Stewart Enterprises Inc. increased its annual cash dividend on its Class A and Class B common stock by 12.5 percent to 18 cents per share, compared to the previous 16 cents per share.

In addition, the company’s board declared a quarterly cash dividend of

4.5 cents per share payable April 29 to shareholders on record April 15.

This marks the third consecutive year Stewart has increased its dividend.

Stewart Enterprises is the second-largest provider of products and services in the death-care industry in the United States, owning and operating 217 funeral homes and 141 cemeteries.