Matson Inc. announced Friday that it will increase its quarterly stock dividend by 1 cent to 22 cents per share.

The Hawaii-based ocean cargo transportation firm said shareholders of record as of Aug. 1 will be paid the new dividend Sept. 5.

Matson has increased its dividend by 1 cent for seven consecutive years after the company was spun off from Alexander & Baldwin Inc. in 2012 with its own stock traded on the New York Stock Exchange and an initial quarterly dividend of 15 cents per share.

The new dividend represents a 2.4% annualized yield based on Matson’s $36.60 stock price Friday.

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