Toro Company (TTC) will raise its quarterly dividend by 12.5 percent to $0.225 per share in the fourth quarter of 2018. This will mark the company's 10th consecutive year of annual dividend increases.

This increased dividend is payable on January 9, 2019 to shareholders of record on December 20, 2018.

A new annualized dividend rate of 90 cents per share yields 1.5% at a stock price of $58.53 for Toro.

The Toro Company is a provider of solutions for the outdoor environment, including turf, snow and ground engaging equipment and irrigation and outdoor lighting solutions. The company’s products are used for golf courses, landscapes, sports fields, public green spaces, commercial and residential properties and agricultural fields. Its brands include Toro, Exmark, BOSS, Irritrol, Hayter, Pope, Unique Lighting Systems and Lawn-Boy.