Fifth Third Bancorp (FITB) will raise its quarterly dividend by 9.1 percent to $0.24 per share in 2019. Last year the financial services company hiked its dividend twice for a total of 37.5 percent. 

With the increase announced today, 2019 is expected to be the 9th consecutive year in which FITB has increased its annual dividend.

The next dividend is payable on July 15, 2019 to shareholders of record as of June 28, 2019. A new annualized dividend rate of 96 cents per share yields 3.4% at a stock price of $27.88.

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.