The S&P 500 Index recorded one of its best weeks, gaining more than 1% to approach its all-time high. Investors cheered several new reports that showed a resilient economy and low inflation, which suggests the Federal Reserve may keep interest rates lower for longer. Sentiment was also helped by news of several dividend stocks increasing payouts.
Four notable dividend stocks increased their payouts over the last week, including two financial services firms and a major technology communications systems manufacturer.
Harris Corporation (NYSE:HRS) increased its quarterly dividend by 8%, raising its payment to 57 cents per share from 53 cents. Shareholders of record as of Sept. 8 will receive their higher dividends on Sept. 22 from the provider of communications systems and technology components. HRS shares will be ex-dividend on Sept. 7.
HRS Dividend Yield: 1.86%
Bank of Nova Scotia (NYSE:BNS) raised its quarterly dividend by 4%, increasing it from CAD 76 cents per share to CAD 79 cents. The international financial services provider and bank will pay its higher dividend to shareholders of record as of Oct. 3 on Oct. 27. BNS shares will trade ex-dividend on Oct. 2.
BNS Dividend Yield: 4.01%
Eastgroup Properties Inc (NYSE:EGP) increased its quarterly dividend by 3% to 64 cents per share from 62 cents. Shareholders of record as of Sept. 15 will receive dividends from the industrial real estate investment trust on Sept. 29. The company’s shares will go ex-dividend on September 14.
EGP Dividend Yield: 2.89%
Capital Southwest Corporation (NASDAQ:CSWC) grew its quarterly dividend from 21 cents per share to 24 cents, representing a raise of 14%. The specialty lending company will pay out its higher dividends to shareholders of record as of Sept. 15 on Oct. 2. CSWC shares trade ex-dividend on Sept. 14.
CSWC Dividend Yield: 2.87%
As of this writing, Brian Bollinger had no position in any of the stocks mentioned.