Friday, May 6th the Board of TELUS Corporation (TSE:T) announced a quarterly dividend increase of from CA$ 0.3274 to CA$ 0.3386 per share that’s payable July 4, 2022 to holders of record June 10, 2022. This represents a 3.42% increase over the last quarterly dividend.
It should be noted that this is the second increase in the last 12 months. In November 2021, TELUS increased quarterly dividend from C$ 0.3162 to C$ 0.3274 or 3.54%, bringing the annual increase to 7.08 per cent.
TELUS also announced its intention to target ongoing semi-annual dividend increases, with the annual increase in the range of 7 to 10 per cent from 2023 through to the end of 2025.
With current price CA$ 32.28 (Friday's close), this raise brings their dividend yield to 4.20%.
TELUS is a member of Canadian Dividend All Star List with an 18 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 7.3, 6.6, 6.7 and 8.7 (Canadian Dividend All-Star List)
Since I own 380 shares of TELUS, this will increase my portfolio's projected annual net dividend income by $ 9.28.
This increase was in line with my expectations, because TELUS has published a multi-year dividend growth plan and this was in line with it.
This is the eighth annual dividend increase I've received from TELUS since initiating a position in February 2015. During that period, the quarterly dividend has grown nicely from C$ 0.20 to $ C0.3386, or 69.3 percent.
This increase raises my YOC to 5.64%.
Summary of 2022 Dividend Increases / Cuts
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You can follow the development of my dividends here.
Full Disclosure: Long TSE:T
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