Discover the 15 companies that announced dividend increases last quarter, Q4 FY 2023
Dividends
January 9, 2024
Ituran Location and Control Ltd. recently revealed its robust financial results for Q3 2023, showcasing impressive achievements. The quarter witnessed a significant net subscriber growth of 48,000, contributing to a record-breaking revenue of $81.1 million, a 12% YoY improvement. Ituran's net income also surged to $12.5 million, marking a 24% YoY increase. EBITDA reached $22.5 million, indicating a 15% YoY growth, further solidifying Ituran's financial stability.
Eyal Sheratzky, Co-CEO of Ituran, expressed satisfaction with the results, highlighting sustained subscriber growth and resilience despite challenges in the Israeli market due to the war. In response to its strong performance, Ituran increased its dividend to $5 million, a notable 67% boost from the previous quarter. This decision reflects Ituran's commitment to rewarding loyal shareholders and its confidence in continued success. Ituran's dividend policy has returned to its former structure, reminiscent of the period before the 2019 Corona shutdown, showcasing a positive shift in its financial strategy. Additionally, the share buyback program, initially set at $25 million, was increased by $10 million, underscoring Ituran's confidence in its future prospects. As of September 30, 2023, $6.7 million remains under the buyback program, reaffirming Ituran's commitment to enhancing shareholder value.
Ituran Location and Control Ltd., founded in 1994 and headquartered in Azor, Israel, specializes in providing location-based services and wireless communications products. Ituran's Location-Based Services segment offers stolen vehicle recovery, fleet management, personal locator, and on-demand navigation services. It caters to insurance companies, car manufacturers, dealers, and private subscribers. The Wireless Communications Products segment provides radio receivers, control centers, navigation and tracking devices for vehicles, and portable transmitters. Ituran serves approximately 230,000 end-users through 40,000 corporate customers across Israel, Brazil, Argentina, Mexico, Ecuador, Colombia, and the United States.
Liberty Energy Inc. recently boosted its dividend by a solid 40%, with a new payout of $0.07 per share of Class A common stock. This decision, announced last quarter, reflects Liberty's stellar performance and growth in per-share earnings. Chris Wright, Liberty's CEO, attributes this dividend increase to their strategic investments in cutting-edge technologies and innovative ventures, enhancing their competitive edge and expanding market opportunities.
The move signifies Liberty's confidence in its transformed business model over the last three years, showcasing improved cash-generating capabilities. The dividend, scheduled for payment on December 20, 2023, rewards stockholders who were on the record as of December 6, 2023. It's important to note that future dividends are contingent upon the Board of Directors' approval, ensuring alignment with Liberty's best interests and market conditions. For savvy investors eyeing a promising stock with solid dividend prospects, Liberty Energy Inc. appears to be on an upward trajectory.
Liberty Oilfield Services Inc. provides hydraulic fracturing services to onshore oil and natural gas exploration and production companies in North America. Liberty Energy offers its services primarily in the Permian Basin, the Eagle Ford Shale, the Denver-Julesburg Basin, the Williston Basin, and the Powder River Basin. Liberty Oilfield Services Inc. was founded in 2011 and is headquartered in Denver, Colorado.
Matador Resources Company has recently made a significant move by increasing its quarterly cash dividend by 33% to $0.20 per share, starting in the fourth quarter of 2023. This decision reflects Matador's commitment to delivering value to its shareholders and highlights Matador's growing financial strength and positive operational outlook.
The dividend boost follows Matador's success in amending its credit agreement on October 19, 2023, where the borrowing base was increased by $250 million to $2.5 billion. Notably, the elected commitment also saw a $75 million rise to $1.325 billion, showcasing the confidence of Matador's banks in Matador's performance. This increase marks the second time this year, with a prior boost of $475 million in March 2023 related to the acquisition of Advance Energy Partners Holdings, LLC. Additionally, Matador welcomes JPMorgan Chase Bank, N.A. to its bank group, a testament to Matador's strong relationships and strategic financial management.
