Northrop Grumman (NOC) will raise its quarterly dividend by 9.8 percent to $1.45 per share in 2020. This dividend hike follows last year's 10.0 percent dividend hike by the defense company and will mark 17 consecutive years of dividend increases.

The next dividend is payable June 17, 2020, to shareholders of record as of the close of business June 1, 2020. A new annualized rate of $5.80 per share yields 1.8% at a stock price of $327.

In the company's press release announcing this dividend hike Kathy Warden, chairman, chief executive officer and president, said: “Our focus during the COVID-19 pandemic is on maintaining the health and well-being of our employees and delivering national security solutions for our customers. We also continue to execute a balanced capital deployment strategy that calls for investments in our business and a competitive dividend for shareholders.”

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. Northrop Grumman has paid a dividend to shareholders every year since at least 1972.