Nu Skin Enterprises (NUS) will raise its quarterly dividend by 1.3 percent to 38 cents per share in 2021. This follows a dividend hike of 1.4 percent to $0.375 per share in the first quarter of 2020 and will mark the 20th consecutive year of increases by the direct selling company.

The next quarterly dividend will be paid on March 10, 2021, to shareholders of record on February 26, 2021. A new annualized rate of $1.52 per share yields 3.1% at a stock price of $48.81.

"This marks our 20th consecutive year of paying and increasing our dividend, demonstrating our commitment to returning value to our shareholders by utilizing our strong free cash flow and healthy balance sheet," said Ritch Wood, chief executive officer, in the company's press release announcing this new dividend hike.

Nu Skin Enterprises is a direct selling company that develops and distributes consumer products, offering a line of beauty and wellness solutions. The company's brands include the Nu Skin personal care brand, the Pharmanex  nutrition brand, and the ageLOC anti-aging brand. Nu Skin sells its products in Asia, the Americas, Europe, Africa and the Pacific. Nu Skin became a public company in 1996 and has paid a dividend every year since 2001.