Western Union (WU) will raise its quarterly dividend by 4.4 percent to 23.5 cents per share in 2021. This follows a 12.5 percent hike to $0.225 per share in the first quarter of 2020. This also marks the 7th consecutive year of dividend increases by the company.

The next dividend is payable March 31, 2021 to shareholders of record at the close of business on March 17, 2021. The new dividend yield for Western Union is 3.9% at a stock price of $23.99 based on the new annual dividend rate of 94 cents.

The Western Union Company is a provider of cross-border, cross-currency money movement and payment services. Its Consumer-to-Business payments services are available through a range of services that include Speedpay, Pago Facil and Western Union Payments. Western Union's Business Solutions segment facilitates payment and foreign exchange solutions, primarily cross-border, cross-currency transactions, for small and medium size enterprises and other organizations and individuals. Western Union has paid a dividend every year since 2006.