Friday, January 26, 2024

Dividend Increase - Air Products and Chemicals, Inc. (APD)

 



Thursday, January 25th the Board of Directors of Air Products and Chemicals, Inc. (APD) announced a quarterly dividend increase of from $1.75 to $1.77 per share that’s payable May 13, 2024 to holders of record April 1, 2024. This represents a 1.14% increase over the last quarterly dividend. This marks the 42nd consecutive year that Air Products has increased its dividend payment.


Air Products Chairman, President and Chief Executive Officer Seifi Ghasemi said, “We remain committed to striking the right balance of returning cash to our shareholders and investing in our growth opportunities. We expect to return approximately $1.6 billion to our shareholders in 2024, extending our track record of more than 40 years of increasing the dividend, while continuing to execute high-return industrial gas and clean hydrogen projects that advance sustainability and the energy transition. This balanced approach to capital allocation will allow us to meet our capital needs while maintaining our A/A2 ratings.”


With current price $263.65 (yesterday's close), this raise brings their dividend yield to 2.69%.


Air Products is a Dividend Champions with a 42 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 8.9, 11.6, 11.4 and 9.8 (Dividend Champions.xls)



Since I own 15 shares of APD, this will increase my portfolio's projected annual net dividend income by $0.89.


I was expecting an increase of about 6%, so this one was really quite disappointing. In any case, better than a cut!


This is the third dividend increase I've received from Air Products since initiating a position in March 2021. During this period, the dividend has increased modestly from $1.50 to $1.77, or 18.0%.


This increase raises my YOC to 2.65%.



Summary of 2024 Dividend Increases / Cuts



Click here to see my portfolio holdings.


You can follow the development of my dividends here.


Full Disclosure: Long APD


Thanks for stopping by!


No comments:

Post a Comment