Thursday, February 6th the Board of Directors of Prudential Financial, Inc. (PRU) announced a quarterly dividend increase of from $1.25 to $1.30 per share that’s payable March 14, 2024 to holders of record February 20, 2024. This represents a 4.0% increase over the last quarterly dividend. This represents an increase of 4% over the prior year dividend level, the 16th consecutive year the dividend has been increased.
The Company’s Board of Directors has also authorized the repurchase of up to $1.0 billion of outstanding Common Stock during the period from January 1, 2024 through December 31, 2024.
With current price $108.61 (yesterday's close), this raise brings their dividend yield to 4.79%.
Prudential Financial is a Dividend Contenders with a 16 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 4.2, 4.4, 6.8 and 11.2 (Dividend Champions.xls)
Since I own 85 shares of PRU, this will increase my portfolio's projected annual net dividend income by $12.67.
The increase followed the trend of recent years, so it was in line with my expectations.
This is the fourth dividend increase I've received from Prudential Financial since initiating a position in August 2020. During this period, the dividend has risen acceptably from $1.10 to $1.30 or 18.2%.
This increase raises my yield on cost to 7.34%.
Summary of 2024 Dividend Increases / Cuts
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You can follow the development of my dividends here.
Full Disclosure: Long PRU
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