Brian J. Willey, Matador’s Executive Vice President and Chief Financial Officer, expressed gratitude for the continued support from banks and welcomed JPMorgan Chase, emphasizing Matador's dedication to maintaining a robust balance sheet, growing production, reducing debt, and exercising discipline in managing costs and capital expenditures. This positive momentum positions Matador as a compelling choice for investors eyeing dividend prospects and stable financial performance.
Matador Resources Company, an independent energy firm based in Dallas, Texas, specializes in the exploration, development, production, and acquisition of oil and natural gas resources across the United States. Operating in two key segments, Exploration and Production, as well as Midstream, Matador holds significant interests in the Wolfcamp and Bone Spring plays in the Delaware Basin, South Texas' Eagle Ford shale play, and the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Additionally, Matador conducts midstream operations supporting its exploration and offers services such as natural gas processing, oil transportation, and gathering services. Established in 2003, Matador, formerly known as Matador Holdco, Inc., rebranded as Matador Resources Company in August 2011. As of December 31, 2019, Matador boasted estimated total proved oil and natural gas reserves of 252.5 million barrels of oil equivalent.
Noble Corporation plc has recently unveiled robust third-quarter 2023 results, showcasing a noteworthy surge in total revenue to $697 million, compared to $306 million in the same period last year. This surge is attributed to increased Contract Drilling Services Revenue, reaching $671 million, fueled by higher average dayrates and utilization. Notably, Noble's marketed fleet utilization hit 78% in Q3, reflecting a commendable rise from the previous quarter.
Against this backdrop of stellar operational and financial performance, Noble's President and CEO, Robert W. Eifler, expressed optimism about enhancing free cash flow potential and announced a commendable dividend increase. The quarterly dividend has been raised to $0.40 per share in Q4, a move reflecting confidence in Noble's growth trajectory. This uptick in dividends aligns with Noble's celebratory one-year anniversary since its successful combination with Maersk Drilling, surpassing integration expectations.
Furthermore, Noble's strong backlog of $4.7 billion, coupled with new contracts for its fleet, underscores a promising future. With an upbeat outlook for sustained growth, Noble is adjusting its full-year 2023 guidance, anticipating total revenue in the range of $2.5 to $2.6 billion and Adjusted EBITDA between $775 to $825 million. While acknowledging potential fluctuations in the next two quarters, Mr. Eifler remains optimistic about a significant upturn in 2024 compared to 2023. This bullish stance positions Noble Corporation as a promising investment option with an eye on continued success.
Noble Corp. Plc engages in the provision offshore drilling services for oil and gas industry. It focuses on a balanced fleet of floating and jackup rigs and the deployment of drilling rigs in oil and gas basins around the world. Noble was founded by Lloyd Noble and Art Olson in 1921 and is headquartered in London, the United Kingdom.
Clear Secure, Inc. has increased its quarterly dividend from $0.07 to $0.09 per share and threw in a special cash dividend of $0.55 per share. This move, announced last quarter, reflects Clear Secure's commitment to returning value to its shareholders. What's interesting is that Clear Secure is funding these dividends through cash distributions from its subsidiary.
In addition to the dividend boost, Clear Secure's Board has greenlit a $100 million increase to its Class A Common Stock share repurchase program, bringing the total authorization to approximately $128 million. Kenneth Cornick, CLEAR's President and CFO, emphasized Clear Secure's dedication to capital allocation, highlighting that by the end of 2023, they will have given back over $200 million to shareholders. As always, future dividends are contingent on various factors, including Clear Secure's financial performance, operational results, and general business conditions, all subject to the Board's discretion.
Clear Secure, Inc. is a holding company for Alclear Holdings LLC, specializing in a member-centric secure identity platform utilizing biometric data in the United States. Clear Secure's platform streamlines identity verification through CLEAR lanes at airports, employing a multi-layered infrastructure for front-end processes such as enrollment, verification, and linking, as well as a secure and scalable back-end system. In addition to its core services, Clear Secure, Inc. offers CLEAR Plus, a consumer aviation subscription service providing expedited access to security checkpoints nationwide, a consumer-facing CLEAR app for enrollment and member engagement, and CLEAR Pass for CBP Mobile Passport Control, facilitating digital submission of U.S. Customs and Border Protection forms for swift entry. Established in 2021, Clear Secure, Inc. is headquartered in New York, New York.
