Northrop Grumman hikes dividend by 8.3%

Northrop Grumman (NOC) will raise its quarterly dividend by 8.3 percent to $1.57 per share in 2021. This follows a dividend hike of 9.8 percent to $1.45 per share in 2020. This dividend increase will mark 18 consecutive years of dividend increases by the defence and security company.

The next dividend is payable June 16, 2021, to shareholders of record as of the close of business June 1, 2021. A new annualized rate of $6.28 per share yields 1.7% at a stock price of $368.

“Northrop Grumman continues to execute a balanced capital deployment strategy with robust investments in our business and a competitive dividend for our shareholders,” said Kathy Warden, chairman, chief executive officer and president. “We are confident in our ability to continue creating shareholder value as we perform on our customers’ missions.”

Northrop Grumman is a security company providing innovative systems, products and solutions in autonomous systems, cyber, C4ISR, space, strike, and logistics and modernization to customers worldwide. The company's segments include Aerospace Systems, Mission Systems and Technology Services. The company originally was formed in Hawthorne, California, in 1939, as Northrop Aircraft Incorporated. Northrop Grumman has paid a dividend to shareholders every year since at least 1972.