The Boeing Company (BA) will raise its quarterly dividend to $1.42 per share. The new dividend will be payable March 3, 2017 to shareholders of record as of Feb. 10, 2017.

 "As our team delivers on our large and diverse order backlog, and drives greater efficiency across our business, Boeing is well positioned to generate increasing cash flows and meet our commitment to provide competitive returns to our shareholders. At the same time, Boeing is continuing to invest in our people, innovation and growth as part of a balanced cash deployment strategy," said Boeing Chairman, President and Chief Executive Officer Dennis Muilenburg.

The company has consistently paid a dividend to shareholders for more than 75 years and has raised the quarterly payment about 190 percent over the past four years.

The new annual dividend of $5.68 translates into an estimated yield of 3.6% for Boeing at Monday’s closing price of $157.16.

The Boeing Company is an aerospace firm. Boeing develops, produces, and markets commercial jet aircraft and provides related support services to the commercial airline industry. The company also produces military aircraft, helicopters and space and missile systems. Boeing operates in four reportable segments: Commercial Airplanes (BCA); Defense, Space & Security (BDS); Global Services (BGS) and Boeing Capital (BCC). Prior to this dividend cut Boeing had paid a dividend to shareholders every year since 1942. The first ever dividend was paid in 1937.