Dividend Increase: ITW

Illinois Tool Works (ITW) is increasing its quarterly dividend by 5.6%, from $0.36 to $0.38 per share, putting the company on track for its 49th consecutive year of dividend growth. Given that I own 40 shares of ITW, my quarterly dividend increases from $14.40 to $15.20, which will add an extra $3.20 to my annual dividend income. This dividend increase also boosts my yield on cost to 3.55%. Thus far this year, there have been dividend increases for 17 of the 22 dividend growth stocks in my portfolio.