NEW YORK (TheStreet) -- Charles Schwab  (SCHW - Get Report) stock is rising by 2.01% to $29.72 in mid-afternoon trading on Friday after raising its dividend by 1 cent. 

The company's board declared a 17% increase to the quarterly cash dividend to 7 cents per share. 

The dividend is payable on May 27 to shareholders of record as of May 13. 

"This increase reflects the board's confidence in our ability to continue to deliver consistent earnings and cash flow while maintaining strong relationships with our clients," Chairman Charles Schwab said in a statement.

Based in San Francisco, Charles Schwab engages in wealth management, securities brokerage, banking, money management and financial advisory services.

Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B-.

Charles Schwab's strengths such as its revenue growth, impressive record of earnings per share growth and compelling growth in net income outweigh the fact that the company has had lackluster performance in the stock itself.

You can view the full analysis from the report here: SCHW

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.