Citigroup (C) will raise its quarterly dividend by 13.3 percent to $0.51 per share in 2019. This follows a 40.6 percent dividend hike by the financial company last year and marks the 5th consecutive year of dividend increases.

The next dividend is payable on August 23, 2019 to stockholders of record on August 5, 2019. A new annualized dividend rate of $2.04 per share yields 2.9% at a stock price of $71.

Citigroup Inc. (Citi) is a financial services holding company. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Citi reinstated its cash dividend in 2011, two years after suspending it in 2009.