Liquor maker Brown-Forman Corp. says it is increasing its quarterly dividend by 9 percent.
The company behind the Jack Daniel's Tennessee Whiskey and Southern Comfort brands said Thursday it will pay shareholders of its Class A and Class B common stock a dividend of 35 cents per share, up from 32 cents per share in the prior quarter.
As a result, it says the indicated annual cash dividend will rise from $1.28 to $1.40 per share.
The Louisville-based company says stockholders of record on Dec. 6 will receive their quarterly cash dividend on Dec. 27.
The company says this marks the 28th consecutive year it has increased the annualized dividend.
Brown-Forman's brands include Finlandia, Herradura, Chambord, Canadian Mist and Korbel. The company sells its products in about 135 countries.
Its Class B shares fell $1.38, or 1.8 percent, to $74.07 in afternoon trading.