Tuesday, January 31st the Board of Directors of United Parcel Service, Inc. (UPS) announced a quarterly dividend increase of from $1.52 to $1.62 per share that’s payable March 10, 2023 to holders of record February 21, 2023. This represents a 6.58% increase over the last quarterly dividend.
In addition, the UPS Board of Directors has approved a new $5 billion share repurchase authorization, replacing the company’s existing authorization.
With current price $ 186.73 (today's open), this raise brings their dividend yield to 3.47%.
UPS is a Dividend Contenders with a 14 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 49.0, 16.6, 12.9 and 10.3 (Dividend Champions.xls)
Since I own 65 shares of UPS, this will increase my portfolio's projected annual net dividend income by $ 19.37.
I was expecting an increase of around 10%, so this announcement was a slight disappointment.
This is the 4th dividend increase I've received from United Parcel Service since initiating a position in May 2019. During this period, the dividend has grown magnificently from $0.96 to $1.62 or 68.8%.
This increase raises my YOC to 6.44%.
Summary of 2023 Dividend Increases / Cuts
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You can follow the development of my dividends here.
Full Disclosure: Long UPS
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