout 9.5% from $0.21 per share.

The board of directors said the quarterly dividend is payable on Aug. 30 to the holders of record at the close of business on Aug. 15. The MRO supplier has made quarterly payouts to investors for over 50 years.

The board also said it would be holding its annual shareholders meeting on Oct. 29 at its corporate headquarters in Cleveland. For investors to be entitled to receive notice of and to vote at the meeting, they must be a holder of record on Aug. 30.

The regular dividend payment equates to a $0.92-per-share annual dividend, yielding 1.9% based on the closing price of Applied Industrial Technologies' stock on June 19.

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