Raytheon Technologies (RTX), formerly United Technologies, will hike its quarterly dividend by 7.8 percent to 55 cents per share in 2022. Last year the merged company hiked its dividend by 7.4 percent.

The increased RTX dividend will be payable on June 16, 2022 to shareowners of record at the close of business on May 20, 2022. A new annual dividend rate of $2.20 per share will yield 2.2% at a stock price of $100.

"The increase in our dividend reflects our strong commitment to delivering value to our shareowners," said Raytheon Technologies Chairman and CEO Greg Hayes. "Today's announcement extends our long history of growing dividends, and we remain on track to return at least $20 billion of capital to shareowners in the four years following the merger."

Raytheon Technologies Corporation, formerly United Technologies Corporation, is an aerospace and defense company that provides advanced systems and services for commercial, military and government customers worldwide. It comprises four businesses – Collins Aerospace Systems, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense. The company was formed in 2020 through the combination of Raytheon Company and the United Technologies Corporation aerospace businesses and is headquartered in Waltham, Massachusetts. RTX has paid cash dividends on its common stock every year since 1936.