Tiffany & Co (TIF) will raise its quarterly dividend by 10 percent to $0.55 per share in the second quarter of 2018. The new dividend yield for TIF is 1.7% and 2018 marks the 16th consecutive year of dividend increases by the company.

The dividend will be paid on July 10, 2018 to shareholders of record on June 20, 2018.

Alessandro Bogliolo, Chief Executive Officer, announced the dividend increase at Tiffany’s Annual Meeting of Shareholders, saying, “Our strong balance sheet gives us the ability to continue to invest in the growth of our business while also returning capital to shareholders. This represents the 17th dividend increase in the past 16 years.”

Tiffany & Co. is a jeweler and specialty retailer. The company has four reportable segments: Americas, Asia-Pacific, Japan and Europe. Tiffany's principal product category is jewelry and also sells watches, home and accessories products and fragrances. Charles Lewis Tiffany founded Tiffany's business in 1837. He incorporated Tiffany in New York in 1868. Tiffany became a public company in May 1987 and has paid a dividend every year since 1988.