Wells Fargo & Co (WFC) will raise its quarterly dividend by 10.3 percent to $0.43 per share in 2018. This marks the 8th consecutive year of annual dividend increases by the financial services company.

The next dividend is payable September 1, 2018 to stockholders of record on August 10, 2018. At a stock price of $58.35 the new annual dividend of $1.72 per share yields 2.7%.

The dividend increase is part of the company’s 2018 Capital Plan, which was submitted to the Federal Reserve as part of the recently concluded Comprehensive Capital Analysis and Review (CCAR).

Wells Fargo & Company is a diversified financial services company.  It provides retail, commercial and corporate banking services through banking locations and offices. Its subsidiaries are engaged in various businesses, including wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing services, investment advisory services, mortgage-backed securities servicing and venture capital investment.