Discover the different companies that announced dividend increases last week, July 24
Dividends
August 5, 2023
The St. Joe Company has reported strong second-quarter and first-half 2023 results, showing solid organic growth in all segments. St. Joe saw an 88% increase in revenue and a 104% increase in net income for the second quarter of 2023. Real estate revenue grew by 148%, hospitality revenue by 52%, and leasing revenue by 33%. St. Joe also reported increased homesite sales, with 300 homesites sold in the second quarter of 2023 compared to 231 in the same period last year. The average base revenue per homesite also increased to $153,000 compared to $83,000 in the second quarter of 2022. St. Joe attributes the growth to strong housing demand in the region, driven by net migration and increased vacationers discovering the area. As a result of the strong performance, St. Joe increased its dividend by 20% to $0.12 per share.
The St. Joe Company and its subsidiaries are a Florida-based real estate development, asset management, and operating company, divided into four key segments: Residential Real Estate, Hospitality, Commercial Leasing and Sales, and Forestry. The Residential Real Estate branch focuses on planning and developing diverse-sized residential communities, primarily selling developed homesites and entitled undeveloped land. The Hospitality sector manages a range of entertainment assets including a membership club, hotels, golf courses, beach clubs, retail outlets, and more. The Commercial Leasing and Sales division specializes in constructing and leasing various properties while also handling land sales and development. Lastly, the Forestry segment engages in the growth and sale of forest products. Established in 1936, St. Joe is headquartered in Watersound, Florida, and operates across approximately 175,000 acres in Northwest Florida.
Arbor Realty Trust, Inc. (ABR) reported strong financial results for the second quarter of 2023, with net income of $76.2 million, compared to $69.9 million for the same period in 2022. Distributable earnings for the quarter also increased to $114.0 million, compared to $93.7 million in the previous year. This growth in earnings has led Arbor Realty Trust, Inc. to increase its dividend by $0.01 per share, to a quarterly cash dividend of $0.43 per share of common stock.
The increase in earnings and dividend can be attributed to the success of Arbor Realty Trust, Inc.'s Agency Business, particularly its Loan Origination Platform. The business generated revenues of $76.7 million for the quarter, reflecting a margin of 1.67%. Additionally, the Fee-Based Servicing Portfolio saw a total of $29.45 billion at June 30, 2023, contributing to the overall growth in earnings.
Furthermore, Arbor Realty Trust, Inc.'s Structured Business also saw positive results, with a total loan and investment portfolio of $13.49 billion at June 30, 2023. The weighted average current interest pay rate was 9.07%, compared to 8.83% in the previous quarter, due to increases in benchmark index rates. This strong performance in both the Agency and Structured Business has allowed Arbor Realty Trust, Inc. to increase its dividend for shareholders, showcasing its financial strength and potential for future growth.
Arbor Realty Trust, Inc. is a real estate investment trust (REIT) founded in 2003, headquartered in Uniondale, New York. Arbor Realty Trust, Inc. focuses on investing in a diverse range of structured finance assets within the multifamily, single-family rental, and commercial real estate markets. It operates through two segments, Structured Business and Agency Business, primarily offering bridge and mezzanine loans, preferred and direct equity investments, real estate-related notes, and various mortgage-related securities. Additionally, Arbor underwrites, originates, sells, and services multifamily mortgage loans through commercial mortgage-backed securities programs. As a REIT, Arbor Realty Trust, Inc. benefits from tax advantages by distributing at least 90% of its taxable income to stockholders.
Alliance Resource Partners, L.P. (ARLP) recently announced a significant increase in its cash distribution to its unitholders for the quarter ended June 30, 2023. The Board of Directors of ARLP's general partner approved a cash distribution of $0.70 per unit, representing a 75% increase over the previous quarter's distribution of $0.40 per unit. This increase is consistent with the cash distribution of $0.70 per unit for the quarter ended March 31, 2023.
The dividend increase may be attributed to Alliance Resource Partners, L.P.'s positive financial performance, which will be reported on July 31, 2023. The increase also reflects the company's confidence in its dividend prospects and its ability to generate strong returns for its investors.
Investors interested in participating in the conference call to discuss the financial results and dividend prospects can dial (877) 407-0784 or access the call through ARLP's website. Non-U.S. investors should take note of the federal income tax withholding requirements on ARLP's distributions.
