Raymond James Financial (RJF) will raise its quarterly dividend by 8.8 percent to $0.37 per share. This comes after a dividend increase of 36.0 percent announced by the company in 2018.

The next dividend will be paid on January 16, 2020 to shareholders of record on January 2, 2020. The new annual dividend of $1.48 per share yields 1.6% at a stock price of $89.82.

Raymond James Financial, Inc. is a diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. The firm, together with its subsidiaries, is engaged in various financial services activities, including providing investment management services for retail and institutional clients, the underwriting, distribution, trading and brokerage of equity and debt securities and the sale of mutual funds and other investment products. The firm also provides corporate and retail banking services, and trust services. Raymond James was established in 1962 and went public in 1983.