Volatility is up (VIX), the Dow is down, and everywhere you look it seems like some company is cutting its dividend to preserve capital. And recently, General Electric (GE) announced that it will not raise its dividend in 2009; the dividend will remain at the current level of $0.31 per quarter. GE has raised its dividend every year since the 1970's. Not raising the dividend means the company will fall off the S&P Dividend Aristocrats List.
Last week I posted about Aristocrats raising dividends in 2008. This time I have compiled a list, albeit short, of non-aristocrats that have raised dividends in 2008. Of course increasing dividends are usually a clear indication of management's confidence that a company will remain profitable. If readers are aware of any other companies raising dividends, please add them in the comments.
ATNI, Atlantic Tele Network, from $0.16 to $0.18, +12.5%
BNI, Burlington Northern Santa Fe Corp., from $0.32 to $0.34, +6.3%
BNS, Bank of Nova Scotia, from $0.47 to $0.49, +4.3%
FNLC, The First Bancorp, from $0.175 to $0.195 per share
GEF, Greif, Inc., from $0.28 to $0.38, +35.7%
GES, Guess Inc., from $0.08 to $0.10, +25.0%
GGB, Gerdau SA, from $0.09 to $0.22, +144.4%
GIS, General Mills, from $0.40 to $0.43, +7.5%
HWKN, Hawkins, Inc., from $0.24 to $0.26, +8.3%
KFT, Kraft Foods Inc., from $0.27 to $0.29, +7.4%
MEI, Methode Electronics, Inc., from $0.05 to $0.07, +40.0%
MSFT, Microsoft Corp., from $0.11 to $0.13, +18.2%
OKE, ONEOK, Inc., from $0.38 to $0.40, +5.3%
OXY, Occidental Petroleum, from $0.25 to $0.32, +28.0%
PLD, Prologis, from $0.46 to $0.52, +13.0%
SO, Southern Company, from $0.40 to $0.42, +5.0%
TD, Toronto Dominion Bank, from $0.57 to $0.59, +3.5%
TFX, Teleflex, Inc., from $0.32 to $0.34, +6.3%
TXN, Texas Instruments, from $0.11 to $0.12, +9.1%
SCHW, Charles Schwab, from $0.05 to $0.06, +20%
Disclosure: The author is long GGB, TD and SO.
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