Timberland manager Weyerhaeuser (NYSE:WY) announced today its third-quarter dividend of $0.22 per share, a 10% increase in the payout made to investors last quarter of $0.20 per share.

The board of directors said the quarterly dividend is payable on Sept. 13 to the holders of record at the close of business on Aug. 30. The board also declared a dividend of $0.8588 per share on its 6.375% Series A mandatory convertible preference shares, which will be paid on Oct. 1 to holders of record at the close of business on Sept. 15.

The regular dividend payment equates to a $0.88-per-share annual dividend, yielding 3.2% based on the closing price today of Weyerhaeuser's stock.

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