Alliance Resource Partners, L.P., a diversified natural resource company, produces and markets coal primarily to utilities and industrial users in the United States. Alliance Resource Partners, L.P. operates through three segments: Illinois Basin, Appalachia, and Minerals. Alliance Resource Partners, L.P. produces a range of thermal and metallurgical coal with sulfur and heat contents. The company operates seven underground mining complexes in Illinois, Indiana, Kentucky, Maryland, and West Virginia. It also leases land and operates a coal loading terminal on the Ohio River at Mt. Vernon, Indiana; and buys and resells coal, as well as owns interests in various oil and gas mineral interests located within producing basins in the continental United States. In addition, Alliance Resource Partners, L.P. offers various industrial and mining technology products and services, such as miner and equipment tracking systems, and proximity detection systems. As of December 31, 2019, Alliance Resource Partners, L.P. had approximately 1.69 billion tons of proven and probable coal reserves in Illinois, Indiana, Kentucky, Maryland, Pennsylvania, and West Virginia. Alliance Resource Management GP, LLC serves as the general partner of Alliance Resource Partners, L.P. The company was founded in 1971 and is headquartered in Tulsa, Oklahoma.
Archrock, Inc. has recently announced an increased quarterly dividend of $0.155 per share of common stock, or $0.62 per share on an annualized basis. This represents a 3 percent increase over the first quarter 2023 dividend level and a 7 percent increase over the second quarter 2022 dividend level.
The decision to increase the dividend comes as Archrock, Inc. remains committed to creating long term value and returning capital to its shareholders. This move reflects their strategy of providing a competitive, growing, and well-covered dividend. Brad Childers, Archrock, Inc.'s President and CEO, expressed their dedication to updating shareholders on their progress and capital allocation capabilities in the upcoming second quarter 2023 earnings call.
Archrock, Inc. operates as a midstream energy infrastructure company in the United States. Archrock, Inc. operates in two segments, Contract Operations and Aftermarket Services. The company offers natural gas compression services to customers in the oil and natural gas industry. Archrock, Inc. also provides various aftermarket services, such as parts and components; and operation, maintenance, overhaul, and reconfiguration services to customers who own compression equipment. The company was formerly known as Exterran Holdings, Inc. and changed its name to Archrock, Inc. in November 2015. Archrock, Inc. was founded in 1990 and is headquartered in Houston, Texas.
Mondelēz International, Inc. reported strong second quarter results, with net revenues increasing by 17.0% driven by organic net revenue growth of 15.8%. Mondelēz International, Inc.'s continuous reinvestment in its brands and capabilities, combined with ongoing price execution, cost discipline, and strong volume/mix performance, contributed to the impressive results. As a result of its strong first-half performance and category resilience, Mondelēz International, Inc. increased its dividend by 10% to $0.425 per share of Class A common stock. Looking ahead, Mondelēz International, Inc. expects 12+ percent organic net revenue growth for the year, reflecting the strength of its year-to-date performance. Mondelēz International, Inc.'s solid financial performance and positive outlook make it an attractive investment with promising dividend prospects.
Mondelez International, Inc., through its subsidiaries, manufactures, markets, and sells snack food and beverage products worldwide. Mondelez International, Inc. offers biscuits, including cookies, crackers, and salted snacks; chocolates; and gums and candies, as well as various cheese and grocery, and powdered beverage products. The company's snack brand portfolio includes Cadbury, Milka, and Toblerone chocolates; Oreo, belVita, and LU biscuits; Halls candies; and Trident gums and Tang powdered beverages. Mondelez International, Inc. serves supermarket chains, wholesalers, supercenters, club stores, mass merchandisers, distributors, convenience stores, gasoline stations, drug stores, value stores, and other retail food outlets through direct store delivery, company-owned and satellite warehouses, distribution centers, and other facilities, as well as through independent sales offices and agents, and e-commerce platforms. The company was formerly known as Kraft Foods Inc. and changed its name to Mondelez International, Inc. in October 2012. Mondelez International, Inc. was incorporated in 2000 and is headquartered in Chicago, Illinois.
ACNB Corporation, a financial holding company for ACNB Bank and ACNB Insurance Services, Inc., has announced a 7.7% increase in its regular quarterly cash dividend. ACNB Corporation will pay $0.28 per share of ACNB Corporation common stock to shareholders on September 15, 2023, resulting in aggregate dividend payments of approximately $2.4 million in the third quarter of 2023. Compared to the same quarter in 2022, this represents a significant dividend increase.
