Lorillard (NYSE:

) announced today that its Board of Directors approved a 19% increase in the quarterly dividend on its common stock from $1.30 per share to $1.55 per share. The dividend is payable on March 9, 2012 to stockholders of record as of March 1, 2012. This marks the second increase in the Company's dividend rate in the past year and the fourth dividend increase since Lorillard became an independent publicly traded company in June 2008.