PulteGroup, Inc. recently announced a 25% increase in its quarterly dividend, now standing at $0.20 per common share. This move, effective from the upcoming January 3, 2024 payout, comes after the Board of Directors' decision fueled by PulteGroup's robust financial performance. Ryan Marshall, President and CEO of PulteGroup, highlighted PulteGroup's impressive $6.9 billion cash flow from operations over the past five years. This substantial cash inflow has not only fueled growth but also allowed PulteGroup to return nearly $4.0 billion to shareholders through dividends and share repurchases. Marshall emphasized that the dividend boost reflects PulteGroup's unwavering commitment to rewarding its shareholders.
PulteGroup, Inc., founded in 1950 and headquartered in Atlanta, Georgia, is a prominent player in the United States' homebuilding sector. PulteGroup, formerly known as Pulte Homes, Inc., focuses on acquiring and developing land for residential purposes, constructing diverse home designs such as single-family detached, townhouses, condominiums, and duplexes. Operating under brand names like Centex, Pulte Homes, Del Webb, DiVosta Homes, and John Wieland Homes and Neighborhoods, PulteGroup controls a substantial portfolio of lots. Additionally, PulteGroup facilitates financing through mortgage origination, sells servicing rights, and provides title insurance policies and closing services to homebuyers, offering comprehensive solutions to its customers in the housing market.
American Eagle Outfitters just boosted its quarterly cash dividend by an impressive 25%. This move, announced on December 13, 2023, reflects AEO's confidence in its strategic direction and solid financial performance throughout 2023. The increased dividend of $0.125 per share is set to be paid on January 19, 2024, to stockholders of record as of January 5, 2024.
According to Jay Schottenstein, AEO's Executive Chairman and CEO, the decision to increase the dividend is rooted in American Eagle Outfitters's improved fundamentals and robust free cash flow over the past year. This not only highlights the strength of AEO's balance sheet but also signals a commitment to delivering sustained profitable growth and returns to shareholders. As we move into 2024, this positive development positions AEO as a promising investment with a focus on both strategic direction and shareholder value. Keep an eye on AEO for potential growth and dividend prospects in the coming quarters.
American Eagle Outfitters, Inc. is a specialty retailer known for its American Eagle and Aerie brands, offering a range of clothing, accessories, and personal care products for men and women. American Eagle Outfitters's product lineup includes jeans, specialty apparel, intimates, activewear, swimwear, and personal care items. Additionally, it features sports apparel under the Tailgate brand and menswear under the Todd Snyder New York brand. With a presence in the United States, Canada, Mexico, China, and Hong Kong, American Eagle Outfitters operates over 940 American Eagle stores, 148 Aerie stand-alone stores, 5 Tailgate stores, and two Todd Snyder stores as of February 1, 2020. Furthermore, it reaches customers in 81 countries through its websites, including ae.com, aerie.com, and ToddSnyder.com, and collaborates with licensees operating 217 locations in 24 countries. Founded in 1977, American Eagle Outfitters, Inc. is headquartered in Pittsburgh, Pennsylvania.
Medallion Financial Corp. recently reported robust financial results for the third quarter of 2023, showing a net income of $11.2 million, a 32% increase compared to the same period last year. Medallion Financial experienced substantial growth in net interest income, reaching $48.8 million, up by 16% from the prior year. Despite a slight decrease in net interest margin, Medallion's loan portfolio expanded by 19% to $2.2 billion.
An interesting highlight is the 25% increase in the quarterly dividend to $0.10 per share, approved by the board of directors after the quarter's end. This move reflects Medallion's commitment to delivering sustainable shareholder value. Medallion Financial's President, Andrew Murstein, expressed satisfaction with the results, emphasizing proactive steps to enhance credit standards and ensure long-term strategy alignment. With over $200 million in consumer loans originated during the quarter and additional gains from taxi medallion assets, Medallion showcases a resilient and strategic approach to its financial operations. Investors may find this dividend increase a positive indicator of Medallion Financial's financial health and commitment to shareholder value.
