NEW YORK ( TheStreet) - General Electric ( GE) said Friday its board has approved a 13%-plus boost in its quarterly dividend to 17 cents a share from 15 cents.

It's the fourth time in two years the Dow component has raised its dividend.

"Our balanced and disciplined capital allocation plan has enabled us to achieve important goals including increasing dividends, redeeming the preferred stock held by Berkshire Hathaway, redeploying our NBCU capital to high growth energy acquisitions and investing in organic growth platforms," Jeff Immelt, the company's chairman and CEO, said in a statement.

The dividend is payable on Jan. 25 to shareholders of record on Dec. 17.

GE shares rose 60 cents, or 3.7%, to $16.91. At that level, the higher payout implies a forward annual yield of 4%.

-- Written by Alexandra Zendrian in New York.

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