A&B raises dividend for first time in 8 years

Alexander & Baldwin Inc. has increased its dividend for the first time in eight years. Its board of directors Thursday raised the quarterly payout 11.1 percent to 25 cents a share.

The parent of Matson Navigation Co. had paid 22.5 cents a share for the last 33 quarters dating back to March 5, 1998, when it increased its dividend from 22 cents.

A&BÄôs dividend, which is the equivalent of $1 a share on an annual basis, would yield a rate of 2 percent based on yesterdayÄôs closing price of $49.26.

Earlier this week, the company reported a 0.8 percent decline in first-quarter earnings.