Charles Schwab hikes dividend by 13.6%

On January 26, 2023, Charles Schwab (SCHW) declared a new quarterly dividend rate of $0.25 per share, up 13.6% from the previous quarterly rate of $0.22 per share. This follows two dividend hikes in 2022 for a total increase of 22.2% by Schwab. The dividend yield is 1.3% at a stock price of $75 and the next ex-dividend date is February 9, 2023.

The Charles Schwab Corporation is financial services provider. The company's products and services include brokerage accounts, corporate retirement plans, banking accounts, and management of client assets. Through its operating subsidiaries, the company provides a full range of wealth management, securities brokerage, banking, money management, custody, and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc., and affiliates offer a complete range of investment services and products including a selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its banking subsidiary, Charles Schwab Bank provides banking and lending services and products. The company has paid a dividend since at least 1990 (source: company website dividend history). In 2020 Charles Schwab completed the acquisition of broker TD Ameritrade.