Curious about which companies announced the biggest dividend increases last week, April 24, 2023? Our latest blog post has all the details!
Dividends
May 2, 2023
May 1, 2023
Comfort Systems USA, Inc. (FIX) has announced a quarterly dividend increase of $0.025 per share, bringing the total to $0.20 per share. The company is a leading provider of commercial, industrial, and institutional heating, ventilation, air conditioning, and electrical contracting services. The dividend is payable on May 29, 2023, to stockholders of record as of May 18, 2023. The company increased its dividend as a result of strong financial performance and a positive outlook for the future. Recent news and developments that may have contributed to the dividend increase include the company's acquisition of three commercial HVAC businesses and its strong Q1 2023 financial results.
FirstCash Holdings, Inc. has announced its Q1 2023 operating results, including double-digit consolidated revenue growth and record earnings per share. The company's core pawn operations in the US and Latin America reported combined first quarter pawn fee growth of 15% and double-digit earnings growth in both segments. The retail point-of-sale payment solutions segment also recorded strong results due to improved transaction origination volumes and net charge-off rates compared to last year. The company invested in new pawn locations and repurchased $71 million of stock while reducing outstanding debt and net leverage ratio during the quarter. As a result of the positive results, the Board of Directors declared a quarterly cash dividend of $0.33 per share, representing an annualized dividend of $1.32 per share.
The First Bancshares, Inc. (FBMS), the holding company for The First Bank, recently reported strong financial results for the first quarter of 2023, including a net income of $16.3 million and an increase in net earnings of $9.9 million, primarily due to the acquisition of Heritage Southeast Bancorporation, Inc. The acquisition added approximately $1.6 billion in assets and twenty-four new locations to the company, which increased its presence in southern Georgia and provided entry into the fast-growing markets of Atlanta, Savannah, and Jacksonville. Additionally, the company announced a 5% increase in its cash dividend to $0.22 per share, which will be paid on May 24, 2023, to shareholders of record as of May 8, 2023.
Capital Southwest Corporation, a business development company focused on providing flexible financing solutions to support the acquisition and growth of middle-market businesses, has announced an increase in its dividend. The Board of Directors has declared a regular dividend of $0.54 per share and a supplemental dividend of $0.05 per share for the quarter ending June 30, 2023. The increase in dividends is a result of the Board's review of estimates of taxable income available for distribution. Capital Southwest maintains a dividend reinvestment plan that provides for the reinvestment of dividends on behalf of its registered stockholders who hold their shares with Capital Southwest's transfer agent and registrar, American Stock Transfer and Trust Company.
Ethan Allen Interiors Inc. recently reported strong financial and operating results for Q3 of fiscal 2023, including consolidated net sales of $186.3 million, gross margin of 59.9%, operating margin of 15.5%, and net income of $22.4 million. In addition, the company's adjusted diluted earnings per share remained strong at $0.86. As a result, on April 25, 2023, Ethan Allen's Board approved an increase to its regular quarterly cash dividend to $0.36 per share, a 13% increase, payable on May 25, 2023. This increase highlights the Company's strong balance sheet and operating results, and it has paid an annual cash dividend every year since 1996, increasing its quarterly cash dividend each of the past five years. Ethan Allen's CEO, Farooq Kathwari, is confident in the investments being made for the future, while recognizing the need to remain cognizant of the slower economic environment in which the company is currently operating. Recently, Ethan Allen had a grand reopening of its flagship design center located in Danbury, CT, positioning it as a leading Interior Design Destination.
Suncor Energy Inc recently announced the acquisition of TotalEnergies SE's Canadian operations for CA$5.5 billion, which will increase its oil sands portfolio capacity by adding 135,000 barrels per day of bitumen production capacity and 2.1 billion barrels of reserves. The acquisition is expected to close in the third quarter of 2023, and post-acquisition completion, Suncor will have full ownership of Fort Hills. To fund the acquisition, Suncor raised debt, which will temporarily exceed its CA$12 billion-CA$15 billion target range. Following the closure of the acquisition, Suncor's Board of Directors plans to raise the quarterly dividend by around 10%.
