New Jersey Resources (NYSE:NJR) is increasing its dividend. The company has declared a quarterly distribution of $0.42 per share, to be paid on Oct. 1 to shareholders of record as of Sept. 23.

That amount is $0.02, or 5%, higher than the previous disbursement of $0.40 dispensed at the beginning of July.

In a press release, New Jersey Resources pointed out that this will mark its 20th dividend increase in the past 18 years. The company has paid a quarterly distribution continuously since 1952.

The new dividend annualizes to $1.68 per share. That yields just under 4% at New Jersey Resources' current stock price of $42.23.

link

Fool contributor Eric Volkman has no position in New Jersey Resources. Nor does The Motley Fool. 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.