Discover the biggest dividend increases from last week, May 1
May 8, 2023
LifeVantage Corporation, a health and wellness company, announced a 16.7% increase in its quarterly cash dividend to $0.035 per share of common stock. The dividend will be paid on June 15, 2023, to stockholders of record as of June 1, 2023. The decision to increase the dividend reflects the company's strong financial performance and its commitment to returning value to shareholders. LifeVantage Corporation has recently reported robust earnings, beating analyst expectations and demonstrating impressive growth potential. Moreover, the company has been expanding its product portfolio, strengthening its market position, and investing in strategic initiatives to drive long-term growth.
American International Group (AIG) reported a strong first quarter in 2023, with net income per diluted common share of $0.03 and adjusted after-tax income attributable to AIG common shareholders of $1.63 per diluted common share, representing a 9% increase compared to the prior year quarter. AIG also repurchased $603 million of common stock in the first quarter and paid $241 million of dividends. The AIG Board of Directors recently declared a cash dividend of $0.36 per share on AIG common stock, a 12.5% increase from prior quarterly dividends, commencing with the second quarter dividend, payable on June 30, 2023. AIG increased its dividend due to its strong financial performance in the first quarter, including growth in premiums and net investment income. The company's Life and Retirement business delivered impressive results, including a 159% increase in premiums, 44% growth in premiums and deposits, and a 60-basis point improvement in base investment yield year-over-year.
Arbor Realty Trust, Inc., a diversified, annuity-based operating platform with a multifamily focus, recently announced a 5% increase in its cash dividend on common stock, raising it to $0.42 per share, payable on May 31, 2023. This represents an annualized dividend of $1.68 per share, resulting in a 68% payout ratio based on the company's distributable earnings of $0.62 per diluted common share. The company reported strong financial results for Q1 2023, including distributable earnings of $122.2 million, up 31% from the previous year. The company also has a strong liquidity position with ~$785 million in cash and liquidity and ~$560 million of restricted cash in replenishable CLO vehicles. The company's recent share repurchase program and the issuance of $95 million of 7.75% senior notes primarily to repay existing 8.00% debt have contributed to the dividend increase.
Otter Tail Corporation recently declared a quarterly common stock dividend of $0.4375 per share payable on June 9, 2023, to shareholders of record on May 15, 2023. The increase in dividend can be attributed to the corporation's positive cash flows and liquidity, as well as a decrease in working capital needs compared to the previous year. The company's consolidated operating revenues and net income decreased by 10% and 13%, respectively, compared to the same quarter last year, primarily due to lower capital investments. Otter Tail Corporation's available liquidity under its credit agreements and cash and cash equivalents amounted to $373.7 million as of March 31, 2023.
RLJ Lodging Trust, a leading lodging real estate investment trust (REIT), reported positive Q1 2023 results with a 27.0% increase in revenue per available room (RevPAR) compared to Q1 2022. The company also repurchased around $40 million worth of common shares and increased its quarterly dividend by 60% to $0.08 per share, demonstrating confidence in its strong free cash flow profile. The increase in dividend could be attributed to the company's continued positive momentum in lodging fundamentals, particularly in urban markets, which benefited from a further improvement in business travel, strong group demand, healthy leisure and rising international travel. Moreover, the company exercised an option to extend the maturity of $225 million of term loans and a $200 million secured loan to 2024, which further strengthened its balance sheet.
The Brink's Company, a leading global provider of cash management and secure logistics solutions, has announced a 10% increase in its regular quarterly dividend from 20 cents per share to 22 cents per share. This dividend is payable on June 1, 2023, to shareholders of record on May 15, 2023. According to Mark Eubanks, the CEO of Brink's, the dividend increase is a result of the company's strong performance in 2022, stable financial position, and positive business outlook. The increase in dividends is part of the company's capital allocation framework, which aims to generate long-term shareholder value by returning excess cash to shareholders.