Summit Hotel Properties, Inc. (INN) recently announced an increase in its cash dividend for the first quarter ended March 31, 2023. The Board of Directors has authorized a $0.06 per share common dividend, which represents a 50% increase over the prior quarter's dividend. Additionally, the company has declared cash dividends for its Series E and F Cumulative Redeemable Preferred Stocks, and a cash distribution for the operating partnership's 5.25% Series Z Cumulative Perpetual Preferred Units. The dividends will be payable on May 31, 2023, to holders of record as of May 17, 2023. The company's decision to increase the dividend is a result of its strong financial performance and commitment to delivering value to its shareholders.
Brown & Brown, Inc. announced its unaudited financial results for Q1 2023, reporting a 23.4% increase in revenue compared to the prior year. The company's commissions and fees increased by 22.5%, with organic revenue growing by 12.6%. Income before income taxes was $294.2 million, and EBITDAC-adjusted was $398.2 million, with a margin-adjusted of 35.7% for both periods. The company's net income was $235.5 million, increasing by 6.9%. As a result of these impressive financial results, the Board of Directors declared a regular quarterly cash dividend of $0.1150 per share, payable on May 17, 2023, to shareholders of record on May 8, 2023.
FNCB Bancorp, Inc. has declared a dividend of $0.090 per share for the second quarter of 2023, an increase of 20.0% from the previous year's second quarter dividend of $0.075 per share. The decision to increase the dividend was made by the company's Board of Directors on April 26, 2023. The second quarter dividend will be paid on June 15, 2023, to shareholders of record as of June 1, 2023. The year-to-date dividends declared in 2023 total $0.18 per share, which represents a 20.0% increase from the $0.15 per share declared in 2022.
Subindustry: Office Supplies
Avery Dennison Corporation (AVY) has announced an 8% increase in its quarterly dividend, with a new dividend rate of $0.81 per share. This move indicates the company's continued commitment to returning value to its shareholders. The dividend will be payable on June 21, 2023, to shareholders of record as of June 7, 2023. The increase in dividend can be attributed to the company's strong financial performance and cash position. Additionally, the company's recent investments in research and development, as well as strategic acquisitions, have contributed to its growth and success.
Home BancShares, the parent company of Centennial Bank, has announced a regular cash dividend of $0.18 per share payable on June 7, 2023, to shareholders of record as of May 17, 2023. This represents a 9.1% increase over the second quarter of 2022 dividend payout. According to the Chairman, John Allison, the dividend is possible due to the company's strong earnings. Home BancShares, a bank holding company headquartered in Conway, Arkansas, provides a wide range of financial services to businesses, individuals, municipalities, and real estate developers. The company's wholly-owned subsidiary, Centennial Bank, has branch locations across several states in the U.S.
Methanex Corporation, the world's largest producer and supplier of methanol, announced a 6% increase in its quarterly dividend from US$0.175 per share to US$0.185 per share, applicable to the dividend payable on June 30, 2023, to holders of common shares of record on June 16, 2023. The Vancouver-based company's Board of Directors approved the move to reward its shareholders with a higher payout, likely due to the recent increase in demand for methanol in major international markets, which led to higher revenues and profits for the company.
PCB Bancorp, the holding company of PCB Bank, recently increased its quarterly cash dividend to $0.18 per common share from $0.15 per common share for the second quarter of 2023. According to Henry Kim, the President and Chief Executive Officer, the company is dedicated to making decisions that benefit shareholders. The dividend will be paid on or about May 19, 2023, to shareholders of record as of the close of business on May 12, 2023.
Energy Transfer LP, one of the largest energy infrastructure companies in the United States, recently announced an increase in its quarterly cash distribution to $0.3075 per Energy Transfer common unit ($1.23 on an annualized basis) for the first quarter ended March 31, 2023. This represents a growth of $0.0025 ($0.01 on an annualized basis) per common unit and the company targets a 3% to 5% annual distribution growth rate. The dividend increase comes ahead of the company's earnings release for the first quarter of 2023, which is scheduled for May 2, 2023.
Sysco Corporation (SYY) has announced a 1 cent increase in its quarterly cash dividend, bringing it up to $0.50 per share from the previous $0.49 per share. The new dividend will be payable for the first time on July 28, 2023, to common stockholders of record as of July 7, 2023. Sysco's decision to increase its dividend demonstrates its commitment to delivering returns to its shareholders while executing its Recipe for Growth strategy. The increase is in line with Sysco's balanced capital allocation strategy and reflects the company's confidence in its future performance. Sysco Corporation is a leading distributor of food and related products to restaurants, healthcare, and educational facilities, as well as hospitality businesses like hotels and cruise ships.
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