Pentair increases dividend for 39th consecutive year

Dividend Aristocrat Pentair will raise its dividend by 16%. It's the second dividend increase in 2014.

Pentair will raise the quarterly dividend from $0,30 to $0,32 per share.

Its the 39th consecutive annual dividend increase for Pentair, one of the 54 Dividend Aristocrats.

Earlier this year Pentair raised the dividend by 20% to $0,30, followed today by the second increase for 2014. The total dividend increase in 2014 is 28%.

Pentair's Board of Directors has also authorized the company to repurchase up to $1 billion of its common shares. The authorization allows the company to commence share repurchases effective immediately and expires on December 31, 2019.  Pentair intends to repurchase outstanding shares from time to time in the open market using cash flow generated by its operations.

Pentair currently has an indicated dividend yield of 2% based on Tuesday's closing price of $62,75.