Lincoln National (LNC) will raise its quarterly dividend by 12.1 percent to $0.37 per share in the fourth quarter of 2018. This follows a similar 4 cent dividend hike to 33 cents quarterly per share last year.

The increased dividend on the common stock will be payable on February 1, 2019 to shareholders of record at the close of business on January 10, 2019.

A new annual dividend of $1.48 per share yields 2.3% at a stock price of $63.30 for LNC. The company has now raised its dividend for eight consecutive years.

Lincoln National Corporation is a holding company, which operates multiple insurance and retirement businesses through subsidiary companies. Through its business segments, the company sells wealth protection, accumulation and retirement income products and solutions. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. LNC was organized under the laws of the state of Indiana in 1968.