Automobile manufacturer, Ford Motor Company(F) announced on Thursday that they have doubled their dividend.

The company is now offering a dividend of 10 cents quarterly, doubling from its previous 5 cent quarterly dividend.

Fords CFO Bob Shanks commented, “our ability to double our dividend in one year is a testament to our One Ford plan, which has enabled us to maintain a solid balance sheet, while at the same time growing our business to provide our shareholders with more return on their investments.”

Ford shares were up 40 cents, or 2.97% during premarket trading Thursday. The stock has increased 15% in the past year.

The Bottom Line
Shares of Ford (F) will now have a 2.97% dividend yield, based on the higher dividend payout and last night’s closing stock price of $13.47. The stock has technical support in the $11.50 price area. If the shares can firm up, we see overhead resistance around the $14-$15 price levels.

Ford Motor Company(F) is no recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.