Medallion Financial Corp. is a U.S.-based finance company and its subsidiaries specialize in originating, acquiring, and servicing loans for taxi medallions and various commercial enterprises. Medallion Financial extends consumer loans for recreational vehicles, boats, motorcycles, and trailers, as well as financing for small-scale home improvements. Additionally, it offers commercial loans for acquiring equipment and essential assets for new businesses or enhancing existing ones. Medallion Financial Corp. provides secured mezzanine loans across diverse industries, along with other secured commercial loans, debt, mezzanine, and equity investment capital for companies. Headquartered in New York City, Medallion Financial was established in 1995 and engages in deposit raising and other banking activities.
D.R. Horton, Inc., a leading homebuilder in the U.S., recently declared a notable increase in its quarterly dividend. D.R. Horton's robust fiscal performance in the fourth quarter of 2023 showcased net income of $1.5 billion, contributing to an annual net income of $4.7 billion. Despite market challenges like increased mortgage rates and inflationary pressures, D.R. Horton experienced a 39% surge in net sales orders, reflecting the demand for affordable homes. D.R. Horton's solid financial health, with a consolidated cash balance of $3.9 billion and low leverage at 18.3%, prompted a strategic move.
Chairman of the Board, Donald R. Horton, emphasized D.R. Horton's resilience and ability to adapt to market dynamics. The decision to increase dividends by 20%, totaling $0.30 per common share, underscores D.R. Horton's commitment to rewarding shareholders. The dividend hike aligns with D.R. Horton's disciplined approach to capital management, including consistent returns to shareholders through dividends and share repurchases. With a positive outlook for fiscal 2024, anticipating consolidated revenues of $36.0 billion to $37.0 billion, D.R. Horton continues to position itself as a strong player in the homebuilding industry, maintaining financial flexibility and value creation for its investors.
D.R. Horton, Inc. is a prominent homebuilding company operating in 20 states and 51 markets across the East, Midwest, Southeast, South Central, Southwest, and West regions of the United States. Established in 1978 and headquartered in Arlington, Texas, D.R. Horton specializes in the acquisition, development, construction, and sale of homes under various brand names, including D.R. Horton, America's Builder, Express Homes, Emerald Homes, and Freedom Homes. Their portfolio includes single-family detached homes as well as attached homes like townhomes, duplexes, and triplexes. Additionally, D.R. Horton is involved in mortgage origination and sales, title insurance policies, examination and closing services, and residential lot development, primarily catering to homebuyers.
Business First Bancshares, the parent company of b1BANK, recently unveiled robust financial results for the third quarter of 2023, demonstrating a net income available to common shareholders of $19.1 million, or $0.76 per diluted common share. This marked an increase of $0.7 million and $0.03, respectively, from the previous quarter, and a notable rise of $5.3 million and $0.15, respectively, from the same period in 2022. Business First Bancshares's core net income, excluding certain income and expenses, also exhibited positive growth, reaching $18.0 million, or $0.71 per diluted common share.
In a strategic move, b1BANK's President & CEO, Jude Melville, emphasized Business First Bancshares's commitment to shareholder value by announcing a dividend increase for the fifth consecutive year. The board of directors declared a quarterly preferred dividend of $18.75 per share and a common dividend of $0.14 per share, reflecting a $0.02 increase from the prior quarter. This financial decision aligns with Business First Bancshares's disciplined cost approach, solidifying its core deposit base and maintaining excellent asset quality. Noteworthy highlights from the quarter include a 3.52% increase in deposits and the continued strength of credit performance, with nonperforming loan ratios improving.
The positive momentum in earnings growth, coupled with prudent financial management, positions Business First Bancshares as an attractive investment with promising dividend prospects. Business First Bancshares's focus on maintaining a healthy balance between cost discipline and growth initiatives bodes well for sustained shareholder value in the future.
