Laura Franks’ Dividend Note No. 17, December 17, 2009 on Bexley Public Radio.
This is a report on fifteen companies that are increasing dividends. It is an occasional note on dividends by Laura Franks.
This informal collection marks dividend increases for mostly U.S. stocks.
Bexley Public Radio hopes this is a positive note amidst the usual uncertainty of Wall Street and financial markets.
Commentary and analysis is sometimes offered in this informal journal.
ABM Industries (NYSE: ABM) New York Dec. 16, 2009 announced that the Board of Directors has declared a first quarter cash dividend of $0.135 per common share, which is nearly a 4% increase, payable on February 1, 2010 to stockholders of record on January 7, 2010. This will be ABM’s 175th consecutive quarterly cash dividend.
BCE, Inc. (NYSE: BCE) Montreal, Canada, Dec. 17, 2009 announced a 7% increase in its annual common share dividend to $1.74 per share for 2010 as well as plans for the use of its year-end 2009 surplus cash balance that include a Normal Course Issuer Bid (NCIB) for up to $500 million and a $500 million special voluntary pension contribution.
"BCE is committed to delivering attractive ongoing returns to our shareholders and has done so through consistent and sustainable dividend increases and share buybacks since December 2008," said George Cope, President and CEO of BCE and Bell Canada. "Our accelerating business performance built on the Bell team's strong execution of our 5 Strategic Imperatives, substantial free cash flow generation and ample liquidity provide us with the financial flexibility to reward shareholders while maintaining both a strong balance sheet and robust capital investment in Bell's networks and service programs."
Today's announcement represents BCE's third increase to the annual common share dividend and the second share buyback since the termination of its proposed privatization agreement in December 2008. With this increase, BCE's annual common share dividend has increased by 19% since the fourth quarter of 2008.
The BCE annual common share dividend will increase by 7% to $1.74 per share, effective with BCE's Q1 2010 dividend payable on April 15, 2010 to shareholders of record at the close of business on March 15, 2010. This increase maintains BCE's payout ratio conservatively towards the lower end of its policy of 65% to 75% of Adjusted EPS for 2010.
The increased dividend is effective with the quarterly dividend payable April 15 to shareholders of record March 15.
BioMed Realty Trust, Inc. (NYSE: BMR) San Diego, CA, Dec, 15, 2009 has declared a fourth quarter 2009 dividend of $0.14 per share of common stock, or $0.56 annualized. The dividend represents a 27.3% increase over the company's third quarter 2009 dividend of $0.11 per share. The dividend is payable on January 15, 2010 to stockholders of record at the close of business on December 31, 2009. The ex-dividend date is December 29, 2009. Yield on the dividend is 3%.
CapLease, Inc. (NYSE: LSE) New York, Dec. 16, 2009 announced an increase in the Company’s quarterly dividend by 20% beginning with the fourth quarter of 2009 to $0.06 per share. That increase reflects the Company’s significant progress over the past 12 months in strengthening the balance sheet, including reducing debt by more than $125 million in 2009 and the early extension of the Wachovia term loan facility until April 2011. The Board of Directors will continue to reevaluate the Company’s dividend policy throughout the year as the Company implements its 2010 plans which are focused on increasing free cash flow and resuming portfolio growth on an opportunistic basis.
Consistent with the foregoing dividend policy, the Company announced today that its Board of Directors has declared a cash dividend of $0.06 per share of common stock and per limited partnership unit for the fourth quarter of 2009.
DTF Tax-Free Income Inc., (NYSE: DTF) Chicago, Dec. 14, 2009 determined that the monthly dividends for January and February 2010 will be in the amount of $0.06 per share. The $0.06 per share dividend rate represents an increase of $0.005 per share from the Fund's previous $0.055 monthly distribution rate. This increase in the dividend rate is intended to better align the Fund's monthly distribution with its current and projected earnings and is subject to re-evaluation as the interest rate and credit environment changes.
DTF Tax-Free Income Inc. is a diversified, closed-end investment company. The Fund's investment objective is current income exempt from regular federal income tax consistent with preservation of capital. The Fund seeks to achieve its investment objective by investing in a diversified portfolio of investment-grade tax-exempt obligations. The Fund's investment adviser is Duff & Phelps Investment Management Co.
