IBM boosting quarterly dividend by 16 percent

IBM is raising its quarterly dividend by 16 percent to $1.10 per share from 95 cents per share.

The dividend will be paid on June 10 to shareholders of record on May 9.

The Armonk, N.Y., technology services company has doubled its dividend over the last five years.

IBM said Tuesday that this is the 19th consecutive year that the company has boosted its quarterly dividend. It's the 11th straight year of a double-digit percentage increase in the dividend.

Shares of International Business Machines Corp. gained $1.71 to $194.85 in morning trading.