Thursday, May 23th the Board of Directors of Flowers Foods, Inc. (FLO) announced a quarterly dividend increase of from $0.23 to $0.24 per share that’s payable June 20, 2024 to holders of record June 6, 2024. This represents a 4.35% increase over the last quarterly dividend. This is the 87th consecutive quarterly dividend paid by the company.
“The board is pleased to reward shareholders with a dividend increase, reflecting our confidence in Flowers’ ability to deliver earnings growth in line with our long-term financial targets,” said Ryals McMullian, chairman and CEO of Flowers Foods. “The dividend is an important part of our mission to allocate capital to enhance shareholder returns. Our strong balance sheet and solid cash flow generation provide a competitive advantage and enable investments in future growth as well as an increasing dividend.”
With current price $23.61 (yesterday's close), this raise brings their dividend yield to 4.07%.
Flowers Foods is a Dividend Contenders with a 23 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 4.6, 4.8, 5.1 and 7.4 (Dividend Champions.xls)
Since I own 185 shares of FLO, this will increase my portfolio's projected annual net dividend income by $5.51.
This increase was in line with my expectations.
This is the eighth dividend increase I've received from Flowers Foods, Inc. since initiating a position in August 2016. During this period, the quarterly dividend has risen moderately from $0.16 to $0.24, or 50 percent.
This increase raises my YOC to 6.27%.
Summary of 2024 Dividend Increases / Cuts
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You can follow the development of my dividends here.
Full Disclosure: Long FLO
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