Thursday, May 25th the Board of Directors of Flowers Foods, Inc. (FLO) announced a quarterly dividend increase of from $ 0.22 to $ 0.23 per share that’s payable June 22, 2023 to holders of record June 8, 2023. This represents a 4.55% increase over the last quarterly dividend.
"The increased dividend reflects the board's confidence in the company's ability to generate strong earnings and cash flow," said Ryals McMullian, Flowers Foods president and CEO. "We are investing to further strengthen our leading brands, which we expect will drive growth in-line with our long-term financial targets."
With current price $25.18 (yesterday's close), this raise brings their dividend yield to 3.65%.
Flowers Foods is a Dividend Contenders with a 22 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 4.8, 5.1, 5.4 and 7.6 (Dividend Champions.xls)
Since I own 185 shares of FLO, this will increase my portfolio's projected annual net dividend income by $5.51.
This increase was in line with my expectations.
This is the seventh dividend increase I've received from Flowers Foods, Inc. since initiating a position in August 2016. (More here) During this period, the quarterly dividend has risen moderately from $0.16 to $0.23, or 43.8 percent.
This increase raises my YOC to 6.27%.
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 FLO
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