Fifth Third Bancorp (FITB) will raise its quarterly dividend by 12.5 percent to $0.18 per share in the third quarter of 2018. This marks the 8th consecutive year of dividend increases by the company.

The dividend is payable on July 16, 2018 to shareholders of record as of June 29, 2018. Based on a stock price of $30.57 the new annual dividend of $0.72 per share yields 2.4%.

Fifth Third Bancorp, organized in 1975, is a bank holding company  headquartered in Cincinnati, Ohio, and the parent company of Fifth Third Bank, an Ohio-chartered bank. Fifth Third operates full-service banking centers and ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third Bank was established in 1858 and has paid a dividend every year since 1975.