Ryder System (R) will raise its quarterly dividend by 3.8 percent to $0.54 per share in the third quarter of 2018.

The logistics company had already hiked its dividend by 13 percent to $0.52 per share quarterly in February.

The increased dividend will be paid on September 21, 2018, to shareholders of record on August 20, 2018. The new dividend for Ryder System is 2.9% and 2018 will mark the 14th consecutive year of dividend increases.

Ryder is a commercial fleet management, dedicated transportation, and supply chain solutions company. The Company's offerings range from full-service leasing, commercial rental and maintenance of vehicles to integrated services to customers principally in the United States, Canada, Asia and the United Kingdom.