Apple® has recently announced its financial results for the second quarter of fiscal 2023, ending on April 1, 2023. Despite the challenging macroeconomic environment, the company posted a record high in Services revenue and a March quarter record for iPhone revenue, with an all-time high installed base of active devices. The company also generated strong operating cash flow of $28.6 billion and returned over $23 billion to shareholders during the quarter. As a sign of confidence in Apple's future and the value of its stock, the board of directors has authorized an additional $90 billion for share repurchases and raised its quarterly dividend by 4 percent to $0.24 per share of common stock. This marks the eleventh consecutive year that Apple has increased its dividend. The decision to increase the dividend may be due to the company's strong financial performance and cash flow generation, as well as its commitment to returning value to shareholders. Additionally, the share repurchase program may signal the company's belief in its long-term prospects and its desire to boost shareholder returns.
Coterra Energy Inc. (NYSE: CTRA) reported its first-quarter 2023 financial and operating results, exceeding its guidance with strong well performance and improved cycle times. The Company's portfolio, with its equal weighting to both liquids and natural gas, delivers consistent cash flow through commodity price cycles, benefiting both the Company and shareholders. In light of these results, Coterra announced a 76% return of Free Cash Flow to shareholders, including a recently increased base dividend of $0.20 per quarter ($0.80 per annum), and $268 million via share buybacks. The Board approved the quarterly base dividend on May 3, 2023, with a payment date of June 9, 2023. The Company remains committed to returning 50%+ of Free Cash Flow to shareholders, with an emphasis on the base dividend and buybacks, in the near-term.
Murphy USA Inc. (MUSA) recently declared a 3% increase in their quarterly cash dividend on the common stock, bringing it to $0.38 per share or $1.52 per share annually. The dividend is payable to stockholders of record on May 15, 2023, and is scheduled to be paid on June 1, 2023. This dividend increase is in line with the company's commitment to delivering value to its shareholders. Murphy USA operates a chain of retail stores that offer fuel and convenience products. The company's dividend increase can be attributed to their strong financial performance and increasing cash flow. This decision may have been influenced by the recent surge in demand for gasoline due to economic recovery and an increase in travel as COVID-19 restrictions ease.
The Timken Company, a global leader in engineered bearings and industrial motion products, announced a 6% increase in its quarterly cash dividend, raising it to 33 cents per share. This increase is a reflection of the company's consistently strong financial performance over time and its confidence in the company's outlook. Timken has paid a dividend on its common shares every quarter since its original listing on the New York Stock Exchange in 1922, representing 404 consecutive quarters, one of the longest-running dividend streaks among NYSE-listed companies. The increase in dividend payment demonstrates the company's commitment to consistently growing the dividend as a critical element of its disciplined capital allocation strategy.
AGCO, Your Agriculture Company, a global leader in agricultural machinery and precision ag technology, reported a record first-quarter net sales of $3.3 billion, up by 24% year-over-year, with an operating margin of 11.6%. The company announced a 21% increase in its quarterly dividend to $0.29 per share and a special variable dividend of $5.00 per share, both payable in June. AGCO's first-quarter performance was driven by its successful execution of its farmer-first strategy, which includes growing its precision ag business, expanding its parts and service business, and globalizing a full line of Fendt branded products.
POOL Corporation, a leading distributor of swimming pool supplies, recently announced a 10% increase in its quarterly cash dividend from $1.00 to $1.10 per share, payable to shareholders of record on May 17, 2023. The company's seasoned management team remains focused on creating exceptional value for its shareholders, customers, suppliers, and employees. The Board also authorized an additional $413.6 million under its existing share repurchase program for the purchase of the company's common stock in the open market, bringing its total authorization available to $600.0 million.
Pembina Pipeline Corporation (PPL, PBA) announced its financial and operating results for Q1 2023, reporting earnings of $369 million and adjusted EBITDA of $947 million. The company's board of directors also declared a common share cash dividend for Q2 2023 of $0.6675 per share, representing a 2.3% increase. The dividend will be paid on June 30, 2023, to shareholders of record on June 15, 2023. Pembina's sale of its interest in the Key Access Pipeline System was completed on April 26, 2023, and Cedar LNG received its Environmental Assessment Certificate from the British Columbia Environmental Assessment Office and a positive Decision Statement from the federal Minister of Environment and Climate Change.
