Morgan Stanley (MS) will raise its quarterly dividend by 16.7 percent to $0.35 per share in 2019, marking the 6th consecutive year of dividend increases by the financial holding company. Last year MS hiked its dividend by twenty percent.

The next dividend will be paid on August 15, 2019 to shareholders of record on July 31, 2019. A new annualized dividend rate of $1.40 per share yields 3.2% at a stock price of $44.39.

Earlier MS had already announced the dividend hike in its June 27 press release: James Gorman, Chairman and Chief Executive Officer of Morgan Stanley, said, “We are very pleased to have increased our capital return to shareholders by over 20 percent – including increasing the dividend for the sixth consecutive year – while also completing the acquisition of Solium. Our 2019 Capital Plan reflects the strength and stability of our franchise, and supports our continued ability to invest for future growth.”

Morgan Stanley is a financial services firm providing investment banking, securities, wealth management and investment management services. The company serves clients worldwide including corporations, governments, institutions and individuals. Morgan Stanley has increased its dividend every year since 2014. During the financial crisis in 2009 the quarterly payment was cut by 81.5 percent.