Thursday, May 9th the Board of TELUS Corporation (TSE:T) announced a quarterly dividend increase of from C$0.3761 to C$0.3891 per share that’s payable July 2, 2024 to holders of record June 10, 2024. This represents a 3.46% increase over the last quarterly dividend.
It should be noted that this is the second increase in the last 12 months. In November 2023, TELUS increased quarterly dividend from C$ 0.3636 to C$ 0.3761 or 3.44%, bringing the annual increase to 7.0%.
With current price C$22.41 (yesterday's close), this raise brings their dividend yield to 6.95%.
TELUS is a member of Canadian Dividend All Star List with a 20 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 7.3, 7.1, 6.7 and 7.9 (Canadian Dividend All-Star List)
Since I own 380 shares of TELUS, this will increase my portfolio's projected annual net dividend income by $10.76.
This increase was in line with my expectations, because TELUS has published a multi-year dividend growth plan and this was in line with it.
This is the ninth annual dividend increase I've received from TELUS since initiating a position in February 2015. During that period, the quarterly dividend has grown nicely from C$0.20 to C$0.3891, or 94.5 percent.
This increase raises my Yield on Cost 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 TSE:T
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