The increase in the dividend could be attributed to ACNB Corporation's strong financial performance and positive outlook. With the total dividends paid to shareholders in the first nine months of 2023 expected to be more than $7.2 million, ACNB Corporation seems to be in a stable and profitable position. Investors may see this as a positive sign for ACNB Corporation's stock dividend prospects and future growth potential. As always, it's essential to keep an eye on any recent news or developments that may further impact ACNB Corporation's dividend policy and overall performance in the market.
ACNB Corp. is a holding company. ACNB Corp. is headquartered in Gettysburg, Pennsylvania, and currently employs 361 full-time employees. ACNB Corp.'s banking operations are conducted through its operating subsidiary, ACNB Bank (the Bank), and offer a range of property and casualty, life and health insurance to both commercial and individual clients through its subsidiary, Russell Insurance Group, Inc. (RIG). ACNB Corp. has two segments: the Bank and RIG. RIG is managed separately from the banking segment, which includes the Bank and related financial services that ACNB Corp. offers through its banking subsidiary. Through its banking and nonbanking subsidiaries, ACNB Corp. provides a range of banking and financial services to individuals and businesses, including commercial and retail banking, trust and investment management, and insurance. ACNB Bank is a commercial bank. ACNB Bank's service delivery channels for its customers include the automated teller machine (ATM) network, customer contact center, online, telephone and mobile banking.
Delek Logistics Partners, LP, a leading energy logistics company, recently announced an increase in its quarterly cash distribution for the second quarter of 2023. The distribution has been raised to $1.035 per common limited partner unit, which amounts to $4.14 per unit on an annualized basis. This represents a 1.0 percent increase from the first quarter of 2023 and a significant 5.1 percent increase from the second quarter of 2022.
The decision to increase the dividend comes as a result of Delek Logistics Partners, LP's strong financial performance and growth prospects. Delek Logistics Partners, LP has been experiencing positive momentum in its operations, allowing it to reward its investors with a higher return on their investments. Additionally, the energy logistics sector has been witnessing a recovery and growth, which further supports Delek Logistics Partners, LP's decision to boost its dividend.
Investors can be optimistic about Delek Logistics Partners, LP's stock and its dividend prospects, given the company's solid financial position and positive industry outlook. As the energy sector continues to recover and expand, Delek Logistics Partners, LP is well-positioned to continue generating strong cash flows and sustain its dividend growth. The upcoming quarterly cash distribution payable on August 14, 2023, presents an attractive opportunity for potential investors looking for stable income and growth potential.
Delek Logistics Partners, LP owns and operates logistics and marketing assets for crude oil, and intermediate and refined products in the United States. Delek Logistics Partners, LP operates in two segments, Pipelines and Transportation, and Wholesale Marketing and Terminalling. The company offers natural gas compression services to customers in the oil and natural gas industry. Delek Logistics Partners, LP also provides various aftermarket services, such as parts and components; and operation, maintenance, overhaul, and reconfiguration services to customers who own compression equipment. The company was formerly known as Exterran Holdings, Inc. and changed its name to Delek Logistics Partners, LP in November 2015. Delek Logistics Partners, LP was founded in 1990 and is headquartered in Houston, Texas.
M.D.C. Holdings, Inc. (MDC), a prominent homebuilder in the United States, recently revealed a 10% surge in its quarterly cash dividend. The dividend has been raised from $0.50 to $0.55 per share on M.D.C. Holdings, Inc.'s common stock. This decision was made by the board of directors and is a reflection of M.D.C. Holdings, Inc.'s confidence in its financial position and future prospects.
M.D.C. Holdings, Inc., through its subsidiaries, engages in the homebuilding and financial service businesses. M.D.C. Holdings, Inc.'s homebuilding operations include purchasing finished lots or developing lots for the construction and sale primarily of single-family detached homes to first-time and first-time move-up homebuyers under the Richmond American Homes name. The company conducts its homebuilding operations in Arizona, California, Nevada, Washington, Oregon, Colorado, Utah, Virginia, Maryland, and Florida. M.D.C. Holdings, Inc.'s financial services operations comprise originating mortgage loans primarily for homebuyers; providing insurance coverage primarily to M.D.C. Holdings, Inc.'s homebuilding subsidiaries and subcontractors for homes sold by M.D.C. Holdings, Inc.'s homebuilding subsidiaries, and for work performed in completed subdivisions; acting as a re-insurer on the claims; selling third-party personal property and casualty insurance products to homebuyers; and offering title agency services to M.D.C. Holdings, Inc.'s homebuilding subsidiaries and customers in Colorado, Florida, Maryland, Nevada, and Virginia. The company was founded in 1972 and is headquartered in Denver, Colorado.