Flaherty & Crumrine Preferred Income Fund Incorporated (NYSE:PFD) Pasadena, CA, Dec. 15, 2009 The monthly dividend rate for PFD has been increased by approximately 14.3% to USD0.072 per share, equating to an annual dividend of USD0.864 per share. The dividend will be paid on 31 December 2009 to holders of record of the fund's common stock on 23 December 2009. The expected ex-dividend date is 21 December 2009.
Flaherty & Crumrine Preferred Income Opportunity Fund Incorporated (NYSE:PFO) Pasadena, CA, Dec. 15, 2009. The new monthly dividend rate for PFO will be USD0.0575 per share, an increase of approximately 15% and equating to an annual dividend of USD0.690 per share. The dividend will be paid on 31 December 2009 to holders of record of the fund's common stock on 23 December 2009. The expected ex-dividend date is 21 December 2009.
First Financial Corporation (NASDAQ: THFF) Terre Haute, IN, Dec. 16, 2009 declared a semi-annual dividend of 45 cents per share payable on January 4, 2010, to shareholders of record at the close of business on December 28, 2009. Today's declaration brings the total dividend declared for 2009 to 90 cents per share, a 1.1% increase from 2008.
"We have been pleased to reward our shareholders for their support and confidence with increased dividends for 21 consecutive years," said Donald E. Smith, Chairman.
"In 2009 First Financial Bank marked its 175th year of service," he said. "Two other notable milestones in 2009 included the acquisition of the First National Bank of Danville in Vermillion County, Illinois and the opening of our new Sycamore Terrace banking center on the east side of Terre Haute. At a time when the nation's economy continues to struggle, these achievements demonstrate the strength of our company."
First Financial Corporation is the holding company for First Financial Bank N.A., with 54 banking centers in western Indiana and eastern Illinois; The Morris Plan Company of Terre Haute; and Forrest Sherer Inc., a full-service insurance agency.
General Mills (NYSE: GIS) Minneapolis, MN Dec. 14, 2009 announced an increase the company’s quarterly dividend rate to 49 cents per share, effective for the dividend to be paid on Feb. 1, 2010. The dividend will be payable to shareholders of record on Jan. 11, 2010.
The rate increase means the food manufacturer’s common sharholders will receive dividends of $1.92 per share for the present 2010 fiscal year, up from $1.72 in fiscal 2009.
General Mills previously increased its quarterly payment to 47 cents per share. That change was effective for its August 2009 payment.
General Mills and its predecessor firm have paid shareholder dividends without interruption or reduction for 111 years.
The company’s stock was down 13 cents per share, or 0.19 percent, to $68.93 at the close of trading Monday.
Hatteras Financial Corp. (NYSE: HTS) Winston Salem, NC Dec. 15, 2009 declared a quarterly dividend of $1.20 per common share for the fourth quarter of 2009. The dividend will be paid on January 22, 2010, to stockholders of record on December 28, 2009, with an ex-dividend date of December 23, 2009. "We are pleased to announce our fourth consecutive dividend increase this year," said Michael R. Hough, Chief Executive Officer of Hatteras. "It continues to be a strong operating environment for the company and we're excited by the prospects for 2010. The portfolio is conservatively positioned and we will continue to adjust the asset and liability mix as we progress through this cycle."
Iberdrola (OTC: IBDRY) Bilbao, Spain Dec. 16, 2009 yesterday approved a 5% increase in overall amount for the ordinary dividend this year against the spread last year. Iberdrola will pay 0.143 euros gross per title on account of profit for the year 2009, making the shareholder remuneration is in line with 2008. The electric company will also further the payment of such compensation to December 30. This measure seeks to avoid increased tax rates on capital income approved by the Spanish government and will enter into force on January 1, 2010.
Pfizer Inc.(NYSE: PFE) New York, Dec 18, 2009 declared an 18-cent first-quarter 2010 dividend on the company's common stock, payable March 2, 2010, to shareholders of record at the close of business on February 5, 2010.
