Henrico County-based Altria Group Inc.’s board of directors has decided to increase the company’s quarterly dividend by 3 cents, 7.9 percent, to 41 cents per common share.
The new annualized dividend rate is $1.64 per common share.
The quarterly dividend is payable on Oct. 11 to shareholders of record on Sept. 15. The ex-dividend date (the first day the stock can be sold without losing rights to its upcoming dividend) is Sept. 13.
Altria officials said the move reflects the company’s intention to return a large amount of cash to shareholders in the form of dividends and is consistent with its dividend payout ratio target of about 80 percent of its adjusted, diluted earnings per share.
Altria has increased its dividend 45 times in the last 42 years.
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