IT company Harris Corp. (NYSE:HRS) today announced plans to increase its quarterly cash dividend. The new payout is 13.5% higher than the company's most recent quarterly payment, at $0.42 per share versus the prior $0.37.

The amount will be made payable on Sept. 24 to shareholders of record as of Sept. 10. The company has paid a dividend since 1948.

Annualized, Harris' dividend adds up to $1.68 per share of common stock. As of the market's close on Aug. 23, the company was trading at $56.97, which means its dividend currently yields 3%.

Additionally, the company's Board of Directors has approved an additional share repurchase authorization of $1 billion. Harris currently has $62 million left in buyback authorization from a previous authorization and plans to repurchase up to $200 million in shares in fiscal 2014. Since the beginning of 2013, Harris Corporation has seen its price per share rise from $48.96 unadjusted close on Dec. 31, 2012, to $56.55 adjusted close on Aug. 22, 2013, which is a 15% increase.