Wednesday, March 6th the Board of Directors of General Dynamics Corporation (GD) announced a quarterly dividend increase of from $1.32 to $1.42 per share that’s payable May 10, 2024 to holders of record April 11, 2024. This represents a 7.58% increase over the last quarter dividend and this is the 27th consecutive annual dividend increase authorized by the General Dynamics board.
With current price $273.01 (today's open), this raise brings their dividend yield to 2.08%.
General Dynamics is a Dividend Champions with a 27 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 5.0, 6.5, 7.5 and 9.1 (Dividend Champions.xls)
Since I own 40 shares of GD, this will increase my portfolio's projected annual net dividend income by $11.92.
I was expecting a rise of around 5%, so the announcement was a nice positive surprise.
This is the fifth dividend increase I've received from General Dynamics since initiating a position in January 2020. During that period, the quarterly dividend has gone up decently from $1.02 to $1.42, or 39.2 percent.
This increase raises my Yield on Cost to 4.21%.
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 GD
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