The S&P 500 Index experienced a rather turbulent week as investors fixated on stubbornly low inflation, another sharp selloff in the technology sector and some worries about global central banks tightening up monetary policies. However, a number of companies delivered clear signals of strength in the form of higher dividends.
Seven notable dividend stocks increased payouts over the last week, including several major banks, a popular packaged food company, a large restaurant chain and a transportation and logistics business.
Here are seven dividend stocks increasing payouts.
Bank of America Corp (NYSE:BAC) increased its quarterly dividend by 60%, raising its payment to 12 cents per share from 7.5 cents. The banking and financial services company has yet to announce a formal payout date for the third quarter, but has historically paid dividends near the end of September with an ex-dividend date in early September.
BAC Dividend Yield: 1.23%
General Mills, Inc. (NYSE:GIS) grew its quarterly dividend from 48 cents per share to 49 cents, representing a raise of 2%. The consumer packaged goods giant will pay out its higher dividends to shareholders of record as of July 10 on August 1. GIS shares trade ex-dividend on July 6.
GIS Dividend Yield: 3.55%
JPMorgan Chase & Co. (NYSE:JPM) moved its quarterly dividend higher by 12%, increasing it from 50 cents per share to 56 cents. The investment banking and financial services company will pay its higher dividend to shareholders of record as of October 6 on October 31. JPM shares are expected to trade ex-dividend on October 4.
JPM Dividend Yield: 2.19%
Wells Fargo & Co (NYSE:WFC) increased its quarterly dividend by 3%, raising its payment by a penny to 39 cents per share from 38 cents. An official payout date has yet to be announced for the diversified bank, but Wells Fargo has historically made its next dividend payment on September 1 with an ex-dividend date in early August.
WFC Dividend Yield: 2.75%
Darden Restaurants, Inc. (NYSE:DRI) raised its quarterly dividend by 13%, increasing it from 56 cents per share to 63 cents. The full-service restaurant operator will pay its higher dividend to shareholders of record as of July 10 on August 1. DRI shares will trade ex-dividend on July 6.
DRI Dividend Yield: 2.77%
Matson, Inc. (NYSE:MATX) announced a 5% increase to its quarterly dividend, raising it from 19 cents per share to 20 cents. Dividends will be paid from the transportation and logistics company on September 7 to shareholders of record as of August 3. MATX shares become ex-dividend on August 1.
MATX Dividend Yield: 2.64%
8point3 Energy Partners LP (NASDAQ:CAFD) announced a 3% increase to its quarterly dividend, raising it from 25.65 cents per share to 26.42 cents. Dividends will be paid from the solar energy company on July 14 to shareholders of record as of July 6. CAFD shares become ex-dividend on July 3.
CAFD Dividend Yield: 7.01%
As of this writing, Brian Bollinger was long General Mills and Wells Fargo.