5 Notable Dividend Increases From the Past Week — Including Phillips 66

PSX, CP, AQN, KEY announced double-digit dividend increases

By Brian Bollinger, Simply Safe Dividends

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The Dow Jones Industrial Average gained each day last week, propelled by gains in energy and technology stocks. A handful of businesses added to the positive sentiment with news of dividend increases.

Five notable dividend stocks rewarded shareholders with dividend increases over the last week. This included two real estate investment trusts, the owner of the most valuable global brand, and a power producer.

Here are five dividend stocks increasing payouts.

Phillips 66 (NYSE:PSX) increased its quarterly dividend by 14%, raising its payment to 80 cents per share from 70 cents. Shareholders of record as of May 21 will receive their higher dividends on June 1 from the refinery and petrochemical company. Therefore, PSX shares will be ex-dividend on May 18.
PSX Dividend Yield: 2.72%

Canadian Pacific Railway Limited (USA) (NYSE:CP) announced a 16% raise to its quarterly dividend, increasing it from 56.25 cents per share to 65 cents. Shareholders of record as of June 29 will receive their higher dividends on July 30 from the transcontinental freight railway. As a result, CP shares will be ex-dividend on June 28.
CP Dividend Yield: 1.09%

Algonquin Power & Utilities Corp (NYSE:AQN) raised its quarterly dividend by 10%, increasing it from 11.65 cents per share to 12.82 cents. Shareholders of record as of June 29 will receive dividends from the power generator on July 13. Because of this, the company’s shares trade ex-dividend on June 28.
AQN Dividend Yield: 4.69% 

KeyCorp (NYSE:KEY) moved its quarterly dividend higher by 14%, increasing it from 10.5 cents per share to 12 cents. The regional bank will pay its higher dividend to shareholders of record as of May 29 on June 15. As a result, KEY shares trade ex-dividend on May 25.
KEY Dividend Yield: 2.37% 

Cardinal Health Inc (NYSE:CAH) increased its quarterly dividend by 3%, raising its payment to 47.63 cents per share from 46.24 cents. Shareholders of record as of July 2 will receive dividends from the medical supply and pharmaceutical distributor on July 15. Therefore, the company’s shares trade ex-dividend on June 30.
CAH Dividend Yield: 3.45%

As of this writing, Brian Bollinger had no position in any of the stocks mentioned.

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