Tuesday, February 21, 2023

Dividend Increase - Prudential Financial, Inc. (PRU)


Thursday, February 7th the Board of Directors of Prudential Financial, Inc. (PRU) announced a quarterly dividend increase of from $ 1.20 to $ 1.25 per share that’s payable March 16, 2023 to holders of record February 21, 2023. This represents a 4.17% increase over the last quarterly dividend. That is the 15th consecutive year the dividend has been increased.

With current price $100.59 (today's open), this raise brings their dividend yield to 4.97%.

Prudential Financial is a Dividend Contenders with a 15 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 4.3, 6.3, 9.9 and 11.6 (Dividend Champions.xls)

Since I own 85 shares of PRU, this will increase my portfolio's projected annual net dividend income by $12.67.

I was a little disappointed with the size of the increase, I was expecting around 6%, but I am happy to accept this as well.

This is the third dividend increase I've received from Prudential Financial since initiating a position in August 2020. During this period, the dividend has risen acceptably from $1.10 to $1.25 or 13.6%.

This increase raises my YOC to 7.05%.

Summary of 2023 Dividend Increases / Cuts

Click here to see my portfolio holdings.

You can follow the development of my dividends here.

Full Disclosure: Long PRU

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