Leaf tobacco supplier Universal Corporation (UVV) will raise its quarterly dividend by another 1.3 percent to $0.78 per share in 2021, matching the 2020 and 2019 dividend hikes. The company has now raised its dividend 51 consecutive years.

The next dividend is payable August 2, 2021, to common shareholders of record at the close of business on July 12, 2021. A new annual rate of $3.12 per share yields 5.2% at a stock price of $59.61.

George C. Freeman, III, Chairman, President, and Chief Executive Officer of Universal Corporation noted: "Universal has raised its common dividend every year since 1971. Today's 51st consecutive annual dividend increase dividend increase is in line with our capital allocation strategy and our commitment to deliver shareholder value."

Universal Corporation sources, processes, and supplies agri-products and basically is a leaf tobacco supplier. The company is engaged in procuring, financing, processing, packing, storing and shipping leaf tobacco for sale to manufacturers of consumer tobacco products. Headquartered in Richmond, Virginia, Universal Corporation operates in more than 30 countries spanning five continents. The company has raised its common dividend every year since 1971.