Morningstar (MORN) will raise its quarterly dividend by five percent to 31.5 cents per share in 2020. This follows a  7.1 percent hike to $0.30 per share in the first quarter of 2020. This is the investment research provider's 10th consecutive year of dividend increases.

The next dividend is payable January 29, 2021 to shareholders of record as of January 4, 2021. A new annual dividend rate of $1.26 per share yields 0.6% at a stock price of $200.

"We are pleased to increase our dividend for the 10th consecutive year and to approve a new share repurchase program," said Kunal Kapoor, chief executive officer of Morningstar. "Our business has shown resilience in a tough year, and we are driving long-term, sustainable growth by delivering on our mission of empowering investor success."

Morningstar, Inc. is a provider of independent investment research in North America, Europe, Australia, and Asia. The company offers products and services for individual investors, financial advisors, asset managers, retirement plan providers and sponsors, and institutional investors in the private capital markets. Morningstar has been publicly traded since May 2005.