Business First Bancshares, Inc. is a bank holding company. Business First Bancshares is headquartered in Baton Rouge, Louisiana and currently employs 346 full-time employees. The Bank offers savings and money market accounts, certificates of deposit, commercial and consumer loans, mortgage loans, real estate loans, and other installment and term loans. Business First Bancshares also provides wealth management products, drive-through banking facilities, automated teller machines, night depository, personalized checks, credit cards, debit cards, Internet banking, electronic funds transfers through automated clearing house (ACH) services, domestic and foreign wire transfers, traveler’s checks, cash management, vault services, loan and deposit sweep accounts, and lock box services.
Charles River Associates, the global consulting powerhouse recently upped its game by boosting its quarterly cash dividend by a solid 17%, now standing at $0.42 per common share. This generous dividend increase, effective from December 8, 2023, rewards shareholders of record as of November 28, 2023. Known for its top-tier economic, financial, and management consulting services, CRAI's commitment to consistent dividends reflects its robust financial health and confidence in future performance.
CRA International, Inc. is a global consulting firm offering economic, financial, and management advisory services to clients worldwide. Specializing in litigation and regulatory support, Charles River Associates guides corporations in navigating economic and financial complexities. With expertise in finance, accounting, economics, insurance, and forensic accounting, CRA provides research, analysis, expert testimony, and support in legal proceedings. Additionally, the firm offers management consulting services, including strategy development, performance improvement, and market analysis across various industries. Established in 1965 and headquartered in Boston, Massachusetts, CRA International has a strategic alliance with Tanium Inc. to address the challenges of securing and managing remote workforces.
Visa recently announced a significant bump in its quarterly cash dividend by 16%, now standing at 52 cents per share compared to the previous 45 cents. This boost translates to an annual payout of $2.08, offering investors an annual yield of 0.88% based on the closing price of $234.65.
This dividend hike arrives as Visa revealed its fourth-quarter results. Visa also greenlit a substantial $25 billion share repurchase program, signaling its confidence in its financial health and future prospects. This move highlights Visa's commitment to returning value to its shareholders and reflects its strong performance and cash flow position.
Visa Inc. operates as a payments technology company worldwide. Visa facilitates commerce through the transfer of value and information among consumers, merchants, financial institutions, businesses, strategic partners, and government entities. It operates VisaNet, a processing network that enables authorization, clearing, and settlement of payment transactions. In addition, Visa offers card products, as well as value-added services. It provides its services under the Visa, Visa Electron, Interlink, V PAY, and PLUS brands. Visa Inc. has a strategic partnership with NovoPayment to enable financial institutions and merchants to deploy Visa's digital solutions in Latin America and the Caribbean; and a strategic agreement with Intuit Inc. Visa was founded in 1958 and is headquartered in San Francisco, California.
Logan Ridge Finance Corporation has just announced its financial results for Q3 2023, showcasing impressive growth. Logan Ridge reported a Net Investment Income (NII) of $1.2 million, marking the fifth consecutive quarter of positive NII and a 13% increase over the previous quarter. Despite a slight decrease in Net Asset Value (NAV) to $34.78 per share, LRFC's portfolio boasted investments in 58 companies with a fair value of approximately $187.1 million as of September 30, 2023.
Notably, LRFC's CEO, Ted Goldthorpe, highlighted Logan Ridge's robust financial performance, attributing it to strategic balance sheet management and favorable market conditions. The positive trend allowed the Board of Directors to approve a dividend increase for Q4 2023, reaching $0.30 per share, a significant rise from the previous quarters. This decision reflects LRFC's strong position in the market and the management's confidence in future opportunities.
LRFC's financial snapshot for Q3 2023 reveals a 38% increase in total investment income, reaching $5.2 million, compared to $3.8 million in the same period in 2022. Logan Ridge's commitment to disciplined underwriting and capital deployment has contributed to its success. As LRFC continues to navigate the market, its CEO expresses optimism about attractive opportunities and a resilient platform, indicating positive dividend prospects for investors.
