THOMASVILLE, GA. – Flowers Foods Inc. has raised its quarterly dividend to 16c per share on the common stock, or an annualized rate of 64c.

The dividend, 6.7% greater than the previous payout rate, is payable June 29 to shareholders of record June 15.

“The board believes Flowers Foods is in an excellent position to reward our shareholders with an increased dividend, allowing our investors to continue participating in the company’s success,” said George E. Deese, chairman and chief executive officer.

Flowers last raised its dividend in June 2011, to 15c from 13.3c. Also last June, the company issued a 50% stock dividend.

The 16c quarterly payout rate is 60% greater than the rate as recently as March 2009.

The new 64c annual rate gives Flowers shares a 2.9% dividend yield, based on the May 31 closing price of $22.02.