Thursday, May 27th the Board of Directors of Unum Group (UNM) announced a quarterly dividend increase of from $ 0.285 to $ 0.30 per share. The new rate of 30.0 cents per common share, or $1.20 per share on an annual basis, will be effective with the dividend expected to be paid in the third quarter of 2021. This represents a 5.26% increase over the last quarterly dividend.
With current price $ 30.33 (today's open), this raise brings their dividend yield to 3.96%.
Unum Group is a Dividend Contenders with a 13 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 4.6, 9.9, 10.2 and 12.5 (Dividend Champions.xls)
Since I own 150 shares of UNM, this will increase my portfolio's projected annual net dividend income by $ 6.71.
The increase in the dividend, and especially its timing, came as a surprise to me, as the dividend had remained the same for the past eight quarters. However, I am happy to take that announcement.
This is the first dividend increase I've received from Unum Group since initiating a position in January 2021. (More here)
This increase raises my YOC to 4.77%.
Summary of 2021 Dividend Increases / Cuts
Click here to see my portfolio holdings.
You can follow the development of my dividends here.
Full Disclosure: Long UNM
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