Alcoa's (NYSE:AA) Board of Directors has approved plans to keep the company's quarterly dividend steady at $0.03 per share of common stock.

The aluminum company has paid the same amount to investors since May 2009, after decreasing its payout from $0.17 per share, an 82% drop. This latest dividend will be payable on Nov. 25 to stockholders of record as of Nov. 8.

Additionally, Alcoa will pay a $0.9375 dividend on preferred stock. This amount will be payable on Jan. 1 to shareholders of record as of Dec. 13.

On an annualized basis, Alcoa's dividend on common stock adds to $0.12 per share. As of the close of business on Sept. 25, the company's price per share was $8.33, which makes its dividend yield approximately 1.4%.


Fool contributor Caroline Bennett has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. 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.