Graham Corporation announced that its board of directors, at its regular meeting, approved a 33% increase in the annual dividend on the company's common stock. The quarterly rate increased to $0.04 per common share from $0.03 per common share, for a new annual rate of $0.16 per common share. The dividend will be payable March 13, 2014 to stockholders of record at the close of business on February 27, 2014.