I review the list of dividend increases as part of my monitoring process. This exercise helps in monitoring existing positions and potentially identify companies for further research.
Over the past week, there were five companies that both increased dividends and have managed to increase them for at least ten consecutive years. The companies include:
The REIT hiked quarterly dividends by 2.48% to $1.24/share. The new dividend is 5.08% higher than the distribution paid during the same time last year. This marked the 13th consecutive annual dividend increase for this dividend achiever.
Alexandria Real Estate Equities has managed to increase dividends at an annualized rate of 8.72% over the past decade.
It has managed to grow FFO/share from $4.33 in 2013 to $5.44 in 2022. Forward FFO estimates for 2023 are at $8.95/share.
The stock is selling for 13.47 times forward FFO and yields 4.11%.
Casey's General Stores, Inc. (CASY) operates convenience stores under the Casey's and Casey's General Store names.
The company increased quarterly dividends by 13.16% to $0.43/share. This was the 24th consecutive annual dividend increase for this dividend achiever. Over the past decade the company has managed to increase dividends at an annualized rate of 8.77%.
The company grew earnings per share from $3.19 in 2014 to $9.85 in 2023. The company is expected to earn $10.73/share in 2024.
The stock is selling for 20.44 times forward earnings and yields 0.79%.
Oil-Dri Corporation of America (ODC) develops, manufactures, and markets sorbent products in the United States and internationally. It operates in two segments, Retail and Wholesale Products Group, and Business to Business Products Group.
The company increased quarterly dividends by 3.57% to $0.29/share. This marked the 21st consecutive annual dividend increase for this dividend achiever. Over the past decade ,it has managed to grow dividends at an annualized rate of 4.62%
Earnings per share fluctuated from a high of $2.09 in 2013 to a low of $0.82/share in 2022. Trailing 12 month earnings are at $3.29,
The stock is selling for 14.30 times trailing earnings and yields 2.46%.
Universal Health Realty Income Trust (UHT) is a real estate investment trust which invests in healthcare and human-service related facilities including acute care hospitals, behavioral health care hospitals, specialty facilities, medical/office buildings, free-standing emergency departments and childcare centers.
The company increased dividends by 1.41% to $0.72/share. This marked the 38th year of consecutive annual dividend increases for this dividend champion. Over the past decade, the company has managed to increase dividends at an annualized rate of 1.49%.
FFO/share increased from $2.76 in 2013 to $3.54 in 2022. Forward FFO for 2023 is at $3.46/share.
The stock is selling for 14.26 times forward FFO and yields 5.81%.
UnitedHealth Group Incorporated (UNH) operates as a diversified health care company in the United States. It operates through four segments: UnitedHealthcare, Optum Health, Optum Insight, and Optum Rx.
The company hiked quarterly dividends by 13.94% to $1.88/share. This marked the 14th consecutive annual dividend increase for this dividend achiever. Over the past decade, the company has managed to increase dividends at an annualized rate of 23.11%.
UnitedHealth Group managed to grow earnings from $5.50/share in 2013 to $21.18/share in 2022. The company is expected to earn $25/share in 2023.
The stock is selling for 19.61 times forward earnings and yields 1.52%.
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