PM announced 09/10 a quarterly dividend increase from 0.94 to 1.00. The dividend is payable October. 10, 2014 to shareholders of record as of Sept. 25, 2014.
This is an increase of 6.4%. It’s not quite as good as the last few increases but still well higher than inflation. For a higher yielding stock, it’s still a great raise. At a 6% rate of increase , the dividend would double in 12 years. I would expect something a little higher than that over the next 10 years if the last 10 are any guide.
This would mark the 7th straight year of increases after the spinoff from Altria Group.
Since I own 117 shares, this will increase my yearly dividends by $28.08. I’ve had 30 stocks in my portfolio increase their dividend already this year.