Morgan Stanley (MS) will raise its quarterly dividend by 100% to 70 cents per share in 2021. This comes after a dividend hike of 16.7 percent to $0.35 per share in 2019. This marks the 8th consecutive year of dividend increases by the financial holding company. The dividend hike comes after the stress test results announced in June.

The next dividend will be paid on August 13, 2021 to shareholders of record on July 30, 2021. A new annualized dividend rate of $2.80 per share yields 3.1% at a stock price of $91.25.

Morgan Stanley is a financial services firm providing investment banking, securities, wealth management and investment management services. The company serves clients worldwide including corporations, governments, institutions and individuals. Morgan Stanley has increased its dividend every year since 2014. During the financial crisis in 2009 the quarterly payment was cut by 81.5 percent.