Lorillard (LO), the third largest manufacturer of cigarettes in the U.S., announced yesterday a dividend increase of 12% from $0.55 to $0.615 per share. The cash dividend is payable on March 10th to shareholders of record as of Feb. 28th. This is the company’s 6th consecutive yearly increase since becoming public in 2008.
This is the 6th company in my portfolio to raise their dividend so far this year.
Since I own 130 shares, this will increase my yearly income by $33.80.