Regal Beloit Corporation (RBC) will raise its quarterly dividend by 10 percent to 33 cents per share in 2021. This is the first increase since 2019, when the company announced a 7.1 percent hike to $0.30 per share in the second quarter of 2019. This marks the 17th consecutive year of dividend increases by RBC based on dividends paid in each calendar year.

The next dividend is payable on July 16, 2021, to shareholders of record at the close of business on July 2, 2021.  A new annual rate of $1.32 per share yields 0.9% at a stock price of $149.

Regal Beloit Corporation is a manufacturer of electric motors, electrical motion controls, power generation and power transmission products. The company's four operating segments are: Commercial Systems, Industrial Systems, Climate Solutions and Power Transmission Solutions. Regal is headquartered in Beloit, Wisconsin, and has manufacturing, sales and service facilities throughout the United States, Canada, Mexico, Europe and Asia. The company has paid a dividend every quarter since January 1961.