Boise Cascade Company (BCC) has recently announced a 33% increase in BCC's quarterly dividend, raising it to $0.20 per share. This decision was made by BCC's Board of Directors and reflects their confidence in BCC's future operations and earnings. The dividend will be paid on September 15, 2023, to stockholders of record on September 1, 2023.
The increase in the dividend is a positive sign for investors, indicating that BCC is performing well and generating enough surplus to reward shareholders. The Board of Directors will continue to assess future dividend declarations based on factors such as legal capital requirements, financial conditions, and material cash needs. This news may attract more investors to the stock, as it signals a strong and stable outlook for Boise Cascade Company. As always, it is crucial for investors to keep an eye on BCC's performance and announcements for further insights into their dividend prospects.
Boise Cascade Company manufactures wood products and distributes building materials in the United States and Canada. It operates in two segments, Wood Products and Building Materials Distribution. The Wood Products segment manufactures laminated veneer lumber and laminated beams used in headers and beams; I-joists for residential and commercial flooring and roofing systems, and other structural applications; and structural, appearance, and industrial plywood panels. This segment's products are used in new residential construction, residential repair-and-remodeling projects, light commercial construction, and industrial applications. It sells its products to wholesalers, home improvement centers, retail lumberyards, and industrial converters. The Building Materials Distribution segment distributes a line of building materials, including oriented strand boards, plywood, and lumber; general line items, such as siding, composite decking, doors, metal products, insulation, and roofing; and engineered wood products. This segment sells its products to retail lumberyards, home improvement centers, and specialty distributors. The company was founded in 2004 and is headquartered in Boise, Idaho.
Rush Enterprises, Inc. has announced a dividend increase of 21.4% for the quarter ended June 30, 2023. The increase comes after the Company achieved strong financial results, with revenues of $2.003 billion and net income of $98.3 million. The increase in dividend is a result of Rush Enterprises, Inc.'s commitment to returning capital to its shareholders and its focus on operational excellence. Despite a challenging operating environment, Rush Enterprises, Inc. remains confident in its ability to achieve strong financial results in 2023. The Company's Board of Directors also declared a three-for-two stock split with respect to both the Company’s Class A and Class B common stock, further demonstrating its dedication to its shareholders.
Rush Enterprises, Inc. is an integrated retailer of commercial vehicles and services in the U.S., operating a network of commercial vehicle dealerships under the Rush Truck Centers brand. They offer a wide range of commercial vehicles from various manufacturers, along with aftermarket parts, service and repair, financing, leasing, and insurance services to their commercial vehicle customers. Additionally, Rush Enterprises, Inc. provides equipment installation, repair, and body services, sells tires and trailers, and manufactures compressed natural gas fuel systems for commercial vehicles. Founded in 1965 and headquartered in New Braunfels, Texas, Rush Enterprises serves regional and national truck fleets, corporations, government entities, and owner operators through their extensive network of centers across multiple states.
Baker Hughes, a leading energy technology company, has recently announced a 5.3% increase in BKR's quarterly cash dividend, bringing it to $0.20 per share of Class A common stock. This decision aligns with Baker Hughes Company's goal of responsibly growing the dividend over time. Additionally, the dividend has seen an impressive 11.1% increase compared to the same quarter last year. BKR's strong cash flow from operations is expected to fund the dividend.
Baker Hughes Company is a global technology and service provider with four operating segments: Oilfield Services (OFS), Oilfield Equipment (OFE), Turbomachinery & Process Solutions (TPS), and Digital Solutions (DS). OFS offers a wide range of drilling, completions, production, and intervention services, along with oilfield chemicals. OFE specializes in designing and manufacturing pressure control equipment, subsea production systems, and drilling equipment. TPS provides equipment for mechanical-drive, compression, and power-generation applications in the oil and gas industry. DS offers sensor-based measurement, non-destructive testing, and inspection solutions for various industries. Based in Houston, Texas, Baker Hughes Company serves customers worldwide through direct and indirect channels.
