Discover last week's biggest dividend increase announcements
Dividends
January 29, 2024
Hexcel Corporation recently reported strong Q4 2023 results, with net sales reaching $458 million and adjusted diluted EPS at $0.43 per share. Hexcel's Chairman, CEO, and President, Nick Stanage, highlighted the notable growth in Commercial Aerospace and Space & Defense markets, both recording a 17% increase in 2023. The surge in demand for lightweight composite aircraft, particularly widebodies like Airbus A350 and Boeing 787, contributed to the positive sales trend. Despite a non-cash charge of $70.5 million related to the strategic buy-out of a UK pension plan in Q4 2023, Hexcel showed resilience with a 20% increase in its quarterly dividend to $0.15.
Hexcel Corporation is a leading developer, manufacturer, and marketer of structural materials catering to the commercial aerospace, space and defense, and industrial sectors. Hexcel operates through two main segments: Composite Materials and Engineered Products. The Composite Materials segment focuses on producing carbon fibers, fabrics, prepregs, adhesives, honeycomb, molding compounds, and laminates utilized in various applications, including military and commercial aircraft, wind turbine blades, and industrial products. The Engineered Products segment specializes in manufacturing aircraft structures, finished components, and sub-components for diverse aerospace applications. Hexcel Corporation, founded in 1946 and headquartered in Stamford, Connecticut, serves global markets through direct sales, independent distributors, and manufacturer representatives across the Americas, Europe, Asia Pacific, India, and Africa.
Dividend yield: 0.9%
Stifel Financial Corp. recently announced a 17% increase in its quarterly dividend, a move reflecting Stifel Financial's robust performance in 2023. Stifel Financial reported net revenues of $1.15 billion for Q4 2023, showcasing its resilience in a challenging environment. Despite a dip in net income available to common shareholders compared to the previous year, Stifel's diversified business model, including wealth management and middle-market investment banking, positions it for growth as market conditions improve.
Stifel's full-year highlights include net revenues of $4.35 billion, making it the third-highest year in its history. Stifel Financial reported non-GAAP net income available to common shareholders of $4.68 per diluted common share. Notably, Stifel recruited 171 financial advisors during the year and achieved a record net interest income, up 28% from 2022. The 17% increase in the quarterly dividend, authorized by the Board of Directors, reflects confidence in Stifel Financial's performance and growth prospects. Stifel's commitment to shareholder value is further emphasized by its share repurchases totaling $441.3 million in 2023, underscoring a strategic focus on enhancing shareholder returns.
Stifel Financial Corp., a financial services and bank holding company, provides retail and institutional wealth management, and investment banking services to individual investors, corporations, municipalities, and institutions in the United States, the United Kingdom, rest of Europe, and Canada. Stifel Financial operates through Global Wealth Management, Institutional Group, and Other segments. It provides private client services, including securities transaction and financial planning services; institutional equity and fixed income sales, trading and research, and municipal finance services; investment banking services, such as mergers and acquisitions, public offerings, and private placements; and retail and commercial banking services comprising personal and commercial lending programs, as well as deposit accounts. Stifel Financial also participates and manages in underwritings for corporate and public finance. Stifel Financial Corp. was founded in 1890 and is headquartered in St. Louis, Missouri.
Dividend yield: 2.3%
Acuity Brands, Inc., a top-notch industrial technology company, just boosted its quarterly dividend by a solid 15%, now standing at 15 cents per share, up from 13 cents. This move is a clear sign of Acuity Brands's confidence in its financial health and future prospects. Shareholders are set to receive this increased dividend on February 14, 2024, provided they are on the books as of February 5, 2024.
The Board of Directors also gave the green light for the repurchase of an additional 3 million shares of common stock, bringing the total authorization to around 3.9 million shares. This signals a strategic move to enhance shareholder value and underscores Acuity Brands' commitment to rewarding its investors. Stay tuned for more updates as Acuity Brands continues to make strides in the industrial technology sector, making it a stock to watch for potential growth and income.
Acuity Brands, Inc., established in 2001 and headquartered in Atlanta, Georgia, specializes in providing innovative lighting and building management solutions globally. Acuity Brands caters to diverse sectors, including commercial, institutional, industrial, infrastructure, and residential applications. Acuity Brands offers a comprehensive range of lighting and control products, such as recessed, emergency, decorative, street, and landscape lighting, alongside occupancy sensors, photo controls, relay panels, and integrated lighting control systems. Additionally, Acuity Brands delivers building management systems and location-aware applications. With a portfolio of well-known brands like Lithonia Lighting, Holophane, and nLight, Acuity Brands serves a wide customer base, including electrical distributors, retailers, government entities, and energy service companies, addressing needs in new construction, renovation, and maintenance markets.
