Friday, November 4th the Board of TELUS Corporation (TSE:T) announced a quarterly dividend increase of from CA$ 0.3386 to CA$ 0.3511 per share that’s payable January 3, 2023 to holders of record December 9, 2022. This represents a 3.69% increase over the last quarterly dividend.
It should be noted that this is the second increase in the last 12 months. In May 2022, TELUS increased quarterly dividend from C$ 0.3274 to C$ 0.3386 or 3.54%, bringing the annual increase to 7.24 per cent.
With current price CA$ 28.53 (yesterday's close), this raise brings their dividend yield to 4.92%.
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 $ 10.51.
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 $ C0.3511, or 75.6 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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