Intuit (INTU) will raise its quarterly dividend by 15.3 percent to 68 cents quarterly. This comes after a 11.3 percent hike to 59 cents per share in 2020 and marks the 10th consecutive year of dividend increases by the US financial software company.

The next dividend will be paid on October 18, 2021 to shareholders of record on October 11, 2021. A new annualized rate of $2.72 per share yields 0.5% at a stock price of $555 for INTU.

After this new dividend hike Intuit will pay an estimated annual dividend amount of $745 million to shareholders. The company has been raising its dividend by double digits every year since a 15 cent per share quarterly dividend was initiated back in August 2011.

Intuit announced its biggest dividend increase in 2014, when the quarterly dividend was boosted by 31.6 percent from 19 cents to 25 cents per share. The company also hiked its dividend by more than 20 percent in both 2015 and 2018. Last year's 11.3 percent dividend hike was the smallest increase by Intuit since the company started paying a dividend.

Intuit Inc. is a provider of business and financial management solutions for small businesses, consumers and accounting professionals. Intuit's reportable segments are: Small Business & Self-Employed, Consumer and Strategic Partner. The company's products and platforms, including QuickBooks, TurboTax, Mint and Turbo, are designed to help customers better manage their money, reduce their debt and file their taxes with ease. Intuit has offices in the United States, Canada, India, the United Kingdom, Israel, Australia, and other locations. Intuit was incorporated in California in March 1984. The company was reincorporated in Delaware and completed our initial public offering in March 1993.