Automatic Data Processing Inc. ADP, -0.28% said Wednesday it was raising its quarterly dividend by 9.5% to 69 cents a share from 63 cents a share. The new dividend will be payable July 1 to shareholders of record on June 8. The stock slipped 0.2% in afternoon trade. At current prices, the new annual dividend rate implies a dividend yield of 2.39%, compared with the implied dividend of the S&P 500 SPX, -0.55% of 1.96%. The employer services company said it expects to consider another dividend increase in November. The stock has lost 1.3% year to date, while the S&P 500 has slipped 1.1%.