There was a nice mix of industrial, financial, retail and technology companies increasing dividends last week, and perhaps the best-known of the payout performers are tech giant Qualcomm Inc. (NASDAQ: QCOM), industrial giant Ingersoll-Rand (NYSE: IR) and bank stock PNC Financial (NYSE: PNC).
In all, eight decent-sized dividend stocks of note reported increases last week. Here they are:
Ingersoll-Rand (NYSE: IR). The company’s tag line is “nothing can stop a Trane,” which is a reference to its ubiquitous line of air conditioners. Industrial and commercial products maker Ingersoll-Rand turned up the air on its dividend last week by a whopping 71% to 12 cents a share, while also authorizing a plan to buyback as much as $2 billion in stock. The new dividend is payable June 30 to shareholders of record as of June 17.
PNC Financial (NYSE: PNC). The mega-cap, diversified financial servicesstock lifted its lucre to shareholders, raising its quarterly payout to 35 cents per share from 10 cents. The new PNC dividend will be made on May 5 to shareholders of record on April 18. PNC Financial also announced plans to purchase $500 million of common stock during 2011.
Qualcomm (NASDAQ: QCOM). The leading 3G and mobile technology company placed a welcome call to shareholders, ringing up its quarterly cash dividend to 21.5 cents per share. The new Qualcomm dividend is payable on June 24 to QCOM shareholders of record at the close of business on May 27. Separately, QCOM shares were upgraded by Sterne Agee from “Neutral” to “Buy.”
TJX Companies (TJX). The discount retailer that operates TJ Maxx and Marshalls lifted its payout by 27% to 19 cents per share. The new dividend will be paid on June 2 to shareholders of record on May 12. TJX also reiterated its plans to repurchase $1.2 billion of stock in 2011. The retailer recently reported that fiscal fourth-quarter earnings grew 12% to $1.05 per share from 94 cents in the year-ago period. Profits were primarily driven by sound inventory management and increased store traffic.
Government Properties Income Trust (NYSE: GOV). The real estate investment trust (REIT), which owns properties leased primarily to the U.S. Government and state governments, raised its quarterly payout by 1 cent to 42 cents per share. The new distribution will be paid to GOV shareholders of record as of the close of trading on April 26, and distributed on or about May 24.
Idex Corporation (NYSE: IEX). The manufacturer of industrial pumps, flow meters, other fluidics components turned up the meter on its dividend by 13%, as its board of directors approved an increase in the quarterly cash payout to 17 cents per common share. The next dividend will be paid April 29 to shareholders of record as of April 15. The payout represents the company’s 66th consecutive regular quarterly cash dividend payment. Separately, Idex received an upgrade from Oppenheimer to “Outperform” from
Perform.”
International Speedway (NASDAQ: ISCA). The motorsports entertainment company and operator of racetracks around the country opened up the throttle on its annual dividend, raising its yearly payout to 18 cents per share from 16 cents. The annual payout will be made on June 30 to shareholders of record on May 31. The increased payout came despite a first-quarter profit that fell nearly 16%, as the still-stagnant economy hurt attendance at motorsports events.
Tanger Factory Outlet (NYSE: SKT). The REIT, which specializes in managing factory outlet shopping centers, increased its quarterly payout by 3.2% to 20 cents per share. The new dividend is payable on May 13 to shareholders of record on April 29. The real estate investment trust has paid dividends each quarter since becoming a public company in May 1993.
At the time of publication, Jim Woods held no positions in any of the stocks mentioned in this article.
