Intuit (INTU) will raise its quarterly dividend by 20.5 percent to $0.47 per share in 2018. This follows a five cent per share dividend hike to 39 cents quarterly last year.

The next dividend will be paid on October 18, 2018 to shareholders of record on October 10, 2018. The new annual dividend of $1.88 per share yields 0.9% at a stock price of $218.63.

The technology company initiated a quarterly dividend in 2011 and raised its annual payment every year since. The average annual dividend increase over the last five years is 19.9 percent.

Intuit Inc. is a provider of business and financial management solutions for small businesses, consumers and accounting professionals. Its products and services include QuickBooks and TurboTax. The company's QuickBooks Self-Employed helps freelancers and independent contractors to manage their finances and save money at tax time, while Intuit's Mint delivers financial tools and insights to help people make smart choices about their money.