Friday, November 3rd the Board of TELUS Corporation (TSE:T) announced a quarterly dividend increase of from C$0.3636 to C$0.3761 per share that’s payable January 2, 2024 to holders of record December 11, 2023. This represents a 3.44% increase over the last quarterly dividend.
It should be noted that this is the second increase in the last 12 months. In May 2023, TELUS increased quarterly dividend from C$ 0.3511 to C$ 0.3636 or 3.54%, bringing the annual increase to 7.1 per cent.
With current price C$23.82 (Yesterday close), this raise brings their dividend yield to 6.32%.
TELUS is a member of Canadian Dividend All Star List with a 19 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 6.7, 6.4, 6.6 and 8.3 (Canadian Dividend All-Star List)
Since I own 380 shares of TELUS, this will increase my portfolio's projected annual net dividend income by $10.35.
This increase was in line with my expectations, because TELUS has published a multi-year dividend growth plan and this was in line with it.
This is the eighth annual dividend increase I've received from TELUS since initiating a position in February 2015. During that period, the quarterly dividend has grown nicely from C$ 0.20 to $ C0.3761, or 88.1 percent.
This increase raises my YOC to 6.61%.
Summary of 2023 Dividend Increases / Cuts
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You can follow the development of my dividends here.
Full Disclosure: Long TSE:T
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