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Tobacco company Universal (UVV) will increase its quarterly dividend by 2 percent to $0.51 quarterly in the first quarter of 2014.

Universal, operating as a leaf tobacco merchant and processor, has announced that it will increase its quarterly dividend by 2% from $0.50 to $0.51 per share. The increased dividend will be paid on February 10, 2014 to shareholders of record on January 13, 2014.

Universal Corporation is a leaf tobacco supplier. The Company is engaged in procuring, financing, processing, packing, storing and shipping leaf tobacco for sale to manufacturers of consumer tobacco products. Headquartered in Richmond, Virginia, Universal Corporation operates in more than 30 countries spanning five continents.