Wednesday, March 6, 2024

Dividend Increase - Eaton Corporation plc (ETN)


Thursday, February 29th the Board of Directors of Eaton Corporation plc (ETN) announced a quarterly dividend increase of from $0.86 to $0.94 per share that’s payable March 29, 2024 to holders of record March 11, 2024. This represents a 9.30% increase over the last quarter dividend. Eaton has paid dividends on its shares every year since 1923.

With current price $291.93 (yesterday's close), this raise brings their dividend yield to 1.29%.

Eaton is a Dividend Contenders with a 15 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 6.2, 5.6, 5.4 and 7.4 (Dividend Champions.xls)

Since I own 30 shares of ETN, this will increase my portfolio's projected annual net dividend income by $7.15.

I was expecting an increase of about 6%, so this was well above my expectations and I am happy to receive it.

This is the 9th dividend increase I've received from Eaton Corporation since initiating a position in July 2015. During this period, the quarterly dividend has increased moderately from $0.55 to $0.94 or 70.9 percent.

This increase raises my Yield on Cost to 5.97%.

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 ETN

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