Procter & Gamble
said Tuesday that it's raising its annual dividend payments made to shareholders by 11%, marking the 48th consecutive year it raised its payout.
The company's board of directors declared an increase in dividend payments from $1.64 to $1.82 per share of common stock and Series A ESOP convertible preferred stock, according to a press release.
In line with this change, quarterly dividend payments will be raised from 41 cents to 45.5 cents per share, payable on or after Aug. 15 to shareholders of record at the close of business on July 18.
P&G's profit rose by 23% in the first nine months of fiscal 2003. In 2002, the company earned $3.09 per share. According to consensus estimates by Thomson First Call, analysts are forecasting earnings per share of $4.07 for 2003.
Shares of P&G sank 0.7%, or 67 cents, to $90.12 on Tuesday.