Dividend yield: 0.25%
Woodward, Inc.'s Board of Directors recently greenlit a 14% bump in its dividend, now standing at $0.25 per share, up from the previous $0.22 per share. This higher dividend is scheduled to land in shareholders' pockets on March 5, 2024, provided they were on the books as of February 20, 2024. Adding to the shareholder-friendly moves, Woodward's Board also gave the nod to a new three-year stock repurchase program. Under this plan, Woodward has the green light to buy back up to $600 million of its own stock, both in the open market and through private transactions.
This positive development stems from Woodward's robust financial position, its consistent cash flow generation, and a well-thought-out capital allocation strategy led by Chip Blankenship, the Chairman and CEO. Woodward aims to strike a balance by not only investing in growth but also giving back to its investors through dividends and stock repurchases. This move replaces the prior two-year $800 million stock repurchase program, which saw Woodward repurchasing around $572 million in its own shares. This strategic shift emphasizes Woodward's commitment to rewarding its shareholders and positions Woodward as a solid prospect for investors eyeing long-term gains.
Woodward, Inc., established in 1870 and headquartered in Fort Collins, Colorado, is a global leader in designing, manufacturing, and servicing control solutions for aerospace and industrial markets. Woodward operates in two segments, Aerospace and Industrial. In the Aerospace segment, Woodward provides a range of products, including fuel pumps, actuators, air valves, and flight deck controls, serving commercial and private aircraft, rotorcraft, military fixed-wing aircraft, and defense systems. The Industrial segment focuses on systems and products for managing fuel, air, fluids, gases, motion, combustion, and electricity, catering to various industrial applications such as gas turbines, steam turbines, reciprocating engines, and power generation systems. Woodward also offers aftermarket maintenance, repair, and overhaul services to a diverse customer base, including commercial airlines, military depots, and repair facilities.
Dividend yield: 0.7%
Wintrust Financial Corporation recently greenlit a 12.5% boost in its quarterly cash dividend, now set at $0.45 per share, up from the previous $0.40. Shareholders can look forward to receiving this increased dividend on February 22, 2024, provided they're on the record as of February 8, 2024.
This dividend hike is a clear sign of Wintrust's confidence in its financial standing. It's not just the common stock that's benefiting – Wintrust Financial’s 6.50% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series D, and the 6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E are also seeing increased quarterly cash dividends. Shareholders of these preferred stocks can anticipate their dividends on April 15, 2024, as long as they are on the record as of April 1, 2024.
Wintrust Financial Corporation, headquartered in Rosemont, Illinois, is a prominent financial holding company operating in the Chicago metropolitan area, southern Wisconsin, and northwest Indiana. With a diversified approach, Wintrust Financial operates through three segments: Community Banking, offering a wide range of personal and commercial banking services; Specialty Finance, providing insurance premium financing, accounts receivable financing, and other specialty finance services; and Wealth Management, offering trust and investment services, asset management, and retirement planning. Established in 1991, Wintrust boasts approximately 187 banking facilities and 230 ATMs as of December 31, 2019, catering to individuals, businesses, local governmental units, and institutional customers.
Dividend yield: 1.8%
HBT Financial, Inc., the parent company of Heartland Bank and Trust Company, reported a net income of $18.4 million for Q4 2023, reflecting strong financial performance. J. Lance Carter, the President and CEO, highlighted a robust adjusted return on average assets (ROAA) of 1.53%, adjusted return on average tangible common equity (ROATCE) of 19.81%, and adjusted diluted earnings per share of $0.60.
Despite a decline in net interest margin to 3.99%, Carter expressed confidence in moderating decreases in the upcoming quarter. HBT Financial strategically increased liquidity and deposits by 4.2%, excluding brokered deposits, showcasing a 9.3% rise in tangible book value per share driven by strong earnings retention. Carter emphasized HBT Financial's ability to maintain a solid balance sheet, enhance franchise value, and support continued growth.
In a recent development, HBT Financial declared a 11.8% increase in its quarterly cash dividend to $0.19 per share, reflecting HBT Financial's confidence in its financial strength and growth prospects. This move aligns with their commitment to maintaining sufficient capital for ongoing expansion. Investors can also appreciate HBT Financial's transparency, as it provides non-GAAP measures such as adjusted net income, offering additional insights into operational performance.
