Procter & Gamble ( PG) said Tuesday it's raising its quarterly dividend to 44 cents a share from the current rate of 40 cents.

The Cincinnati-based consumer products maker said that shareholders of record April 24 will receive the payment on or after May 15.

Shares of P&G fell 79 cents, or 1.6%, to $47.25 in the regular session and lost another 23 cents after the close.
This article was written by a staff member of TheStreet.com.