NEW YORK ( TheStreet) -- Tiffany ( TIF) was one of several companies to increase its dividend Thursday, although shares still traded lower alongside the broader market indices.

Tiffany said it has increased its quarterly dividend by 25% to 25 cents per share, or $1 per share annually. It was the company's second dividend increase in 2010, following the decision in January to raise the dividend to 20 cents from 17 cents per share. The hike increases Tiffany's dividend yield to 2.35% from 1.88%.

"Following an 18% increase in the quarterly dividend rate earlier this year, this action again demonstrates the board's recognition of our strong balance sheet liquidity and their confidence in Tiffany's long-term earnings growth potential," Chairman and CEO Michael Kowalski said at Tiffany's annual meeting of shareholders.

Still, Tiffany shares were down 2% to $42.58 following the announcement.

Several other companies announced dividend increases. Ship Finance International ( SFL) raised its quarterly dividend to 33 cents per share from 30 cents per share.

However, shares dropped 7.4% to $16.78 as Ship Finance said it had first-quarter net income of $57 million, or 72 cents a share. Results include a $26 million gain related to the newbuilding Suezmax tanker Everbright and a negative impact of $12.8 million due the mark to market of derivatives relating to interest rate swaps.

Unum Group ( UNM) said it has increased its quarterly dividend to 9.25 cents per share from 8 cents. Unum Group also said its board of directors has approved a total of up to $500 million to repurchase the company's outstanding common stock over the next 12 months. Still, shares were down 2.7% to $21.46.

Ashland ( ASH) said it has doubled its quarterly dividend to 15 cents per share, citing "excellent progress during the past 18 months in integrating the Hercules acquisition, paying down our debt, creating operating leverage and executing on our business strategies." Still, shares of Ashland were down 5.4% to $51.34.

Clorox ( CLX) said late Wednesday that it has upped its quarterly dividend by 10% to 55 cents per share. Clorox shares were down 0.5% to $63.57 following the announcement.

>>Find Ex-Dividend Dates With Our Dividend Calendar

Dr. Pepper Snapple ( DPS) also said late Wednesday that it has raised its quarterly dividend by a whopping 67% to 25 cents per share, which "follows the company's attainment of its target capital structure." Dr. Pepper Snapple shares were down 2.7% to $37.03.

Safeway ( SWY) said its board of directors has approved a 20% increase in the quarterly dividend to 12 cents per share. Shares of the retailer were lately down 3.6% to $22.85.

Xcel Energy ( XEL) said after the close of trading Wednesday that it has raised its quarterly dividend 25.25 cents per share, up from 24.5 cents per share, which is equivalent to an annual rate of $1.01 per share.

-- Written by Robert Holmes in Boston.

Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.

More from Opinion

Apple Needs to Figure Out Its Self-Driving Vehicle Strategy

Apple Needs to Figure Out Its Self-Driving Vehicle Strategy

Throwback Thursday: Tesla, Chip Stocks, TheStreet's Picks

Throwback Thursday: Tesla, Chip Stocks, TheStreet's Picks

12 Stocks That Our Writers and Their Sources Recommend You Buy Here

12 Stocks That Our Writers and Their Sources Recommend You Buy Here

Musk Goes on Unoriginal Media Tirade

Musk Goes on Unoriginal Media Tirade

What's Happening in Video Games This Week: On the Road to E3

What's Happening in Video Games This Week: On the Road to E3