By Stephen Nakrosis
Union Pacific Corp. on Thursday said its board voted to raise its quarterly dividend by 10%.
The new dividend of $1.07 will be payable June 30 to shareholders of record May 28, the company said.
"This increase is consistent with the financial guidance outlined at our recent Investor Day to target a dividend payout ratio of 45%," said Jennifer Hamann, chief financial officer.
Union Pacific said it has paid dividends on its common stock for 122 consecutive years.
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(END) Dow Jones Newswires