Northrop Grumman (NOC) will raise its quarterly dividend by 9.1 percent to $1.20 per share in the second quarter of 2018. This dividend hike follows the first quarter increase from $1.00 to $1.10 per share.

The dividend is payable June 20, 2018, to shareholders of record as of the close of business June 4, 2018. The new dividend yield for NOC is 1.5%.

“Our balanced capital deployment strategy continues to call for returning cash to our shareholders through dividends and share repurchases. Today’s dividend increase, in addition to January’s off-cycle increase, demonstrates our commitment to that strategy,” said Wes Bush, chairman and chief executive officer.

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.