Friday, August 5th the Board of Directors of Illinois Tool Works Inc. (ITW) announced a quarterly dividend increase of from $ 1.22 to $ 1.31 per share that’s payable October 14, 2022 to holders of record September 30, 2022. This represents a 7.38% increase over the last quarterly dividend.
With current price $ XX (yesterday's close), this raise brings their dividend yield to XX%.
ITW is a Dividend Champions with a 48 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 6.7, 11.6, 15.1 and 12.9 (Dividend Champions.xls)
Since I own 20 shares of ITW, this will increase my portfolio's projected annual net dividend income by $ 5.36.
I was expecting an increase of about 5%, so now it's a bit more and of course I'm happy with that.
This is the fifth dividend increase I've received from ITW since initiating a position in August 2018. (More here) During this period, the quarterly dividend has risen mightily from $ 0.78 to $ 1.31, or 68 percent.
This increase raises my YOC to 4.05%.
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 ITW
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