Dividend Aristocrat Pentair (PNR) has announced the second dividend increase this year. The quarterly dividend will be hiked from $0.30 to $0.32.

The total dividend increase in 2014 is 28%, after Pentair had hiked it's dividend to $0.30 in May 2014.

This regular quarterly cash dividend comprises $0.30 from the previously announced cash dividend of $1.20 per share approved by shareholders and payable in four equal quarterly installments in each of the third and fourth quarter of 2014 and the first and second quarter of 2015, and an additional $0.02 per share approved by Pentair`s Board of Directors.  2015 will mark the 39th consecutive year that Pentair has increased its dividend.

Pentair`s Board of Directors has authorized the company to repurchase up to $1 billion of its common shares.  The authorization allows the company to commence share repurchases effective immediately and expires on December 31, 2019.  Pentair intends to repurchase outstanding shares from time to time in the open market using cash flow generated by its operations.