Yesterday I received a raise! Just one of many that I receive throughout a given year due to my dividend growth investing strategy. I outlined some of the reasons for my strategy in an article about Creating My Own Mutual Fund last week.
Today the raise came via Altria Group Inc (MO). Altria has had strong earnings performances recently and has rewarded shareholders with a dividend increase. The prior quarterly dividend was $0.565/share and the new dividend will be $0.61/share. This represents a 7.96% increase year over year.
The ability for Altria to consistently provide solid operating performance as well as return cash to shareholders has it among some elite company in the dividend investing community. Altria has now raised its dividend for 47 straight years, if you take the impact of spinoffs into consideration.
Since I own 30 shares of MO in my Rollover IRA account my forward 12-month dividend income while go from $67.80 to $73.20. This is $5.40 more income and I did nothing but read the press release.
Raise season for many other stocks is just around the corner! Hope everyone is doing well!