National HealthCare Corporation (NHC) recently announced an increase in its quarterly dividend to 59 cents per common share, a 3.5% increase from the previous quarter. NHC is the oldest publicly traded long-term health care company in the United States. The company's decision to increase its dividend is likely due to its strong financial performance, driven by increased demand for long-term care services due to an aging population. In addition, recent developments in the healthcare industry, such as the COVID-19 pandemic, have highlighted the importance of the services provided by NHC, further bolstering its financial outlook.
Esquire Financial Holdings, Inc., the financial holding company for Esquire Bank, National Association, announced a 25% increase in its regular quarterly dividend to $0.125 per share of common stock. The dividend will be payable on June 1, 2023, to each stockholder of record on May 15, 2023. The company's CEO and President, Andrew C. Sagliocca, has also been promoted to Vice Chairman of the Board of Directors.
PBF Energy Inc. reported a significant increase in its first-quarter income from operations, with $532.4 million compared to $91.0 million in the same period last year, excluding special items. The company also announced a dividend increase to $0.20 per share of Class A common stock on May 31, 2023, which is payable to shareholders of record on May 17, 2023. PBF Energy Inc. reduced its consolidated debt by $525 million in the first quarter and has repurchased over 8.8 million shares for approximately $346 million to date. The increase in dividend is a sign of the company's strong financial position and growth prospects, which may be attributed to its increased share repurchase authorization of $1.0 billion and reduction in consolidated debt.
BlackRock TCP Capital Corp. (TCPC) recently announced a 6.3% increase in its second quarter dividend to $0.34 per share, payable on June 30, 2023, to stockholders of record as of June 16, 2023. This increase in dividend is a result of the company's strong financial performance in the first quarter of 2023, with a net investment income of $25.4 million, or $0.44 per share on a diluted basis, exceeding the dividend of $0.32 per share paid on March 31, 2023. The net asset value per share also increased by 0.5% to $13.00. Additionally, the credit quality of the portfolio remained strong, with debt investments in only two portfolio companies on non-accrual status, representing 0.3% of the portfolio at fair value and 0.5% at cost. Fitch reaffirmed the Company's investment-grade rating with a stable outlook in the first quarter. The increase in net assets from operations during the quarter ended March 31, 2023, was primarily from the rise in LIBOR/SOFR rates.
MSA Safety Incorporated has declared a 2.2% increase in its quarterly dividend, from $0.46 to $0.47 per share on common stock. The dividend is payable on June 10, 2023, to shareholders of record on May 16, 2023. MSA Safety has a long-standing tradition of paying consistent and growing dividends to its shareholders since 1948. The increase in dividend marks the 53rd consecutive year of dividend growth. Lee McChesney, MSA Safety Senior Vice President and Chief Financial Officer, stated that the company's strong cash generation supports future investments in growth while returning capital to shareholders as part of their balanced capital allocation strategy.
CNO Financial Group, Inc. recently announced that its Board of Directors has approved an additional $500 million to repurchase the company's outstanding common stock, in addition to a $0.01 per share increase in its quarterly dividend, marking the eleventh consecutive year of dividend increases. As of March 31, 2023, CNO had approximately $172 million remaining repurchase capacity under its share repurchase program. The repurchase program will be implemented through purchases made in the open market, through private transactions, or by a tender offer, based on business and market conditions.
Innospec Inc. (NASDAQ: IOSP) reported its financial results for Q1 2023, with total revenues of $509.6 million, up 8% from last year. The company also announced a 10% increase in its semi-annual dividend, bringing it to 69 cents per common share for H1 2023. This increase is a result of Innospec's strong cash position, which stood at $147.5 million at the end of the quarter, allowing the company to fund organic opportunities, pursue complementary M&A, and continue returning value to shareholders.
