Tuesday, April 30th the Board of Directors of Unum Group (UNM) votes a quarterly dividend increase of from $0.365 to $0.42 per share effective with the dividend expected to be paid in the third quarter of 2024. This represents a 15.1% increase over the last quarterly dividend.
With current price $50.70 (yesterday's close), this raise brings their dividend yield to 3.31%.
Unum Group is a Dividend Contenders with a 16 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 10.3, 6.8, 7.2 and 9.7 (Dividend Champions.xls)
Since I own 200 shares of UNM, this will increase my portfolio's projected annual net dividend income by $32.78.
I was expecting an increase of around 7%, so this was a really positive surprise that I'm happy to receive.
This is the fourth dividend increase I've received from Unum Group since initiating a position in January 2021. (More here) During this period, the quarterly dividend has increased nicely from $ 0.285 to $ 0.42, or 47.4 percent.
This increase raises my Yield on Cost to 6.67%.
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 UNM
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