Northrop Grumman (NOC) will raise its quarterly dividend by 10.0 percent to $1.32 per share in the second quarter of 2019. This dividend hike follows a double increase for a total of 20.0 percent announced in 2018 by the defense company.

The next dividend is payable June 19, 2019, to shareholders of record as of the close of business June 3, 2019. A new annualized rate of $5.28 per share yields 1.8% at a stock price of $296.

“Today’s dividend increase demonstrates our continued commitment to a capital deployment strategy that includes returning cash to our shareholders through a competitive dividend,” said Kathy Warden, chief executive officer and president.

Northrop Grumman is a security company providing innovative systems, products and solutions in autonomous systems, cyber, C4ISR, space, strike, and logistics and modernization to customers worldwide. The company's segments include Aerospace Systems, Mission Systems and Technology Services. The company originally was formed in Hawthorne, California, in 1939, as Northrop Aircraft Incorporated.