Raymond James Financial (RJF) will raise its quarterly dividend by 5.4 percent to 39 cents per share in 2020. This follows a dividend hike of 8.8 percent to $0.37 per share announced last year by the company. Raymond James has raised its dividend 11 consecutive years.

The next dividend is payable January 19, 2021 to shareholders of record on January 5, 2021. The new annual dividend of $1.56 per share yields 1.6% at a stock price of $95.83.

Raymond James Financial will now pay an estimated $214 million in dividends to its shareholders annually. The average dividend growth rate in the last five years is 14.3 percent annually.

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.