Stay up-to-date on the latest dividend increases with our weekly roundup. Here are the biggest stocks that increased their dividends last week, April 16.
April 25, 2023
The Travelers Companies, Inc. has reported first-quarter net income of $975 million and core income of $970 million. The quarter saw a one-time tax benefit of $211 million, as well as elevated levels of catastrophe losses of $535 million pre-tax. Despite this, the company saw a 12% increase in net written premiums, with growth in all three segments. The company also returned $680 million to shareholders, including $462 million of share repurchases. Due to the strong financial position and confidence in the business outlook, the Board of Directors declared an 8% increase in the quarterly cash dividend to $1.00 per share, marking 19 consecutive years of dividend increases with a compound annual growth rate of 8% over that period. The Board also authorized an additional $5 billion of share repurchases.
Nasdaq, Inc. has announced a 10% increase in its regular quarterly dividend, with shareholders set to receive $0.22 per share on June 30, 2023. The company has a strong track record of dividend growth, and this latest increase reflects its continued commitment to returning value to shareholders. The decision to increase the dividend is likely due to the company's solid financial performance and outlook, driven by its strong market position and strategic investments in technology and growth initiatives.
ACNB Corporation, a $2.5 billion financial holding company for ACNB Bank and ACNB Insurance Services, has declared a regular quarterly cash dividend of $0.28 per share of ACNB Corporation common stock payable on June 15, 2023, to shareholders of record as of June 1, 2023. The per share amount is a 7.7% increase over the same quarter of 2022 and will result in aggregate dividend payments of approximately $2.4 million to ACNB Corporation shareholders in the second quarter of 2023. According to James P. Helt, ACNB Corporation President & CEO, the dividend increase is part of the company's longstanding history of rewarding shareholders with quarterly cash dividends for decades regardless of current economic or market conditions.
Ohio Valley Banc Corp. (OVBC) has recently announced an increase in their quarterly dividend from $0.21 to $0.22 per common share payable on May 10, 2023, to shareholders of record as of April 28, 2023. The increase in dividend reflects the company's strong financial performance and commitment to delivering value to its shareholders. OVBC is focused on putting the community first and making a real difference in the communities they serve. The company's dedication to serving its customers and communities has contributed to its lasting success, and this dividend increase is a testament to that commitment. OVBC's Chairman of the Board, Tom Wiseman, expressed his excitement in delivering this news to the loyal shareholders of the company.
Donegal Group Inc. (DGICA and DGICB) has announced an increase in their regular quarterly cash dividends. The company's Class A common stock dividend has been increased by 3.0% to $0.17 per share, while the Class B common stock dividend has been raised by 3.4% to $0.1525 per share. This increase in dividend could be attributed to the company's recent strong financial performance and its commitment to providing value to its shareholders. With this announcement, stockholders of record as of May 1, 2023, can expect to receive the dividends on May 15, 2023.
Costco Wholesale Corporation has increased its quarterly dividend from 90 cents to $1.02 per share, equivalent to an annual dividend of $4.08, payable on May 19, 2023, to shareholders of record on May 5, 2023. The decision to increase the dividend was made by the Board of Directors and reflects the Company's commitment to providing returns to shareholders. With 850 warehouses worldwide and e-commerce sites in multiple countries, Costco is a global leader in retail, known for its high-quality products and excellent customer service.
Sonoco, a packaging solutions company, has increased its quarterly common stock dividend by approximately 4 percent to $0.51 per share, up from the previous quarterly distribution of $0.49 per share. The dividend will be paid on June 9, 2023, to shareholders of record as of May 10, 2023. The company has increased its dividend for the 40th consecutive year, and according to Howard Coker, President and CEO, this is the 392nd consecutive quarter, dating back to 1925, that the company has paid dividends to shareholders. The dividend increase was likely due to the company's strong financial performance and consistent cash flow. At the current stock price, the dividend provides an approximate 3.3 percent yield, which is double the dividend yield of the S&P 500 Index.
