Norfolk Southern (NSC) will raise its quarterly dividend by another 7.5 percent to $0.86 per share in the first quarter of 2019. This follows a double dividend hike by the railroad company last year for a total of 31.1 percent.

The dividend is payable March 11, 2019, to shareholders of record on February 4, 2019. A new annualized dividend rate of $3.44 per share yields 2.1% at a stock price of $165.18 for NSC. The company has now increased its dividend for 3 consecutive years and has been paying a dividend every year since 1982.

Norfolk Southern Corporation is a rail transportation company. Its Norfolk Southern Railway Company subsidiary operates approximately 19,500 route miles in 22 states and the District of Columbia, serves every major container port in the eastern United States, and provides connections to other rail carriers. Norfolk Southern transports industrial products, including chemicals, agriculture, and metals and construction materials. In addition, the railroad is a principal carrier of coal, automobiles, and automotive parts. Since its inception in 1982, Norfolk Southern has paid consecutive quarterly dividends on its common stock.