Union Pacific said it raised its quarterly dividend by 3% to $1.42 a share.

The new payout, equal to $5.68, represents an annual yield of about 1.9% based on Wednesday's closing price of $292.19.

Chief Financial Officer Jennifer Hamann said the announcement reflects 20 consecutive years of increased annual dividends per share.

The dividend is payable on Sep. 30 to shareholders of record Aug. 31. Union Pacific said it has paid dividends on its common stock for 127 consecutive years.