Discover the biggest dividend increases last week, May 8
Dividends
May 16, 2023
May 15, 2023
SandRidge Energy, Inc. has announced a one-time dividend of $2.00 per share, payable on June 7, 2023, to shareholders of record on May 24, 2023. Additionally, an ongoing quarterly dividend of $0.10 per share is planned to start after the second quarter of 2023, with the first payment estimated to be made in August 2023. SanRidge has also authorized a stock buyback program of up to $75 million. The dividend increase and stock buyback program are aimed at maximizing value for shareholders, while SanRidge continues to pursue strategic merger and acquisition opportunities to further complement its asset portfolio and deliver attractive returns.
PennantPark Investment Corporation has announced its financial results for Q2 2023, revealing a decrease in GAAP net asset value per share of 1.4% and a quarterly decrease in adjusted net asset value per share of 2.1%. Despite this, PennantPark has declared a distribution of $0.20 per share, an increase of 8.1% from the most recent distribution, which is payable on July 3, 2023, to shareholders of record as of June 15, 2023. The distribution is expected to be paid from taxable net investment income and is well covered by PennantPark's net investment income. The increase in dividend could be attributed to PennantPark's position to capture the vintage of investments, which is expected to enhance earnings over time.
Houlihan Lokey, Inc. reported a decline in revenues for the fiscal year and fourth quarter ended March 31, 2023, compared to the same period last year. Despite this, PennantPark's diversified business model is expected to continue producing solid profitability under the current market environment. As a sign of confidence in its financial position, Houlihan Lokey announced an increase in its regular quarterly cash dividend from $0.50 to $0.55 per share of Class A and Class B common stock, payable on June 15, 2023, to stockholders of record as of the close of business on June 2, 2023.
National Bank Holdings Corporation (NBHC) recently announced a 4.0% increase in its quarterly cash dividend to shareholders, from $0.25 to $0.26 per share of common stock. The increase was approved by the Board of Directors in response to National Bank's strong capital position, ample liquidity, and record earnings in Q1 of 2023. The dividend will be payable on June 15, 2023, to shareholders of record as of May 26, 2023. NBHC's Board of Directors also authorized an increase to its repurchase authority of up to $50.0 million of the Company's common stock, replacing the previously authorized program in its entirety.
Ashland Inc. has declared a 15% increase in its quarterly cash dividend on its common stock to $0.385 per share, payable on June 15, 2023. Ashland plans to target an annual dividend payout ratio of around 30% of adjusted income from continuing operations, with a commitment to increasing its dividend annually in line with expected annual earnings growth. Ashland's CEO, Guillermo Novo, cited the company's strong financial position and long-term, profitable growth strategy as reasons for the dividend increase and a new $100 million share repurchase program.
WhiteHorse Finance, Inc. has declared a distribution of $0.37 per share with respect to the quarter ending March 31, 2023. Ashland's board of directors also expects to declare a formula-based quarterly variable supplemental dividend in an amount to be determined each quarter. The dividend increase was driven by Ashland's strong financial results for the first quarter of 2023, which included a net asset value of $330.0 million and gross investment deployments of $34.1 million. WhiteHorse Finance's CEO, Stuart Aronson, cited the increase in base rates and the corresponding increase in the portfolio's earning power as reasons for the dividend increase.
Information Services Group (ISG) announced its Q1 2023 financial results, reporting record revenues and adjusted EBITDA, primarily driven by Information Services's focus on digital transformation and cost optimization services. As a result, the Board of Directors approved a 12.5 percent increase in the quarterly dividend from $0.04 per share to $0.045 per share. This dividend increase is a reflection of ISG's commitment to its disciplined capital allocation strategy, which includes returning capital to shareholders in the form of dividends.
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