Discover last week's biggest dividend increases, May 22
May 29, 2023
Lowe's Companies, Inc. has announced a 5% increase in its quarterly cash dividend, now set at $1.10 per share, payable on August 9, 2023. This decision reflects Lowe's dedication to its successful Total Home strategy, driving market share growth, Pro loyalty, online expansion, and customer value. Lowe’s chairman, president, and CEO, Marvin R. Ellison, emphasized their commitment to delivering sustainable shareholder value through a best-in-class capital allocation strategy. Lowe's has a strong track record of paying dividends since its initial public offering in 1961 and has consistently raised the dividend for over 25 years.
TEGNA Inc. (TGNA) has announced an accelerated share repurchase program worth $300 million and a 20 percent increase in its quarterly dividend. These actions come after terminating a merger agreement with an affiliate of Standard General L.P., which entitles TEGNA to a termination fee of $136 million. TEGNA’s Board of Directors and management are actively reviewing the return of additional excess capital. TEGNA will fund the share repurchase program through its cash on hand, which stood at $683 million at the end of Q1 2023. The dividend increase raises the regular quarterly dividend from 9.5 to 11.375 cents per share, marking a total dividend payout growth of 63 percent since March 2021. The CEO, Dave Lougee, expressed confidence in TEGNA's strong financial position, highlighting record revenue, net income, and free cash flow in 2022.
Unum Group (UNM) recently announced a significant boost of over 10 percent in its quarterly dividend for common stock. With the new rate set at 36.5 cents per share, or $1.46 per share annually, this increase reflects Unum's dedication to delivering value to its shareholders, driven by consistent performance and capital generation. The decision to raise the dividend showcases Unum's commitment to its investors and the confidence it has in its financial standing. Under the leadership of Richard P. McKenney, president and CEO, Unum aims to sustain its impressive track record and solidify its position in the market.
Saratoga Investment Corp. (SAR), a business development company, has announced an increase in its quarterly dividend for the fiscal first quarter ended May 31, 2023. The Board of Directors declared a dividend of $0.70 per share, marking a $0.01 increase from the prior fiscal fourth quarter and the thirteenth consecutive quarterly dividend increase. This decision comes as a result of Saratoga's strong performance, with record earnings driven by resilient portfolio performance and favorable market conditions. The floating rate assets and fixed rate liabilities have contributed to Saratoga's success in the current rate and improving spread environment. The BDC industry as a whole has experienced dividend increases averaging around 14% over the past year, and Saratoga's 32% year-over-year increase demonstrates its strong position. With an annualized dividend rate of 70c per share and adjusted net investment income of 98c per share, the stock offers an attractive dividend yield of 10.6% and an earnings yield of 14.8% based on Saratoga's recent stock price of $26.52 per share on May 19, 2023. These positive developments make Saratoga Investment an appealing choice for investors seeking dividend growth. Shareholders can opt to receive the dividend in cash or through Saratoga's dividend reinvestment plan (DRIP), with the number of shares determined by dividing the total dollar amount by 95% of the average market prices per share over the ten preceding trading days, including the payment date.
Alpine Income Property Trust, Inc. (PINE) recently announced an increase in its quarterly cash dividend for the second quarter of 2023. The Board of Directors authorized and declared a dividend of $0.275 per share of common stock, representing a 1.9% year-over-year increase compared to the previous year. This dividend translates to an annualized yield of approximately 7.0%, based on the closing price of the common stock on May 19, 2023. The dividend will be payable on June 30, 2023, to stockholders of record as of June 8, 2023. The ex-dividend date for this dividend is June 7, 2023.
IDEX Corporation, listed on the New York Stock Exchange under the ticker symbol IEX, recently approved a seven percent increase in its regular quarterly cash dividend to $0.64 per common share. The decision to increase the dividend comes as a result of IDEX's strong financial performance and commitment to returning value to its shareholders. IDEX Corporation has a track record of consistently paying dividends, with this upcoming dividend marking its 114th consecutive regular quarterly cash dividend payment.
CTO Realty Growth, Inc. (CTO), a leading real estate investment trust, recently announced a 1.8% year-over-year increase in its quarterly cash dividend for the second quarter of 2023. CTO's Board of Directors authorized a dividend of $0.38 per share of common stock, reflecting an annualized yield of approximately 9.4% based on the closing price of the stock on May 19, 2023. This dividend increase signifies CTO's commitment to delivering value to its shareholders. Recent positive developments in the real estate market and CTO's strong financial performance likely contributed to the decision to raise the dividend.
Flowers Foods, Inc. (FLO) recently announced a 4.5% increase in its quarterly dividend to $0.23 per share, marking the 83rd consecutive quarterly dividend paid by Flowers Foods. This move reflects the board's confidence in Flowers Foods' ability to generate robust earnings and cash flow. Flowers Foods' president and CEO, Ryals McMullian, stated that the increased dividend aligns with their long-term financial targets, emphasizing their commitment to investing in strengthening their leading brands.
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