Dividend Aristocrat Dover Corporation (DOV) will raise its quarterly dividend by 2.1 percent to $0.48 per share in 2018. This marks the 63rd consecutive year of annual dividend increases for the industrial company.

The increased dividend will be paid on September 17, 2018 to shareholders of record as of August 31, 2018. The new annual dividend of $1.92 per share yields 2.3% at a stock price of $81.78.

Dover's President and Chief Executive Officer, Richard J. Tobin, said, "Having recently completed the tax-free spin-off of our upstream Energy businesses to our shareholders in the form of the now publically traded company Apergy (NYSE: APY), Dover has reconfirmed the Company's capital allocation framework with the Board of Directors. Dover believes strongly in a disciplined approach to its capital allocation, and is committed to returning excess capital to shareholders. As such, in addition to the previously announced $1 billion share repurchase program to be completed in 2018, I am pleased the Board of Directors approved the increase of the dividend to $0.48 per share to our shareholders."

Dover Corporation is a diversified global manufacturer delivering equipment and components, specialty systems, consumable supplies, software and digital solutions and support services. The company's three operating segments are: Engineered Systems, Fluids and Refrigeration & Food Equipment. Dover is headquartered in Downers Grove, Illinois, and has been paying dividends on its common stock in each year since the company was founded in 1955.