Alexander & Baldwin Inc. said its directors have approved an 8.6 percent increase in its quarterly dividend.

The second-quarter dividend is being increased to 31.5 cents a share from 29 cents. The dividend is payable on June 5 to shareholders of record as of the close of business May 8.

The owner of Matson Navigation, agricultural and property development operations in Hawai'i has paid dividends for 105 years.