Thursday, May 25th the Board of Directors of Unum Group (UNM) announced a quarterly dividend increase of from $ 0.33 to $ 0.365 per share effective with the dividend expected to be paid in the third quarter of 2023. This represents a 10.61% increase over the last quarterly dividend.
With current price $43.93 (today's open), this raise brings their dividend yield to 3.32%.
"We are pleased to again increase our quarterly dividends, which is indicative of our consistent performance, capital generation, and our commitment to returning value to shareholders," said Richard P. McKenney, president and CEO of Unum.
Unum Group is a Dividend Contenders with a 15 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 7.7, 4.9, 7.9 and 10.4 (Dividend Champions.xls)
Since I own 200 shares of UNM, this will increase my portfolio's projected annual net dividend income by $20.86.
I was expecting an increase of around 5%, so this was a really positive surprise that I'm happy to receive.
This is the third dividend increase I've received from Unum Group since initiating a position in January 2021. (More here) During this period, the quarterly dividend has increased nicely from $ 0.285 to $ 0.365, or 28.1 percent.
This increase raises my YOC to 5.80%.
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 UNM
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