Fifth Third Bancorp (FITB) will raise its quarterly dividend by 12.5 percent to $0.27 per share in 2020. This follows a 9.1 percent dividend hike by the S&P500 company last year and marks 10 consecutive years of dividend increases.

The next dividend is payable on April 14, 2020 to shareholders of record as of March 31, 2020 A new annualized dividend rate of $1.08 per share yields 4.1% at a stock price of $26.65.

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.