Honeywell International (HON) will raise its quarterly dividend by 5.4 percent to 98 cents per share in 2021. This is up from a dividend hike of 3.3 percent to 93 cents per share in 2020 but still lags the dividend growth before COVID by the industrial company. Honeywell has now raised its dividend 11 consecutive years.

The next HON dividend is payable on December 3, 2021, to holders of record at the close of business on November 12, 2021. A new annual rate of $3.92 per share yields 1.8% at a stock price of $215.65 for Honeywell.

With the exeption of 2010, when no dividend hike was announced, and last year, Honeywell International hiked its dividend by at least 9.8 percent every year for more than a decade. This new dividend however is the second smallest on record in many years, resulting in the average 5 year dividend growth rate dropping from 9.3 percent to 8.1 percent annually, down for double digit growth through 2019. Honeywell now will pay approximately $2.7 billion in dividends to shareholders annually.

Honeywell International Inc. is a technology and manufacturing company. The company's business segments are Aerospace, Honeywell Building Technologies, Performance Materials and Technologies and Safety and Productivity Solutions. Honeywell's customers include airlines, defense and space contractors, commercial building owners and petrochemical companies. Honeywell was incorporated in Delaware in 1985 and has paid a dividend to shareholders without interruption every year since at least 1986.