New Jersey Resources (NJR -0.83%) 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.