Dow component JPMorgan Chase & Co (JPM) will raise its quarterly dividend by almost 43 percent to $0.80 per share in 2018, marking the 8th consecutive year of dividend increases by the financial company.

The next dividend will be paid on October 31, 2018 to shareholders of record on October 5, 2018. Based on the current stock price of $106.36 the new annual dividend yields 3.0%. Last year JPM hiked its dividend by 16.7 percent.

Jamie Dimon, Chairman and CEO of JPMorgan Chase said: “While we have always said that we will relentlessly continue to invest in the long-term growth and profitability of our company, we are also pleased that we have the ability to further increase capital returns to shareholders. The quality of the company’s capital, liquidity and control environment positions the firm well for varying economic scenarios while maintaining the ability to sustainably deliver value to our customers and investors.”

JPMorgan Chase & Co. is engaged in investment banking and financial services. The Company provides services such as treasury and securities services, asset management, private banking, card member services, commercial banking, and home finance.