Wells Fargo & Company recently announced a dividend increase of $0.05 per share, bringing the quarterly common stock dividend to $0.35 per share. This decision was approved by Wells Fargo & Company's board of directors and is payable on September 1, 2023, to stockholders of record on August 4, 2023. The dividend increase reflects Wells Fargo & Company's strong capital levels and its commitment to returning excess capital to shareholders.
In addition to the dividend increase, Wells Fargo also authorized a new common stock repurchase program of up to $30 billion. This move aligns with Wells Fargo & Company's focus on investing in risk and control infrastructure, as well as providing updated capabilities to customers and supporting employees and communities. CEO Charlie Scharf expressed confidence in maintaining strong capital levels, even with these significant investments.
Wells Fargo & Company is a diversified financial services company offering a wide range of banking, investment, mortgage, and consumer and commercial finance products and services to individuals, businesses, and institutions in the United States and internationally. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Community Banking segment provides checking and savings accounts, credit and debit cards, and various lending products. The Wholesale Banking segment offers commercial and corporate banking services, including loans, lines of credit, and treasury management. The Wealth and Investment Management segment delivers personalized wealth management and retirement products, investment management, and fiduciary services. With over 7,400 locations, approximately 13,000 ATMs, and a presence in 32 countries and territories, Wells Fargo & Company has a long history since its founding in 1852 and is headquartered in San Francisco, California.
The Clorox Company recently announced a dividend increase from $1.18 to $1.20 per share on its common stock. This decision reflects The Clorox Company's commitment to providing value to its shareholders, as it has a track record of increasing dividends for 21 consecutive years and paying annual dividends for over 50 years. The dividend is payable on August 25, 2023, to shareholders of record as of August 9, 2023. This news may have been influenced by The Clorox Company's strong financial performance and its ability to generate consistent revenue over the years. For investors looking for reliable dividend prospects, Clorox's history of dividend growth could make it an attractive choice in the stock market.
The Clorox Company manufactures and markets consumer and professional products worldwide. It operates through four segments: Health and Wellness, Household, Lifestyle, and International. The company offers laundry additives, including bleach products under the Clorox brand, as well as Clorox 2 stain fighter and color booster; home care products primarily under the Clorox, Scentiva, Formula 409, Liquid-Plumr, Pine-Sol, S.O.S, and Tilex brands; naturally derived products under the Green Works brand; professional cleaning, disinfecting, and food service products under the CloroxPro, Clorox Healthcare, and Clorox Total 360 brands; professional food service products under the Hidden Valley brand; and vitamins, minerals, and supplement products under the RenewLife, Rainbow Light, Natural Vitality, NeoCell, and Stop Aging Now brands. It also provides grilling products under the Kingsford and Match Light brands; bags and wraps under the Glad brand; and cat litter products under the Fresh Step, Scoop Away, and Ever Clean brands. In addition, the company offers dressings and sauces primarily under the Hidden Valley brand; water-filtration systems and filters under the Brita brand; and natural personal care products under the Burt's Bees brand. Further, it markets its products under the Ayudin, Clorinda, and Poett brands. The company sells its products primarily through mass retailers, grocery outlets, warehouse clubs, dollar stores, home hardware centers, third-party and owned e-commerce channels, military stores, and distributors, as well as a direct sales force. The Clorox Company was founded in 1913 and is headquartered in Oakland, California.
SouthState Corporation, a leading financial institution in the Southeast, recently announced its unaudited results for the second quarter of 2023. Despite facing economic turmoil in March, SouthState Corporation demonstrated strong growth in customer deposits, which grew by 6% annually. This was complemented by a robust 11% annualized loan growth, fueled by a resilient economy and population expansion in the region. The CEO, John C. Corbett, expressed confidence in SouthState Corporation's preparedness for the next phase of the economic cycle, citing healthy capital and reserve levels.
Notably, SouthState Corporation's performance metrics for the second quarter were impressive. The reported diluted earnings per share (EPS) stood at $1.62, and adjusted diluted EPS (Non-GAAP) at $1.63. Net income was $123.4 million, with adjusted net income (Non-GAAP) reaching $124.9 million. SouthState's return on average tangible common equity (Non-GAAP) was 15.8%, and the adjusted return on average tangible common equity (Non-GAAP) stood at 16.0%. These financial figures indicate SouthState Corporation's strong position and profitability.
