Wednesday, March 8th the Board of Directors of General Dynamics Corporation (GD) announced a quarterly dividend increase of from $1.26 to $1.32 per share that’s payable May 12, 2023 to holders of record April 14, 2023. This represents a 4.76% increase over the last quarter dividend and this is the 26th consecutive annual dividend increase authorized by the General Dynamics board.
With current price $219.15 (today's open), this raise brings their dividend yield to 2.41%.
General Dynamics is a Dividend Champions with a 26 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 6.4, 7.6, 8.7 and 9.5 (Dividend Champions.xls)
Since I own 40 shares of GD, this will increase my portfolio's projected annual net dividend income by $7.15.
I was expecting an increase of about 7%, so the announcement was a bit of a disappointment.
This is the fourth dividend increase I've received from General Dynamics since initiating a position in January 2020. During that period, the quarterly dividend has gone up decently from $1.02 to $1.32, or 29.4 percent.
This increase raises my YOC to 3.92%.
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 GD
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