Western Union (WU) will raise its quarterly dividend by 3.2 percent to $0.16 per share in 2016. Last year the payment services company hiked its quarterly dividend by 24.0 percent.

The Western Union Company is a provider of cross-border, cross-currency money movement and payment services. Its Consumer-to-Business payments services are available through a range of services that include Speedpay, Pago Facil and Western Union Payments. Western Union's Business Solutions segment facilitates payment and foreign exchange solutions, primarily cross-border, cross-currency transactions, for small and medium size enterprises and other organizations and individuals. Western Union has paid a dividend every year since 2006.