HBT Financial, Inc. operates as a bank holding company. HBT Financial is headquartered in Bloomington, Illinois and currently employs 742 full-time employees. The firm operates through two bank subsidiaries, Heartland Bank and Lincoln Bank (the Banks). The Banks provide a suite of business, commercial and retail banking products and services to businesses, families and local governments throughout Central and Northeastern Illinois. HBT Financial operates through approximately 61 full-service and three limited-service branch locations across 18 counties in Central and Northeastern Illinois. HBT Financial offers a range of lending products with a focus on commercial real estate (CRE), commercial and industrial (C&I), construction and land development (C&D), agricultural and farmland, multi-family and one-to-four family residential loans. HBT Financial also provides wealth management services and residential mortgage banking.
Dividend yield: 3.8%
Yum! Brands just gave its quarterly dividend a boost by 11%, taking it from $0.605 to $0.67 per share of common stock. If you're holding Yum! Brands shares, mark your calendar for March 8, 2024, as that's when the increased dividend will be distributed to shareholders of record as of February 21, 2024.
YUM! Brands, Inc., together with its subsidiaries, develops, operates, and franchises quick service restaurants worldwide. It operates in three segments: the KFC Division, the Pizza Hut Division, and the Taco Bell Division. Yum! Brands operates restaurants under the KFC, Pizza Hut, and Taco Bell brands, which specialize in chicken, pizza, and Mexican-style food categories. As of December 31, 2018, it had 22,621 KFC units; 18,431 Pizza Hut units; and 7,072 Taco Bell units in approximately 140 countries and territories. Yum! Brands was formerly known as TRICON Global Restaurants, Inc. and changed its name to YUM! Brands, Inc. in May 2002. YUM! Brands, Inc. was incorporated in 1997 and is headquartered in Louisville, Kentucky.
Dividend yield: 2.05%
Franklin Electric Co., Inc. has just announced an 11% increase in its quarterly cash dividend, now at $0.25 per share. This move reflects Franklin Electric's dedication to consistently rewarding its shareholders, marking an impressive streak of 32 consecutive years of dividend increases.
Franklin Electric Co., Inc. and its subsidiaries specialize in designing, manufacturing, and globally distributing water and fuel pumping systems. With operations in three segments—Water Systems, Fueling Systems, and Distribution—Franklin Electric offers a range of submersible motors, pumps, electronic controls, monitoring devices, and related equipment. The Water Systems segment focuses on clean water and wastewater pumping for residential, agricultural, and industrial applications, while the Fueling Systems segment provides components for submersible fueling systems. Additionally, the Distribution segment supports installing contractors by selling products from the Water Systems segment and other brands. Founded in 1944, Franklin Electric is headquartered in Fort Wayne, Indiana, and serves various markets, including energy, power reliability systems, and telecommunications.
Dividend yield: 1.03%
United Rentals, Inc. has reported impressive financial results for the fourth quarter of 2023, achieving record-breaking figures in total revenue and net income. United Rentals's CEO, Matthew Flannery, expressed satisfaction with the team's performance, attributing the success to a commitment to customer service, safety, and operational excellence.
Looking ahead to 2024, United Rentals outlined its growth strategy, emphasizing opportunities in large projects and its dedication to delivering profitable growth and strong free cash flow. United Rentals has introduced an enhanced capital allocation strategy, including a lower targeted full-cycle leverage range, a $1.5 billion share repurchase plan, and a noteworthy 10% increase in its dividend per share.
The robust financials for the fourth quarter showcase a 13.5% year-over-year increase in rental revenue, driven by strong demand across various end-markets and the impact of the Ahern Rentals acquisition. Additionally, United Rentals returned $1.406 billion to shareholders for the full year, combining $1.000 billion via share repurchases and $406 million via dividends paid. United Rentals' commitment to driving shareholder value is underscored by its net leverage ratio of 1.6x at the end of 2023 and the announcement of a 10% dividend hike.
In light of these achievements, United Rentals's Board of Directors approved a new $1.5 billion share repurchase program, signaling confidence in United Rentals' financial strength and future prospects. The CEO highlighted the strategic importance of these moves, aligning with United Rentals's balanced approach to growth and financial flexibility.
United Rentals, Inc. is a leading equipment rental company operating through its two segments: General Rentals and Trench, Power, and Fluid Solutions. The General Rentals segment offers a diverse range of construction and industrial equipment, including backhoes, forklifts, aerial work platforms, and general tools, serving a wide customer base from construction and industrial companies to homeowners and government entities. The Trench, Power, and Fluid Solutions segment specializes in renting trench safety equipment, power, heating, ventilating, and air conditioning equipment, as well as fluid solutions equipment for construction, infrastructure, and industrial projects. United Rentals also sells various equipment and supplies, provides repair and maintenance services, and operates a network of rental locations across North America and Europe. Established in 1997 and headquartered in Stamford, Connecticut, United Rentals continues to be a key player in the equipment rental industry.
Dividend yield: 1.01%
Some data was sourced from LevelFields.AI
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