With just a week remaining in the month of July, now would be a good time to highlight the dividend increases that I have received during the month. We'll also look ahead to the raises that I am expecting for next month. Let's dig in!
Actual Dividend Increases for July 2023
Dividend Increase #1: Enterprise Products Partners (EPD)
Enterprise Products Partners declared a 2% bump in its quarterly distribution per unit to $0.50. Across my 52 units of EPD, this declaration led my net annual forward distributions higher by $2.08.
Dividend Increase #2: Cummins (CMI)
Cummins announced a 7% boost in its quarterly dividend per share to $1.68, which was precisely what I expected as I outlined in the previous blog post of this series.
My net annual forward dividends surged higher by $2.20 across my five shares of CMI due to this dividend announcement.
Dividend Increase #3: Duke Energy (DUK)
Duke Energy declared a 2% increase in its quarterly dividend per share to $1.025. This was in line with my prediction.
Across my six shares of DUK, my net annual forward dividends grew by $0.48 from this dividend declaration.
Dividend Increase #4: J.M. Smucker (SJM)
J.M. Smucker announced a 3.9% raise in its quarterly dividend per share to $1.06, which was below my projection of $1.08.
My net annual forward dividends edged higher by $0.48 across my three shares of SJM due to this dividend announcement.
Dividend Increase #5: NNN REIT (NNN)
NNN REIT declared a 2.7% increase in its quarterly dividend per share to $0.565. This came in just under my estimate of $0.57.
Across my 18 shares of NNN, my net annual forward dividends rose by $1.08 from this dividend declaration.
Dividend Increase #6: Energy Transfer (ET)
Energy Transfer announced a 0.8% increase in its quarterly distribution per unit to $0.31 as I predicted.
My net annual forward distributions rose by $0.86 as a result of this dividend announcement.
Dividend Increase #7: Hershey (HSY)
Hershey has yet to announce a dividend increase this month. But with the company set to report earnings on July 27, that should soon change. I still believe HSY will announce a 10% boost in its quarterly dividend per share to $1.14.
If this raise plays out as expected, my net annual forward dividends would be lifted by $1.248 due to such a dividend announcement.
UPDATE: HSY announced a 15.1% hike in its quarterly dividend per share to $1.192! Across my three shares of HSY, this lifted my net annual forward dividends by $1.872.
Dividend Increase #8: Shell (SHEL)
Shell declared a 15.1% raise in its quarterly dividend per share to $0.662. My net annual forward dividends grew by $3.132 across my nine shares of SHEL.
Dividend Increase #9: Clorox (CLX)
Clorox announced a 1.7% increase in its quarterly dividend per share to $1.20. This came in above my expectation of $1.19. My net annual forward dividends grew by $0.16 across my two shares as a result.
Expected Dividend Increases for August 2023
Expected Dividend Increase #1: Altria Group (MO)
My best guess is that Altria Group will up its quarterly dividend per share by 4.3% to $0.98. Across my 24 shares of MO, my net annual forward dividends would rocket higher by $3.84 from such a dividend declaration.
Expected Dividend Increase #2: Essential Utilities (WTRG)
I believe that Essential Utilities will announce a 7% increase in its quarterly dividend per share to $0.307. My net annual forward dividends would rise by $0.80 across my 10 shares of WTRG due to such an announcement.
Expected Dividend Increase #3: Main Street Capital (MAIN)
My projection is that Main Street Capital will declare a 2.2% raise in its monthly dividend per share to $0.235. Across my 30 shares of MAIN, my net annual forward dividends would grow by $1.80 from such a declaration.
Expected Dividend Increase #4: Simon Property Group (SPG)
My best guess is that Simon Property Group will announce a 2.7% increase in its quarterly dividend per share to $1.90. My net annual forward dividends would surge higher by $1.80 due to such an announcement.
Concluding Thoughts:
My net annual forward dividends grew by $12.344 from the nine payout raises that I received in July. This is equivalent to investing $411.47 at a weighted average dividend yield of 3%.
Focusing on August, my net annual forward dividends could surge higher by $8.24 if my five dividend predictions work out. That would be the same as investing $274.67 at a 3% net dividend yield.
Discussion:
How did your July 2023 fare on the dividend increases front?
Did you receive any first-time payout boosts?
Thanks for reading and please feel free to comment below!
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