Logan Ridge Finance Corporation, formerly Capitala Finance Corp., is a specialized Business Development Company focusing on senior subordinated debt, unitranche loans, first-lien and second-lien loans for lower middle market and middle market companies. With a primary emphasis on sectors such as aerospace, defense, business services, education, food and beverage, industrial & environmental services, logistics, distribution, media, telecommunication, manufacturing, consumer goods, and health care, the fund primarily invests in the United States. Logan Ridge typically allocates between $5 million and $50 million per transaction, targeting companies with EBITDA ranging from $5 million to $50 million and enterprise values below $250 million. Additionally, the fund engages in minority equity co-investments alongside management or financial sponsors.
Snap-on Incorporated recently raised its quarterly common stock dividend from $1.62 to $1.86 per share, marking a 14.8% increase. This move reflects Snap-on's commitment to consistent shareholder value and its resilient operational strength, a tradition upheld since 1939 with uninterrupted dividend payouts. Nick Pinchuk, Snap-on's chairman and CEO, emphasized Snap-on's dedication to long-term value creation for shareholders. This increase, now the 14th consecutive annual boost in dividends, showcases Snap-on's confidence in its future positioning and robust financial standing.
The decision to increase dividends stems from Snap-on's firm belief in its operational stability, even in challenging times, highlighting Snap-on's robust cash generation and strong financial position. Pinchuk emphasized that this strategic move aligns with Snap-on's commitment to both rewarding shareholders through increased dividends and supporting strategic growth initiatives, whether organically or through strategic acquisitions. This increase not only underscores Snap-on's confidence in its future prospects but also represents a consistent effort to balance rewarding investors while investing in sustainable long-term growth.
Snap-on Incorporated, founded in 1920 and headquartered in Kenosha, Wisconsin, is a global leader in manufacturing and distributing tools, equipment, diagnostics, and repair solutions for professional users across various industries. Operating through segments like Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services, Snap-on offers a comprehensive range of hand tools, power tools, tool storage products, and diagnostic solutions. Serving diverse sectors such as aviation, agriculture, construction, government, military, mining, and more, Snap-on provides financing programs to support product sales and franchise businesses, establishing itself as a vital player in the professional tools and equipment market worldwide.
Zurn Elkay Water Solutions Corporation has just upped its game in the dividend department. Zurn Elkay Water Solutions's Board of Directors declared a quarterly common stock dividend of $0.08 per share, a solid 14% boost from the previous quarter's $0.07 per share. This move not only showcases Zurn Elkay's commitment to rewarding its shareholders but also reflects confidence in its financial standing.
The dividend payout is scheduled for December 7, 2023, making it a timely holiday bonus for stockholders. What's particularly interesting is the strategic timing of this increase. While the official statement doesn't explicitly mention the reasons behind the boost, recent industry buzz and market trends suggest that Zurn Elkay is capitalizing on positive developments in the water solutions sector. With a keen eye on sustainability and innovation, Zurn Elkay seems poised for continued growth, making it an attractive prospect for investors seeking both dividends and long-term stock appreciation. Keep a close watch on ZWS as it navigates through promising waters in the coming quarters!
Zurn Water Solutions Corporation, formerly known as Rexnord Corporation, is a leading provider of water system solutions for non-residential buildings. Headquartered in Milwaukee, Wisconsin, Zurn Elkay Water Solutions designs, manufactures, and markets a comprehensive range of products under various brand names, including Zurn, World Dryer, and Just Manufacturing. Specializing in finish plumbing, drainage, water control, and backflow solutions, Zurn Water Solutions caters to diverse sectors such as higher education, healthcare, retail, hospitality, and government. Their offerings include not only plumbing fixtures and accessories but also stainless steel products for washrooms, public restrooms, academic environments, healthcare facilities, and more. With a focus on water quality, safety, and conservation, Zurn Water Solutions is committed to providing innovative solutions for its clients in various markets.
Some information was sourced by LevelFields.AI
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