(WTAJ) — Norfolk Southern Corporation (NSC) announced Wednesday it will be increasing its quarterly dividend to pay its shareholders 15 cents more per share.

The nationwide transportation company’s board of directors approved the 14% increase on its common stock dividend, from $1.09 to $1.24 per share. Norfolk Southern Chairman and CEO James Squires said the increase comes as the company foresees a successful future.

“This increase in the dividend payment represents our confidence in the strength of the company and its prospects for long-term growth,” Norfolk Southern Chairman and CEO James Squires said. “Since our founding 40 years ago, we have been committed to providing our shareholders with a solid return on their investment.”

The company has reportedly paid a dividend on its stock for 158 straight quarters since forming in 1982. New shareholders are also receiving payments sooner as the days between the record date and payable date were shortened starting in the second quarter of 2021.

The stock price for NSC opened at 279.00 points at the beginning of trading on the New York Stock Exchange Wednesday.

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