The J. M. Smucker Company (SJM) will raise its quarterly dividend by 3 percent to $1.02 per share in 2022. This follows a dividend hike of 10 percent to 99 cents per share in 2021 and will mark the 21st consecutive year of dividend increases by the food and beverage products company.

A new annual rate of $4.08 per share yields 3.1% at a stock price of $131 for SJM.

The J.M. Smucker Company is a leading marketer and manufacturer of consumer food and beverage products and pet food and pet snacks in North America. The company owns a portfolio of 40+ brands which are found in 90 percent of U.S. homes and countless restaurants. In consumer foods and beverages, its brands include Smucker's, Folgers, Jif, Dunkin' Donuts, Crisco, Pillsbury, R.W. Knudsen Family, Hungry Jack, Café Bustelo, Martha White, truRoots, Sahale Snacks, Robin Hood, and Bick's. In pet food and pet snacks, its brands include Meow Mix, Milk-Bone, Kibbles 'n Bits, Natural Balance, and 9Lives. J.M. Smucker has been paying a dividend to shareholders every year since at least 1959.