Union Pacific’s board raises dividend by 10%

Union Pacific Corp. UNP, +0.92% said late Thursday its board has voted to increase the railroad’s quarterly dividend by 10% to $1.30 a share. The dividend is payable on June 30 to shareholders of record May 31, the company said. Union Pacific has paid a dividend for 123 straight years, it said. “Union Pacific continues to generate strong cash returns for our shareholders,” Chief Financial Officer Jennifer Hamann said in a statement. The dividend increase is “consistent with our targeted dividend payout ratio of 45 percent,” Hamann said. Shares of Union Pacific were flat in the extended session after ending the regular trading day up 0.9%.