Due to its solid financial performance and outlook, SouthState Corporation's Board of Directors decided to reward shareholders with an increased dividend. The quarterly cash dividend on its common stock was raised from $0.50 per share to $0.52 per share, reflecting the company's confidence in its ability to sustain growth and profitability.
SouthState Corporation operates as the bank holding company for South State Bank that provides a range of retail and commercial banking services, mortgage lending services, and trust and wealth management services. The company accepts demand deposits, savings deposits, interest-bearing transaction accounts, checking accounts, money market accounts, certificates of deposit, and other time deposits. It also offers commercial real estate loans, residential real estate loans, commercial and industrial loans, and other consumer loans; lending and credit card services; and automated teller machines processing services. In addition, the company provides treasury management services, merchant services, debit card products, automated clearing house services, lock-box services, remote deposit capture services, and other treasury services. As of December 31, 2019, it served customers through 155 financial centers located throughout market areas in Arkansas, Illinois, Kansas, Missouri, Oklahoma, Tennessee, and Texas. SouthState Corporation was founded in 1933 and is headquartered in Columbia, South Carolina.
Simmons First National Corporation (SFNC) recently announced a 5 percent increase in SFNC's quarterly cash dividend on its Class A common stock, now set at $0.20 per share. The decision to increase the dividend can be attributed to SFNC's strong track record of financial stability and its commitment to rewarding shareholders. With an impressive history of paying dividends for 114 consecutive years, Simmons stands as one of the 24 U.S. publicly traded companies that have achieved the remarkable feat of 100+ uninterrupted years of dividend payments.
Moreover, SFNC has been consistently raising its dividend for the past 12 years, earning the prestigious title of a Dividend Contender 2023, an accolade reserved for companies that have consistently increased their dividends for 10 to 24 consecutive years. Such accomplishments reflect SFNC's robust financial performance and confidence in its ability to generate sustainable profits. These factors, combined with its recognition among a select group of companies on the NYSE and NASDAQ, highlight Simmons First National Corporation's attractiveness to investors seeking stable dividend prospects.
Simmons First National Corporation operates as the holding company for Simmons Bank that provides financial products and services to individuals and businesses. It offers checking, savings, and time deposits; consumer, real estate, and commercial loans; agricultural finance, equipment, and small business administration lending; trust and fiduciary services; credit cards; investment management products; insurance products; and securities and investment services. As of September 30, 2020, the company operated through approximately 226 financial centers located throughout market areas in Arkansas, Illinois, Kansas, Missouri, Oklahoma, Tennessee, and Texas. Simmons First National Corporation was founded in 1903 and is headquartered in Pine Bluff, Arkansas.
Cintas Corporation, ticker symbol CTAS, recently announced a significant increase in CTAS's quarterly cash dividend, raising it to $1.35 per share of common stock, up by an impressive 17.4% compared to the previous fiscal year's dividend. This move reflects the company's dedication to returning capital to its shareholders and further solidifies its reputation as a reliable dividend payer. Cintas has been consistently increasing its dividend each year since its IPO in 1983, showcasing its long-term dedication to shareholder value.
The decision to increase the dividend is likely driven by several factors. First, CTAS's strong financial performance and robust operating results provide a solid foundation for higher returns to shareholders. Second, the company's growth prospects and business outlook may have improved, giving CTAS's Board of Directors confidence in sustaining higher dividend payments. Moreover, the overall positive economic climate and market conditions could also have played a role in the decision.
Cintas Corporation provides corporate identity uniforms and related business services primarily in North America, Latin America, Europe, and Asia. It operates through four segments: Health and Wellness, Household, Lifestyle, and International. The company offers laundry additives, including bleach products under the Clorox brand, as well as Clorox 2 stain fighter and color booster; home care products primarily under the Clorox, Scentiva, Formula 409, Liquid-Plumr, Pine-Sol, S.O.S, and Tilex brands; naturally derived products under the Green Works brand; professional cleaning, disinfecting, and food service products under the CloroxPro, Clorox Healthcare, and Clorox Total 360 brands; professional food service products under the Hidden Valley brand; and vitamins, minerals, and supplement products under the RenewLife, Rainbow Light, Natural Vitality, NeoCell, and Stop Aging Now brands. It also provides grilling products under the Kingsford and Match Light brands; bags and wraps under the Glad brand; and cat litter products under the Fresh Step, Scoop Away, and Ever Clean brands. In addition, the company offers dressings and sauces primarily under the Hidden Valley brand; water-filtration systems and filters under the Brita brand; and natural personal care products under the Burt's Bees brand. Further, it markets its products under the Ayudin, Clorinda, and Poett brands. The company sells its products primarily through mass retailers, grocery outlets, warehouse clubs, dollar stores, home hardware centers, third-party and owned e-commerce channels, military stores, and distributors, as well as a direct sales force. Cintas Corporation was founded in 1913 and is headquartered in Oakland, California.
