The S&P 500 Index moved higher last week after a prior two-week losing streak. With earnings season largely in the rearview mirror, it was a rather quiet week, too. However, a handful of companies issued good news in the form of dividend raises.
Six notable dividend stocks increased payouts over the last week, including two financial services companies, a leading cigarette manufacturer, and two basic materials suppliers.
Here are six dividend stocks that have recently increased payouts.
Altria Group Inc (NYSE:MO) announced an 8% increase to its quarterly dividend, raising it from 61 cents per share to 66 cents. Dividends will be paid from the cigarette manufacturer on Oct. 10 to shareholders of record as of Sept. 15. MO shares become ex-dividend on Sept. 14.
MO Dividend Yield: 3.79%
Intuit Inc. (NASDAQ:INTU) increased its quarterly dividend by 15% to 39 cents per share from 34 cents. Shareholders of record as of Oct. 10 will receive dividends from the financial and business management software company on Oct. 18. The company’s shares will go ex-dividend on Oct. 6.
INTU Dividend Yield: 1.13%
Westlake Chemical Corporation (NYSE:WLK) grew its quarterly dividend from 19.09 cents per share to 21 cents, representing a raise of 10%. The commodity chemical manufacturer will pay out its higher dividends to shareholders of record as of Sept. 1 on Sept. 18. KSU shares trade ex-dividend on Aug. 30.
WLK Dividend Yield: 1.13%
Newtek Business Services Corp (NASDAQ:NEWT) increased its quarterly dividend by 10%, raising its payment to 44 cents per share from 40 cents. Shareholders of record as of Sept. 22 will receive their higher dividends on Sept. 29 from the lender and investment company. NEWT shares will be ex-dividend on Sept. 21.
NEWT Dividend Yield: 10.25%
Martin Marietta Materials, Inc. (NYSE:MLM) increased its quarterly dividend by 5%, raising its payment to 44 cents per share from 42 cents. Shareholders of record as of Sept. 5 will receive dividends from the supplier of construction materials on Sept. 29. The company’s shares will go ex-dividend on Aug. 31.
MLM Dividend Yield: 0.86%
Royal Bank of Canada (NYSE:RY) raised its quarterly dividend by 5%, increasing it from CAD 87 cents per share to CAD 91 cents. The diversified financial services company will pay its higher dividend to shareholders of record as of Oct. 26 on Nov. 24. RY shares will trade ex-dividend on Oct. 25.
RY Dividend Yield: 3.87%
As of this writing, Brian Bollinger is long Altria.