ConocoPhillips (COP) recently reported its Q1 2023 earnings, with adjusted earnings of $2.9 billion or $2.38 per share, a decrease compared to the previous year. Despite the decrease, the company remains committed to its returns-focused value proposition, which includes advancing joint ventures, expanding ownership positions, and reducing its GHG emissions-intensity. To demonstrate this commitment, ConocoPhillips has announced a quarterly dividend of $0.51 per share and a VROC of $0.60 per share, representing an increase in its dividend payout. The dividend increase comes after the company distributed $3.2 billion to shareholders through a three-tier return of capital framework, which includes share repurchases and dividends.
Leggett & Platt, a diversified manufacturer with 52 consecutive years of increasing annual dividends, recently announced a 4.5% increase in their second quarter dividend to $.46 per share. With an indicated dividend yield of 5.7%, Leggett & Platt is one of the Dividend Kings with a high yield.
Vistra (VST) recently announced an increase in their quarterly common stock dividend per share by approximately 15% from the second quarter of 2022, reflecting an estimated payment of $75 million this quarter. The company's board of directors declared a dividend of $0.204 per share of Vistra's common stock, payable on June 30, 2023, to common stockholders of record as of June 21, 2023. Additionally, Vistra declared a semi-annual dividend on its 7.0% Series B Fixed-Rate Reset Cumulative Green Redeemable Perpetual Preferred Stock. This news may come as no surprise to investors, as Vistra has been performing well in the energy sector.
RLI Corp, a well-established insurance holding company, has declared a cash dividend of $0.27 per share for the second quarter, representing a $0.01 increase from the prior quarter. This increase marks the 48th consecutive year of dividend increases, reflecting the company's commitment to returning value to shareholders. The dividend is payable on June 20, 2023, to shareholders of record as of May 31, 2023. Recent developments suggest that RLI Corp is performing well and is confident in its ability to generate strong earnings in the future, which is good news for investors looking for reliable dividend income.
ManpowerGroup, a global staffing and workforce solutions company, has announced an 8.1% increase in its semi-annual dividend from $1.36 to $1.47 per share. The company's Board of Directors declared that the dividend will be paid on June 15, 2023, to shareholders of record as of June 1, 2023.
FactSet, a leading provider of financial digital platforms and enterprise solutions, has recently announced a 10% increase in its regular quarterly cash dividend from $0.89 per share to $0.98 per share. This marks the twenty-fourth consecutive year that the company has increased dividends on a stock split-adjusted basis, a testament to its commitment to providing value to shareholders.
PB Financial Corporation, the holding company for Providence Bank, announced a significant increase of approximately 55.17% in its quarterly cash dividend to $0.45 per share on common stock outstanding.
PepsiCo, Inc. has announced a quarterly dividend of $1.265 per share of PepsiCo common stock, a 10 percent increase compared to the same period last year. The decision to increase the dividend is consistent with PepsiCo's plan to raise its annualized dividend to $5.06 per share from $4.60 per share, effective June 2023. The dividend will be paid on June 30, 2023, to shareholders of record as of June 2, 2023. PepsiCo has been paying quarterly cash dividends since 1965 and has increased its annual dividend for 51 consecutive years.
Main Street Capital Corporation (MAIN) recently announced a 2.2% increase in its regular monthly dividends to $0.23 per share for July, August, and September 2023, compared to the second quarter of 2023. The company also declared a supplemental dividend of $0.225 per share payable in June 2023. This marks the first dividend increase in a year and is a positive sign for the stock's dividend prospects. The increase can be attributed to the company's strong financial performance, which has been driven by the economic recovery and increased demand for its services. Main Street has a history of periodically increasing its monthly dividends and has never reduced them since its initial public offering in 2007.
TELUS, a leading telecommunications company, announced a 7.4% year-over-year dividend increase, reflecting its multi-year dividend growth program. The dividend increase was driven by the company's global leadership in broadband fibre and its strong financial and operational performance, including a record first quarter fixed customer net additions of 58,000, robust connected device net additions of 58,000, and industry-leading postpaid churn of 0.70%. Additionally, TELUS achieved a milestone of one million security customers. The significant market share gains and customer growth were attributed to the company's generational investment in its PureFibre network and innovation-centric culture. TELUS' ongoing broadband network investments support the long-term affordability and sustainability of its dividend growth program, which has returned more than $23 billion to shareholders, including over $18 billion in dividends since 2004.
Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, has increased its quarterly cash dividend on its common stock by 38.8% year-over-year to 38.3 cents per share, up from its May 2022 dividend of 27.6 cents per share. The dividend is payable on June 5, 2023, to stockholders of record on May 22, 2023. Microchip's strong financial performance in the March 2023 quarter resulted in solid cash generation, debt reduction, and share repurchases, leading to the confidence of the Board of Directors in the company's cash-generating capability and commitment to returning capital to stockholders. Microchip has initiated quarterly cash dividend payments since the third quarter of fiscal year 2003 and has increased its dividend 77 times since its inception.
Enact Holdings, Inc. (ACT) has increased its quarterly dividend to $0.16 per common share, representing a rise of more than 14% compared to the previous quarter. This announcement follows the company's strong financial results and reflects its commitment to a disciplined capital allocation strategy. Enact is a leading provider of private mortgage insurance through its insurance subsidiaries. The dividend is payable on June 14, 2023, to shareholders of record on May 31, 2023.
Atlantic Union Bankshares Corporation has announced a quarterly dividend of $0.30 per share of common stock, which is the same as the first quarter of 2023 and a 7.1% increase from the second quarter of 2022. This increase in dividend reflects the company's commitment to creating value for its shareholders. The company's common stock closing price on May 1, 2023, was $27.03, which translates to a dividend yield of approximately 4.4%. The dividend is payable on June 2, 2023, to common shareholders of record as of May 19, 2023. Additionally, the company has declared a quarterly dividend of $171.88 per share on its outstanding shares of 6.875% Perpetual Non-Cumulative Preferred Stock, Series A. This dividend is payable on June 1, 2023, to holders of record as of May 17, 2023.
Clearway Energy, Inc. announced a 2% increase in its quarterly dividend to $0.3818 per share, or $1.5272 per share annualized, payable on June 15, 2023, to stockholders of record as of June 1, 2023. The increase reflects the company's continued commitment to achieving annual dividend per share growth in the upper range of 5% to 8% through 2026. Clearway's long-term outlook improved with the Cedro Hill repowering project's announcement, providing a stable CAFD profile with a 15-year PPA extension to 2045. The company also increased the revolving credit facility to $700 million, providing further financial flexibility, despite first-quarter results impacted by weaker renewable resources.
Weyco Group, Inc. (WEYS) has announced their financial results for the first quarter of 2023, reporting a consolidated net sales of $86.3 million, up 6% from the previous year. Their operating earnings also increased by over 90%, contributing to their net earnings of $7.4 million, a record high for the company's first quarter. On May 2, 2023, the Board of Directors declared a cash dividend of $0.25 per share, representing a 4% increase from the previous quarterly dividend rate of $0.24.
Arrow Financial Corporation, a multi-bank holding company headquartered in Glens Falls, New York, recently announced a 3.0% increase in its quarterly cash dividend, to $0.27 per share, payable to shareholders of record on June 2, 2023, and due on June 15, 2023. The increase is a result of the 3% stock dividend distributed in September 2022, and the dividend will be paid in all cash, including to participants in the Automatic Dividend Reinvestment Plan.
Delek US Holdings, Inc., a leading diversified energy company, has increased its regular quarterly dividend by $0.01 per share to $0.23 per share. This move was approved by the company's Board of Directors and is a testament to Delek US's commitment to returning value to its shareholders. The dividend will be paid on May 22, 2023, to shareholders of record on May 15, 2023.
Allied Motion Technologies Inc., a global designer and manufacturer of precision and specialty controlled motion products and solutions, recently announced a 20% increase in its quarterly cash dividend payment, from $0.025 to $0.03 per share. The increase was approved by the Board of Directors and is a reflection of the company's confidence in its strategy, strong financial position, and positive long-term view of the markets it serves, according to Dick Warzala, the Chairman and CEO. Allied Motion's recent developments and news include its acquisition of TCI, a provider of custom-engineered components and systems for the aerospace and defense industries, and the company's focus on innovation and expansion in its target markets.
