Dearborn Partners Doubles Down on IBM with $11 Million Stake

Dearborn Partners LLC has made a new investment in International Business Machines Corporation (NYSE:IBM), acquiring 45,567 shares of the technology company's stock valued at approximately $11,045,000 during the second quarter.

This is not the only institutional investor that has recently increased its holdings in IBM. Orca Wealth Management LLC raised its holdings by 3.7% in the fourth quarter, while Friday Financial grew its holdings by 1.9% during the same period.

International Business Machines reported earnings per share of $2.93 for the second quarter, beating analyst estimates. The company's revenue was up 1.1% compared to the same quarter last year.

The business also announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Monday, August 10th will receive $1.69 per share, representing an annualized dividend of $6.76 and a yield of 2.9%.