Wednesday, February 23rd the Board of Directors of Eaton Corporation plc (ETN) announced a quarterly dividend increase of from $ 0.76 to $ 0.81 per share that’s payable March 31, 2022 to holders of record March 11, 2022. This represents a 6.58% increase over the last quarter dividend. Eaton has paid dividends on its shares every year since 1923.
With current price $ 146.93 (today's open), this raise brings their dividend yield to 2.21%.
Eaton is a Dividend Contenders with a 13 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 4.1, 4.8, 5.9 and 8.4 (Dividend Champions.xls)
Since I own 30 shares of ETN, this will increase my portfolio's projected annual net dividend income by $ 4.47.
This increase was slightly higher than I expected and I am happy to accept it.
This is the 7th dividend increase I've received from Eaton Corporation since initiating a position in July 2015. During this period, the quarterly dividend has increased moderately from $ 0.55 to $ 0.81 or 47.3 percent.
This increase raises my YOC to 5.14%.
Summary of 2022 Dividend Increases / Cuts
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You can follow the development of my dividends here.
Full Disclosure: Long ETN
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