Bank Of The James Increased Their Dividend By 25%. These 3 Other Companies Announced Similar.

Discover the biggest dividend increases last week


  • BOTJ - announced a 25% dividend increase to $0.10 per common share
  • SLB - announced a 10% dividend increase to $0.275 per share
  • PAG - boosted quarterly dividend by 10% to $0.87 per share
  • WEC - announced a 7% increase in its quarterly cash dividend, reaching 83.50 cents per share


Sector: Financial Services

Industry: Banks—Regional

Bank of the James Financial Group, Inc., the parent company of Bank of the James, a full-service bank, recently upped its game by increasing its dividend. On January 16, 2024, the Board of Directors declared a cash dividend of $0.10 per common share, marking a 25% boost from the previous dividend announced in October 2023. This move signals BOTJ's commitment to rewarding shareholders and reflects its confidence in financial performance. The dividend, set to be paid on March 15, 2024, to shareholders of record on March 1, 2024, showcases BOTJ's positive outlook.

Bank of the James Financial Group, Inc. is a Virginia-based bank holding company that specializes in general retail and commercial banking services. Headquartered in Lynchburg, Virginia, BOTJ employs 121 full-time staff. The bank operates through its primary divisions: Bank of the James for general banking, Bank of the James Mortgage for mortgage origination services, BOTJ Investment for securities brokerage, and BOTJ Insurance, Inc. for insurance and annuity products. Additionally, BOTJ offers a range of services including safe deposit boxes, traveler's checks, payroll and social security check deposits, automatic drafts, treasury management, and credit card merchant services.


Sector: Energy

Industry: Oil & Gas Equipment & Services

Schlumberger Limited, a global oilfield services company, reported impressive financial results for the fourth quarter and full-year 2023. Schlumberger's revenue increased by 8% sequentially and 14% year on year, reaching $8.99 billion for Q4. Full-year revenue saw a substantial 18% year-on-year growth, totaling $33.14 billion. CEO Olivier Le Peuch highlighted Schlumberger's remarkable performance, including revenue growth, margin expansion, and strong free cash flow.

SLB's diversified international portfolio contributed significantly to its success, with international revenue growing by 20% year on year. Notably, the Middle East witnessed the highest-ever revenue, driven by robust growth in Saudi Arabia, the United Arab Emirates, and Egypt & East Mediterranean GeoUnits. The offshore sector also played a vital role in Schlumberger's growth, particularly in Brazil, Angola, the US Gulf of Mexico, Guyana, and Norway.

Schlumberger's commitment to digital innovation, including the adoption of Delfi™ technology and connected autonomous drilling solutions, contributed to a 4% year-on-year increase in Digital & Integration revenue. In light of this strong performance and the anticipation of continued growth in international markets, SLB's Board of Directors approved a 10% increase in its quarterly cash dividend, raising it to $0.275 per share.

Schlumberger Limited, founded in 1926 and headquartered in Houston, Texas, is a global leader in providing advanced technology solutions for the oil and gas industry. Schlumberger operates through multiple segments, including Reservoir Characterization, offering services such as reservoir interpretation, drilling, production, and processing; Drilling, specializing in drill bits, drilling fluid systems, and related support services; Production, providing a range of well services, artificial lift equipment, and production management services; and Cameron, offering integrated subsea production systems and drilling equipment. Schlumberger is renowned for its comprehensive portfolio, encompassing reservoir characterization, drilling, and production solutions, making significant contributions to the oil and gas sector worldwide.


Sector: Consumer Cyclical

Industry: Auto & Truck Dealerships

Penske Automotive Group, a top-notch global transportation services and automotive retailer, recently upped its quarterly dividend by 10%, reaching $0.87 per share. This move reflects Penske Automotive Group's robust financial position and steady cash flow, allowing them to generously reward shareholders. According to Robert Kurnick, Jr., the President of Penske Automotive Group, the dividend increase aligns with Penske Automotive Group's commitment to delivering value to its investors.

This positive development is a testament to PAG's strong balance sheet and sustained cash flow, reinforcing investor confidence. The increased dividend, scheduled for payout on March 1, 2024, to shareholders of record by February 15, 2024, showcases Penske Automotive Group's dedication to enhancing shareholder

Penske Automotive Group, Inc. is a diversified transportation services company with a focus on automotive and commercial truck dealerships. Operating through four segments, namely Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments, Penske Automotive Group holds 317 retail automotive franchises, including 145 in the United States and 172 internationally. In addition to selling new and used motor vehicles, it provides related services such as vehicle repair, finance, and lease contracts. Penske Automotive Group also operates used vehicle supercenters in the United States and the United Kingdom, as well as commercial truck dealerships in various locations. Penske Automotive Group, founded in 1990 and headquartered in Bloomfield Hills, Michigan, represents various automotive manufacturers and distributors under franchise agreements, offering a comprehensive range of automotive solutions and services.


Sector: Utilities

Industry: Utilities—Regulated Electric

WEC Energy Group's board of directors has just announced a 7% increase in its quarterly cash dividend. The new dividend stands at 83.50 cents per share, up from the previous 78 cents per share, resulting in an annual dividend rate of $3.34 per share. This marks the 21st consecutive year of dividend hikes for WEC, reflecting WEC Energy's commitment to delivering value to its stockholders.

The dividend payout is set to be distributed on March 1, 2024, to stockholders of record as of February 14, 2024. Notably, WEC Energy Group has an impressive track record, having consistently paid dividends for an astounding 326 consecutive quarters since 1942.

Gale Klappa, the executive chairman, emphasized WEC Energy's dedication to shareholder value by stating, "With today's action by our board, 2024 will be the twenty-first consecutive year of dividend increases for our stockholders. We continue to target a dividend payout of 65 to 70 percent of earnings."

WEC Energy Group, Inc., headquartered in Milwaukee, Wisconsin, is a leading provider of regulated natural gas and electricity services in the United States. Operating through six segments - Wisconsin, Illinois, Other States, Electric Transmission, Non-Utility Energy Infrastructure, and Corporate and Other - WEC Energy generates and distributes electricity from various sources, including coal, natural gas, oil, hydroelectric, wind, and biomass. Additionally, it offers retail natural gas distribution, electricity transmission, and nonregulated renewable energy services. Serving approximately 1.6 million electricity and 2.9 million natural gas customers, WEC Energy Group operates extensive distribution and transmission networks, totaling 36,500 miles of overhead distribution lines, 34,100 miles of underground distribution cable, and 49,500 miles of natural gas distribution mains. WEC Energy, formerly known as Wisconsin Energy Corporation, adopted its current name in June 2015 and was incorporated in 1981.

Some data was sourced from LevelFields.AI

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