Fifth Third Bancorp (FITB) will raise its quarterly dividend by 22.2 percent to $0.22 per share in the fourth quarter of 2018. This marks the second dividend increase by the financial services company this year.

The increased dividend is payable on January 15, 2019 to shareholders of record as of December 31, 2018. A new annualized dividend rate of 88 cents per share yields 3.8% at a stock price of $23.42.

Fifth Third Bancorp, organized in 1975, is a bank holding company  headquartered in Cincinnati, Ohio, and the parent company of Fifth Third Bank, an Ohio-chartered bank. Fifth Third operates full-service banking centers and ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third Bank was established in 1858 and has paid a dividend every year since 1975.