Business and consumer banking concern Webster Financial (NYSE:WBS) announced yesterday that its board of directors has approved increasing its quarterly dividend by 50%, from $0.10 per share to $0.15 per share. The new, higher payment will be made on May 20 to stockholders of record as of May 6.

Webster also declared a regular quarterly cash dividend of $21.25 per share on its Series A Convertible Preferred Stock, payable on June 17 to shareholders of record on June 1. On its Series E preferred stock, Webster declared a quarterly cash dividend of $400.00 per share, or $0.40 per each depositary share, 1,000 of which represent one share of Series E preferred stock. It will also be payable on June 17 to shareholders of record on June 1.

Webster Financial CEO James C. Smith cited "growth and quality of earnings and Webster's strong capital base."

Webster provides business and consumer banking, mortgages, financial planning, trust and investment services through 168 banking offices and has $20 billion in assets. The chart below does not include this week's dividend announcement.

WBSPRE Dividend Chart

WBSPRE Dividend data by YCharts.

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