Charles Schwab (SCHW) will raise its quarterly dividend by 5.9 percent to $0.18 per share. This follows a 30.8 percent dividend hike last year and marks the fifth consecutive year of dividend increases.

The dividend is payable February 28, 2020 to stockholders of record as of the close of business on February 14, 2020. A new annualized dividend rate of 72 cents per share yields 1.5% at a stock price of $47.19.

In the company's press release Chairman Charles Schwab commented, “This dividend increase reflects the Board’s confidence in our ability to continue to deliver consistent earnings and cash flow as we pursue our ‘Through Clients’ Eyes’ strategy.”

The Charles Schwab Corporation is financial services provider. The company's products and services include brokerage accounts, corporate retirement plans, banking accounts, and management of client assets. Through its operating subsidiaries, the company provides a full range of wealth management, securities brokerage, banking, money management, custody, and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc., and affiliates offer a complete range of investment services and products including a selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its banking subsidiary, Charles Schwab Bank provides banking and lending services and products. The company has paid a dividend since at least 1990.