Northrop Grumman (NOC) will raise its quarterly dividend by ten percent to $1.10 per share in the first quarter of 2018. This dividend hike follows last May's 11.1 percent hike and comes after just three quarters.

The dividend is payable March 21, 2018, to shareholders of record as of the close of business March 5, 2018. This is the 15th consecutive annual increase in Northrop Grumman’s common stock dividend. The new dividend yield for NOC is 1.4%.

This off-cycle dividend increase is a part of a broader set of capital deployment actions announced today by the company, including additional capital investments and employee benefits. The company expects to return to its annual dividend evaluation cycle in May of 2018, according to NOC in today's press release.

Northrop Grumman is a security company providing innovative systems, products and solutions in autonomous systems, cyber, C4ISR, space, strike, and logistics and modernization to customers worldwide. The company's segments include Aerospace Systems, Mission Systems and Technology Services. The company originally was formed in Hawthorne, California, in 1939, as Northrop Aircraft Incorporated.