Portland General Electric Company (POR) recently announced a 5.0% increase in its annual dividend, equating to $0.09 per share. The increase was approved by the board of directors and a quarterly common stock dividend of $0.475 per share was declared. The company's dividend is assessed based on capital requirements and financial performance, with a long-term target payout ratio of 60 to 70%. This dividend increase comes ahead of the payment date on or before July 17, 2023, to shareholders of record on June 26, 2023.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) recently announced an increase in its quarterly cash dividend from $0.17 to $0.18 per share. This announcement was made on April 20, 2023, and the dividend will be payable on June 30, 2023, to shareholders of record at the close of business on June 15, 2023. The increase in dividend was made possible due to the Company’s robust financial performance and strong balance sheet. Seacoast Banking Corporation of Florida is a bank holding company that provides banking and financial services to commercial and retail customers through its subsidiary, Seacoast National Bank.
Kimberly-Clark Corporation, a global consumer products company, has announced its 51st consecutive annual dividend increase, with a quarterly dividend of $1.18 per share, payable on July 5, 2023, to shareholders of record as of June 9, 2023. The company's consistent dividend payouts are a reflection of its financial stability and commitment to delivering long-term value to shareholders. The dividend increase may be attributed to the company's strong financial performance, which includes recent cost-cutting measures, increased sales and earnings, and continued growth in its key markets.
Discover Financial Services, a leading financial services company, reported a net income of $1.0 billion for the first quarter of 2023, indicating a solid start to the year with continued growth. The company's Board of Directors has approved a new share repurchase program of up to $2.7 billion, which is expected to generate significant capital return to shareholders. Additionally, the company has increased its quarterly dividend by 17%, from $0.60 to $0.70 per share of common stock, which will be payable on June 8, 2023, to shareholders of record as of May 25, 2023.
Winmark Corporation, has recently announced an increase in its regular quarterly cash dividend to shareholders. The company's Board of Directors has approved a dividend of $0.80 per share, which is $0.10 higher than the previous rate. The dividend will be paid on June 1, 2023, to shareholders of record on May 17, 2023. This increase in the dividend payout represents a strong commitment by the company to reward its shareholders for their investment. Winmark Corporation is a leading franchisor of retail stores that buy, sell, and trade used merchandise.
Simmons First National Corporation (SFNC) has announced a 5% increase in its quarterly cash dividend on its Class A common stock, from $0.19 per share to $0.20 per share. The new cash dividend rate of $0.80 per share for 2023 represents a ten-year compound annual growth rate of 7%, and marks the 114th consecutive year that Simmons has paid cash dividends. Simmons is one of only 24 publicly traded US companies to have paid dividends for 100+ uninterrupted years. The company's Dividend Contender title, earned for increasing its dividend for 10 to 24 consecutive years, has been maintained for the past 12 years.
Kinder Morgan, Inc. has announced a cash dividend of $0.2825 per share for the first quarter of 2023, payable on May 15th, 2023. This is the sixth consecutive year the company has increased its dividend, which is a 2% increase over the first quarter of 2022. The increase in dividend comes on the back of the company's first-quarter net income attributable to KMI of $679 million, compared to $667 million in the first quarter of 2022, and distributable cash flow (DCF) of $1,374 million, compared to $1,455 million in the first quarter of 2022. Additionally, the company has repurchased approximately 6.8 million shares for $113 million at an average price of $16.62 per share.
Lithia & Driveway (LAD) reported a record-breaking first-quarter revenue of $7.0 billion, marking a 4% increase from the same period last year. Although the net income attributable to LAD per diluted share decreased by 28% to $8.30, the company's Board of Directors still approved a dividend increase to $0.50 per share. This decision was likely due to the company's continued growth and success, despite the decrease in net income. Moreover, the dividend is expected to be paid on May 26, 2023, to shareholders of record on May 12, 2023.
Johnson & Johnson (J&J) recently announced a 5.3% increase in their quarterly dividend from $1.13 per share to $1.19 per share, marking the 61st consecutive year of dividend increases. The increase is attributed to the company's strong financial position and confidence in the future. With the new rate, the indicated annual dividend is $4.76 per share, compared to the previous $4.52 per share. J&J's CEO, Joaquin Duato, expressed confidence in the future of the company, which is likely due to their successful 2022 results and positive developments in the healthcare industry. Shareholders of record as of May 23, 2023, will receive the next quarterly dividend on June 6, 2023.
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