United Parcel Service (UPS) will raise its quarterly dividend by 5.5 percent to $0.96 per share in the first quarter of 2019. This follows an eight cent dividend hike to 91 cents per share quarterly by the package delivery company last year.

The increased dividend is payable March 12, 2019 to shareowners of record on February 26, 2019. The new annual dividend rate yields 3.5% at a stock price of $110.87.

For nearly 50 years, the company has either increased or maintained its dividend and 2019 will mark the 10th consecutive year of annual dividend increases by the company that had its IPO in 1999.

United Parcel Service, Inc. (UPS) is a package delivery company. The company offers a spectrum of the United States domestic guaranteed ground and air package transportation services. The International Package segment includes the small package operations in Europe, Asia-Pacific, Canada and Latin America, the Indian sub-continent, the Middle East and Africa. UPS was founded in 1907 as a messenger company in the United States. The company had its IPO in 1999 and has paid a dividend every year since 1969.