Roper Technologies (ROP) will raise its quarterly dividend by 9.8 percent to 56.25 cents per share in 2021. This follows a 10.8 percent increase to $0.5125 per share announced in 2019 by Roper.

This will also mark the 28th consecutive year of higher dividend payments by this Dividend Aristocrat. However it is the smallest dividend hike in more than a decade for the the industrial company.

The increased dividend is payable on January 22, 2021 to stockholders of record as of January 8, 2021. A new annualized dividend of $2.25 per share yields 0.6% to shareholders at a stock price of $396.

For Roper it is the first time in many years that the dividend is not increased by double digits. Last year already was the smallest increase in more than a decade, followed by an even smaller increase announced for 2021. The company will now pay an estimated annual dividend of $236 million to shareholders annually.

Roper Technologies, Inc. is a technology company. Roper designs and develops software (both software-as-a-service and licensed), and engineered products and solutions for healthcare, transportation, food, energy, water, education and other niche markets worldwide. The company's businesses include Medical & Scientific Imaging, RF Technology & Software, Industrial Technology and Energy Systems & Controls. Roper Technologies, Inc. was incorporated in 1981 and has paid a dividend every year since 1992.