The Andersons Inc. (ANDE) will raise its quarterly dividend by 2.9 percent to $0.175 per share in the first quarter of 2020. This marks the 22nd consecutive year of annual dividend increases by the agricultural and retail company.

The next dividend is payable January 23, 2020, to shareholders of record on January 2, 2020. This amount reflects an increase of half of a cent from the company's fourth quarter 2019 cash dividend. The company has increased its quarterly dividend at least annually since 2003.

"The increase in the dividend reflects our continuing confidence in the company's financial performance moving forward," says Brian Valentine, Senior Vice President and Chief Financial Officer.

The Andersons is a diversified company rooted in agriculture conducting business across North America in the grain, ethanol, plant nutrient and rail sectors. The company also has a consumer retailing presence. The company was founded in 1947 in Maumee, Ohio and has paid a quarterly cash dividend since listing on the Nasdaq on February 20, 1996.