Northern Oil and Gas, Inc. (NOG) has announced a 9% increase in its quarterly dividend to $0.37 per share. The increase in dividend payment comes as the company seeks to reward shareholders for their loyalty and trust in the company's growth prospects. NOG's decision to increase its dividend is driven by strong operational performance, increased cash flows, and a positive outlook for the oil and gas industry. In addition, recent news about rising oil prices and increased demand for natural gas has contributed to the company's decision to reward its shareholders.
Simon, a real estate investment trust, has reported positive results for the quarter ended March 31, 2023. The company's Chairman, CEO and President, David Simon, stated that their strong financial flexibility has been further enhanced through disciplined investments and proactive capital markets activities. Given their current view for the remainder of 2023, the company has increased their quarterly common stock dividend by 8.8% year-over-year to $1.85 for the second quarter of 2023. This increase is a testament to the company's solid financial position and positive outlook for the year ahead. Simon's board of directors has also declared a quarterly dividend on its 8 3/8% Series J Cumulative Redeemable Preferred Stock.
Runway Growth Finance Corp. has announced a second quarter 2023 cash distribution of $0.40 per share and a supplemental dividend of $0.05 per share. The company is a leading provider of flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity. Runway Growth intends to declare and pay a similar supplemental dividend for each subsequent fiscal quarter during 2023, subject to future approval by the Board of Directors. The dividend increase is a result of the company's strong financial performance and its commitment to distribute substantially all of its available earnings to stockholders on a quarterly basis. The Company maintains an "opt out" dividend reinvestment plan for its stockholders.
Cogent Communications Holdings, Inc. (CCOI) recently completed its acquisition of the U.S. long-haul fiber network of Sprint Communications and its subsidiaries, which may have contributed to the company's decision to increase its quarterly dividend by $0.01 per share to $0.935 per share for Q2 2023. This marks Cogent's forty-third consecutive quarterly dividend increase and represents an annual increase of 6.3% from the dividend per share of $0.880 for Q2 2022. Cogent's service revenue also showed growth, increasing by 1.1% from Q4 2022 to Q1 2023 and by 3.0% from Q1 2022 to Q1 2023. The company's EBITDA margin for Q1 2023 was 36.5%, including the impact of Sprint acquisition costs, while EBITDA, excluding the impact of these costs, was 36.8%.
Scorpio Tankers, an international shipping company, recently announced that its board of directors has declared a quarterly cash dividend of $0.25 per common share, which will be paid on June 30, 2023, to all shareholders of record as of June 13, 2023. The announcement follows the company's strong financial results for the first quarter of 2023, which saw a net income of $193.2 million. The adjusted net income for the quarter was $195.6 million, which excludes the write-off or acceleration of the amortization of deferred financing fees on certain lease financing obligations and related extinguishment costs.
UGI Corporation, a publicly-traded natural gas and electric utilities company, has announced a 4.2% increase in its quarterly dividend to $0.375 per share of common stock. The dividend is payable on July 1, 2023, to shareholders of record as of June 15, 2023. According to Roger Perreault, President and CEO of UGI, this marks the 36th consecutive year of increasing dividends and showcases the company's commitment to delivering returns to shareholders while investing in growth. The Board of Directors also declared a quarterly dividend of 0.125% per annum on the Company's convertible preferred stock, payable in cash on June 1, 2023.
Installed Building Products, Inc. (IBP), a leading installer of insulation and other building products, announced record first-quarter revenue of $659.3 million, a 12.2% increase compared to the prior year period. The company's net income also increased by 45.7% to $49.3 million, and the Board of Directors approved a 5% increase in the second-quarter regular cash dividend to $0.33 per share. The dividend increase reflects the strong financial performance of IBP, driven by growth in both the residential and commercial new construction markets. Recent acquisitions and strong operating results have also contributed to the increase in other revenue, which includes IBP's manufacturing and distribution operations.
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