Republic Services (RSG) will raise its quarterly dividend by 8.7 percent to $0.375 per share in 2018.

This marks the 16th consecutive year of dividend increases by the waste collection company. Last year RSG hiked its quarterly dividend from $0.32 to $0.345 per share.

The next quarterly dividend of $0.375 per share for shareholders of record on October 1, 2018, will be paid on October 15, 2018. The new annual dividend of $1.50 per share yields 2.1% at a stock price of $72.49.

"We are pleased to raise our quarterly dividend 9 percent," Slager said. "This is the ninth consecutive year we've increased our dividend, demonstrating our confidence in future cash flows and commitment to increase cash returned to shareholders."

Republic Services, Inc. is a U.S. provider of non-hazardous solid waste collection, transfer, disposal, recycling, and energy services. Apart from collection operations RSG also operates transfer stations, landfills, recycling processing centers, treatment, recovery and disposal facilities and salt water disposal wells. Republic Services is engaged in landfill gas-to-energy and renewable energy projects and has post-closure responsibility for closed landfills. RSG was incorporated in Delaware in 1996 and has paid a dividend since 2003. The company has operations in the United States and Puerto Rico.