Leaf tobacco supplier Universal Corporation (UVV) will raise its quarterly dividend to $0.54 per share in Q1 of 2017.

The increased dividend is payable February 6, 2017, to common shareholders of record at the close of business on January 9, 2017.

George C. Freeman, III, Chairman, President and Chief Executive Officer of Universal Corporation noted, "This is our 46th consecutive annual dividend increase. We are proud of our strong record of returning value to our shareholders, and our consistent dividend delivery is one aspect of that record. We have raised our common dividend every year since 1971."

This increase indicates an annualized rate of $2.16 per common share and a yield of approximately 4.0% based on the $54.60 closing price on November 7, 2016 for Universal.

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.