State Street (NYSE:STT) has declared its first dividend for 2013. The company is to pay $0.26 per share of its common stock on April 12 to shareholders of record as of April 1. That represents an 8% increase over the company's previous distribution of $0.24, which it paid in each quarter of 2012.

The company typically adjusts its dividend once per year. For all four quarters of 2011, it paid $0.18, while 2010's quarterly payouts were $0.01 each.

The new dividend annualizes to $1.04 per share. That yields 1.8% at State Street's current stock price of $57.19.

Late last week, the company announced a quarterly payout on its non-cumulative perpetual preferred series C stock. That dividend is $1,312.50 per share, and will be paid on March 15 to stockholders of record as of February 28.

Fool contributor Eric Volkman has no position in State Street. The Motley Fool has no position in State Street. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.