Discover last week's biggest dividend increases, June 12
Dividends
June 22, 2023
Norwood Financial Corp recently announced a 3.6% increase in its cash dividend, with the Board of Directors declaring a $0.29 per share dividend payable on August 1, 2023, to shareholders of record as of July 14, 2023. This increase maintains the same per share dividend declared in the first quarter of 2023. Norwood Financial, led by James O. Donnelly as President and CEO, operates through its subsidiary, Wayne Bank, with a network of offices in Pennsylvania and New York. With total assets of $2.104 billion as of March 31, 2023, Norwood Financial Corp showcases its financial strength and solid performance, reflecting a robust capital position. This dividend increase highlights Norwood Financial's commitment to rewarding shareholders and is underpinned by its strong financial position. Recent developments, such as Norwood Financial's solid performance and capital strength, have likely contributed to the dividend increase, showcasing Norwood Financial Corp's positive outlook and dividend prospects.
Trinity Capital Inc. recently announced a dividend increase, with its Board of Directors declaring a cash dividend of $0.53 per share for the quarter ending June 30, 2023. This represents a 2.1% increase over the prior quarter's regular dividend. Trinity Capital authorized a supplemental cash dividend of $0.05 per share to comply with regulated investment company tax requirements for distributing its undistributed taxable income from fiscal 2023. The supplemental dividend will be paid out of Trinity Capital's undistributed taxable income as of December 31, 2022. The objective of Trinity Capital is to distribute quarterly dividends approximating 90% to 100% of its taxable income to qualify as a regulated investment company. Dividends are paid from taxable earnings and may include a return of capital and/or capital gains. Detailed tax characteristics will be reported to stockholders on Form 1099-DIV and in Trinity Capital's periodic reports filed with the Securities and Exchange Commission.
Target Corporation, a retail company, recently announced a quarterly dividend increase of 1.9%, raising it to $1.10 per common share from the previous $1.08. This decision reflects Target's commitment to consistently rewarding its shareholders and marks the 224th consecutive dividend paid since Target went public in October 1967. Target's track record suggests that 2023 will be the 52nd consecutive year of dividend growth.
W. R. Berkley Corporation (WRB), an insurance company, recently announced a 10% increase in its regular cash dividend, raising it to an annual rate of 44 cents per share. The decision to boost the dividend reflects W. R. Berkley's strong financial performance and commitment to delivering value to its shareholders. This increase demonstrates WRB's confidence in its future prospects and highlights its dedication to rewarding investors. The first dividend payment at the new rate of 11 cents per share will be disbursed on June 30, 2023, to stockholders recorded as of June 26, 2023. Alongside the dividend increase, the Board of Directors also expanded W. R. Berkley's share repurchase authorization to 15 million shares, enabling potential buybacks in the open market or through private negotiations, depending on market conditions and other relevant factors. These strategic moves showcase WRB's efforts to optimize its capital structure and drive long-term growth for the benefit of its shareholders.
Shell plc (SHEL) announced today its strategy to create more value with reduced emissions and increased shareholder returns as part of its Powering Progress strategy. Shell aims to provide secure energy while transforming for a low-carbon future. With a focus on performance and capital discipline, Shell plans to enhance shareholder distributions through higher dividends and share buybacks. The dividend per share is expected to increase by 15% starting from the second quarter 2023 interim dividend, with a target distribution of 30-40% of CFFO through the cycle. Additionally, Shell plans to initiate share buybacks of at least $5 billion in the second half of 2023, subject to Board approval. This move is supported by Shell's commitment to reducing carbon emissions and investing in low-carbon energy solutions such as biofuels, hydrogen, electric vehicle charging, and carbon capture and storage (CCS).
National Fuel Gas Company, an energy company, recently announced a 4.2% increase in their quarterly dividend, marking the 53rd consecutive year of dividend growth. National Fuel Gas's Board of Directors approved the raise, lifting the dividend from 47.5 cents to 49.5 cents per share, resulting in an annual rate of $1.98 per share. With a rich history of paying dividends for 121 years, National Fuel continues to demonstrate its commitment to rewarding shareholders. This positive development showcases National Fuel Gas's financial strength and confidence in its future prospects, likely influenced by recent achievements and steady growth in the energy sector. The dividend will be distributed to stockholders on July 14, 2023, benefiting the approximately 91.8 million holders of National Fuel's common stock.
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