Railroad operator Union Pacific Corp (UNP) will raise its quarterly dividend by another 10.2 percent to $0.97 per share in 2019. This is the second dividend hike by UNP this year for a total increase of 21.3 percent.

The next dividend is payable September 30, 2019, to shareholders of record August 30, 2019. This marks Union Pacific's fifth dividend increase in the past eight quarters. A new annual rate of $3.88 per share yields 2.2% at a stock price of $174.45.

"The dividend increase demonstrates our continued confidence in Union Pacific's ability to grow cash returns for our shareholders," said Rob Knight, Union Pacific chief financial officer. "This is consistent with our current financial guidance to maintain a dividend payout ratio between 40 and 45 percent."

Union Pacific Corporation is a railroad operating company. Union Pacific Railroad is the principal operating company of Union Pacific Corporation, connecting 23 states in the western two-thirds of the country by rail. The railroad's business mix includes Agricultural Products, Automotive, Chemicals, Coal, Industrial Products and Intermodal. The company operates from all major West Coast and Gulf Coast ports to eastern gateways, connects with Canada's rail systems and is the only railroad serving all six major Mexico gateways.  Union Pacific has paid dividends on its common stock every year since 1899.