After receiving permission from the Federal Reserve, several major banks including JP Morgan Chase and Wells Fargo have raised their dividends, which is a "start and a step in the right direction, but well below where we've been," Jill Evans, portfolio manager Alpine Dynamic Dividend Fund, told CNBC on Friday.
"JP Morgan and Bank of America, they were all over 4 percent yield. These are coming in: I believe Wells Fargo about 1.7 and JP Morgan about a 2 percent dividend yield," said Evans, who manages over $2 billion in assets.
"The market was anticipating this, the banks are over-capitalized—Jamie Dimon at JP Morgan has been very vocal about having excess capital," she added.
Financials used to be dividend payers—"in 2007 it was our largest sector that we got dividend from and it virtually disappeared," Evans went on to say.