Sherwin-Williams (NYSE: SHW), the maker of Dutch Boy paints and Minwax coatings, said it will raise its quarterly dividend by 1.4% to 36 cents, costing the company $2.2 million per year.

The new dividend is payable on March 12th to shareholders of record on February 26th. Assuming Sherwin-Williams trades around $65, the new dividend gives the stock a yield of 2.2%.

While neither the increase nor the yield are exceptional, Sherwin-Williams' dividend history is. With today's increase, the company has increased its payout for 32 consecutive years.

The stock currently trades at 13 times forward earnings and 4.3 times book value.