Hillenbrand Inc. (HI) will raise its quarterly dividend by 1.2 percent to $0.21 per share in the fourth quarter of 2018. This equals last year's dividend hike and marks the 10th consecutive year of dividend increases by death care company.

The increased dividend is payable December 31, 2018, to shareholders of record at the close of business on December 17, 2018.

A new annualized dividend rate of 84 cents per share for Hillenbrand yields 2.1% at a stock price of $40.78.

Hillenbrand, Inc. is a diversified industrial company. Its Process Equipment Group segment offers equipment for industries, including plastics, chemicals, fertilizers and mining. The company’s Batesville segment operates in the North American death care industry, and manufactures and sells funeral service products, including burial caskets, cremation caskets, containers and urns, selection room display fixtures, other personalization and memorialization products.