Wednesday, May 3rd the Board of Directors of UGI Corporation (UGI) announced a quarterly dividend increase of from $ 0.36 to $ 0.375 per share that’s payable July 1, 2023 to holders of record June 14, 2023. This represents a 4.17% increase over the last quarter dividend.
Roger Perreault, President and Chief Executive Officer of UGI, said, “We are pleased to mark the 36th consecutive year of increasing dividends, building on our long history of delivering returns to shareholders while investing for continued growth. This consistency demonstrates the strength and resilience of UGI and its capital allocation strategy as we seek to create shareholder value as both a growth and income investment.”
With current price $30.50 (yesterday's close), this raise brings their dividend yield to 4.92%.
UGI is a Dividend Champions with a 36 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 4.4, 7.2, 7.7 and 7.2 (Dividend Champions.xls)
Since I own 80 shares of UGI, this will increase my portfolio's projected annual net dividend income by $3.58.
I was expecting an increase of about 5%, so this increase was a little lower than I expected but I am happy to take it.
This is the third dividend increase I've received from UGI Corporation since initiating a position in September 2020. During that period, the quarterly dividend has grown reasonably from $ 0.33 to $ 0.375, or 13.6 percent.
This increase raises my YOC to 4.47%.
Summary of 2022 Dividend Increases / Cuts
Click here to see my portfolio holdings.
You can follow the development of my dividends here.
Full Disclosure: Long UGI
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