The new quarterly rate translates to an annual distribution of 80 cents per share. Based on the company's Thursday closing price of $70.13, this adjustment lifts the annual yield to approximately 1.14%, up from the previous 1.08%.

This move secures the firm's standing within the exclusive ranks of "dividend kings," a cohort of fewer than 60 publicly traded companies that have raised their payouts for at least five decades. Shareholders of record as of November 13 will receive the increased dividend on December 10.