Tuesday, January 30th the Board of Directors of United Parcel Service, Inc. (UPS) announced a quarterly dividend increase of from $1.62 to $1.63 per share that’s payable March 8, 2024 to holders of record February 20, 2024. This represents a 0.62% increase over the last quarterly dividend.
With current price $145.06 (yesterday's close), this raise brings their dividend yield to 4.49%.
UPS is a Dividend Contenders with a 14 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 6.6, 17.1, 12.2 and 10.1 (DividendChampions.xls)
Since I own 65 shares of UPS, this will increase my portfolio's projected annual net dividend income by $1.94.
The increase was disappointing, I was expecting an increase of around 5%, but an increase is always an increase!
This is the 5th dividend increase I've received from United Parcel Service since initiating a position in May 2019. During this period, the dividend has grown nicely from $0.96 to $1.63 or 69.8%.
This increase raises my YOC to 6.48%.
Summary of 2024 Dividend Increases / Cuts
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You can follow the development of my dividends here.
Full Disclosure: Long UPS
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