Stanley Black & Decker, a global leader in tools and outdoor equipment, recently announced a $0.01 increase in SWK's quarterly cash dividend, bringing it to $0.81 per common share. This move reflects the company's dedication to rewarding shareholders and enhancing overall shareholder value. The decision comes as no surprise given SWK's commitment to delivering consistent and reliable dividends as part of its value proposition.
President and CEO, Donald Allan, Jr., expressed his satisfaction with the dividend increase, citing the company's ongoing efforts to drive long-term organic growth, expand margins, and generate substantial free cash flow. These factors have contributed to the company's confidence in its transformation and ability to create shareholder returns.
This announcement comes at a time when Stanley Black & Decker has been making significant strides in its market presence, which may have played a role in the decision to increase dividends. The company's focus on accelerating growth and increasing profitability likely resonated well with investors, leading to positive market sentiment and further bolstering their stock performance. As such, Stanley Black & Decker's stock and dividend prospects seem promising, solidifying its position as an attractive investment option for shareholders.
Stanley Black & Decker, Inc. is a global company engaged in tools and storage, industrial, and security businesses. Its Tools & Storage segment offers a wide range of power tools and equipment, catering to both professional and consumer markets under the BLACK+DECKER brand. The Industrial segment provides engineered fastening products and systems, along with equipment for pipeline construction and inspection services. The Security segment focuses on designing, supplying, and installing commercial electronic security systems, as well as offering healthcare solutions and automatic doors. The company, founded in 1843 and formerly known as The Stanley Works, is headquartered in New Britain, Connecticut.
Hess Midstream LP (NYSE: HESM) recently announced an increase in HESM's quarterly cash distribution, boosting it to $0.6011 per Class A share for the quarter ended June 30, 2023. This represents a significant 2.7% increase compared to the first quarter of 2023. The decision to increase the dividend was made by HESM's Board of Directors, aiming to provide consistent and ongoing returns to its shareholders.
Chief Financial Officer, Jonathan Stein, explained that the dividend increase is a result of the company's strong financial position and growing free cash flow. Hess Midstream is committed to delivering at least 5% annual growth in distributions per Class A share through 2025. They anticipate maintaining financial flexibility of over $1 billion until 2025, which will be used to support their return of capital framework, including potential share repurchases to further increase the distribution per share level.
The dividend increase is a reflection of Hess Midstream's positive financial performance and long-term growth strategy. Shareholders can expect a quarterly distribution on August 14, 2023, providing an opportunity to benefit from the company's success and potential future growth. As the company continues to capitalize on its financial strength, investors may find the stock and its dividend prospects appealing for potential long-term gains.
Hess Midstream LP owns, operates, develops, and acquires midstream assets. The company operates through three segments: Gathering; Processing and Storage; and Terminaling and Export. The Gathering segment owns natural gas gathering and crude oil gathering systems; and produced water gathering and disposal facilities. Its gathering systems consist of approximately 1,350 miles of high and low-pressure natural gas and natural gas liquids gathering pipelines with a capacity of approximately 450 million cubic feet per day; and crude oil gathering system comprises approximately 550 miles of crude oil gathering pipelines. The Processing and Storage segment comprise the Tioga Gas Plant, a natural gas processing and fractionation plant located in Tioga, North Dakota. It has a natural gas processing capacity of approximately 260 million cubic feet per day; a produced water handling capacity of approximately 28,000 barrels per day; and a fractionation capacity of approximately 14,000 barrels per day. The Terminaling and Export segment owns and operates the Ramberg terminal facility located in Williams County, North Dakota. The company serves Hess Corporation and third-party producers under long-term, fixed-fee contracts. Hess Midstream LP was founded in 2014 and is headquartered in Houston, Texas.
All data was sourced from LevelFields AI
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