U.S. Bancorp (USB) will raise its quarterly dividend by 9.5 percent to 46 cents per share in 2021. This dividend hike was already announced earlier following stress test results. The company has now officially declared the dividend. USB last hiked its dividend in 2019 when a 13.5 percent dividend increase was announced.

The increased U.S. Bancorp dividend is payable October 15, 2021, to stockholders of record at the close of business on September 30, 2021. At this quarterly dividend rate, the annual dividend is equivalent to $1.84 per common share, yielding 3.2% at a stock price of $57.80. The next ex-dividend date for USB stock is September 29, 2021.

U.S. Bancorp is a multi-state financial services holding company. The company provides a full range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services. It also engages in credit card services, merchant and automated teller machine (ATM) processing, mortgage banking, insurance, brokerage and leasing.  The USB non-banking subsidiaries offer investment and insurance products to customers principally within its domestic markets, and fund administration services to a range of mutual and other funds.