The company noted that it increased the dividend by 12.5 percent, to 18 cents from 16 cents per share.
"The board has determined that a measured dividend increase can be supported at this time," said Jeffrey Kindler, Pfizer Chairman and Chief Executive Officer. "This increase is a testament to our commitment to enhance shareholder value and our confidence in our business and our ability to rapidly integrate Wyeth and realize the anticipated benefits of the acquisition.
While the dividend level remains a decision of the board and will continue to be evaluated in the context of future business performance, we currently believe that we can support future annual dividend increases, barring significant unforeseen events."
The first-quarter 2010 cash dividend will be the 285th consecutive quarterly dividend paid by Pfizer.
Realty Income Corporation (NYSE:O) Escondido, CA announced that its Board of Directors has declared an increase in the Company’s common stock monthly cash dividend to $0.143 per share from $0.1426875 per share. The dividend is payable on January 15, 2010 to shareholders of record as of January 4, 2010. This is the 49th consecutive quarterly increase and the 56th dividend increase since Realty Income went public in 1994. The new monthly dividend amount represents an annualized dividend amount of $1.716 per share as compared to the previous annualized dividend amount of $1.71225 per share. The Company continues its long-term policy of declaring and paying dividends on a monthly, rather than on a quarterly, basis.
Tom A. Lewis, Chief Executive Officer of Realty Income commented, “We are pleased that, despite challenging economic conditions, our operations allow us to once again increase the amount of the dividend we pay to our shareholders. With the payment of the January dividend we will have made 474 consecutive monthly dividend payments.“
Realty Income, The Monthly Dividend Company®, is a New York Stock Exchange real estate company dedicated to providing shareholders with dependable monthly income. To date the Company has declared 474 consecutive common stock monthly dividends throughout its 40-year operating history and increased the dividend 56 times since Realty Income’s listing on the New York Stock Exchange in 1994. The monthly dividend is supported by the cash flow from over 2,300 retail properties owned under long-term lease agreements with leading regional and national retail chains. The Company is a buyer of net-leased retail properties nationwide.
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) Greenwich, CT, Dec. 17, 2009 announced an increase in the quarterly dividends on the Company’s Class A Common Stock and Common Stock. The dividends were declared in the amounts of $0.2425 for each share of Class A Common Stock and $0.2200 for each share of Common Stock. The dividends are payable January 22, 2010 to stockholders of record on January 8, 2010. The new dividend rates represent annualized increases of $0.01 per share for both the Class A Common shares and Common shares. The dividends declared represent the 160th consecutive quarterly dividend on common shares declared since the Company began operating in 1969 and the sixteenth consecutive annual increase in the dividend rates.
The Directors of UBP also declared the regular quarterly dividends on the Company’s Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock. The dividends were declared in the amount of $2.125 for each share of Series C Preferred Stock, $0.46875 for each share of Series D Preferred Stock and $0.53125 for each share of Series E Preferred Stock. The dividends are payable January 29, 2010 to stockholders of record on January 15, 2010.
UBP is a self-administered equity real estate investment trust providing investors with a means of participating in ownership of income-producing properties and investment liquidity. UBP owns or has an interest in 46 properties containing 3.9 million square feet of space. UBP’s core properties consist principally of community shopping centers located in the northeast with a concentration in Fairfield County, Connecticut, Bergen County, New Jersey and Westchester and Putnam Counties, New York.
Waste Management, Inc. (NYSE: WM) Houston, TX Dec. 17, 2009 approved an increase in the quarterly dividend from $0.29 to $0.315 or 8.6%.
The company has increased its quarterly dividend for six consecutive years.
Waste Management CEO David P. Steiner said, "This announcement reflects our continued commitment to returning cash to our shareholders. Waste Management continues to produce consistent and strong cash flows, as evidenced by the dividend increase. The Board of Directors and management remain focused on being prudent and disciplined stewards of the Company's capital."
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Design is copyright 2009. All rights reserved. Bexley Public Radio Foundation. Text is copyright 2009. All rights reserved. Laura Franks.
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