Morgan Stanley (MS) will raise its quarterly dividend by 20 percent to $0.30 per share in 2018, marking the fifth consecutive year of dividend increases by the financial holding company.

The next dividend will be payable on August 15, 2018 to common shareholders of record on July 31, 2018. At the current stock price of $50.35 the new annual dividend of $1.20 per share yields 2.0%.

Morgan Stanley is a financial services firm providing investment banking, securities, wealth management and investment management services. The company serves clients worldwide including corporations, governments, institutions and individuals. Morgan Stanley has increased its dividend every year since 2014. During the financial crisis in 2009 the quarterly payment was cut by 81.5 percent.