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This Dividend Growth Stock Just Hiked Its Payouts by 26%

Specialty retailer Williams-Sonoma (NYSE:WSM) delighted income investors recently after announcing a substantial rate hike to its quarterly payout. On March 13, the company issued a press release stating that its board authorized a 26% increase to its dividend, which will now total $1.13 per share on a quarterly basis.

The new dividend means investors who buy the stock today can earn a yield of 1.6%, which is slightly better than the S&P 500 average of 1.4%. That means on a $5,000 investment in the retailer, investors could expect to collect $80 over the course of a full year, and $160 on a $10,000 investment.

This increase marks the 15th consecutive year that Williams-Sonoma has increased its payouts, as investors have become accustomed to its pay hikes. And the rate hikes the company has been making haven’t been modest, as is evident with this recent increase. Just five years ago, the company was paying a quarterly dividend of $0.48. It has more than doubled since then, growing by 135%, which averages out to a compounded annual growth rate of 18.9%.

In addition to the increase in the dividend, the board also authorized the repurchase of up to $1 billion in shares, after coming off a strong year in 2023. CEO Laura Alber says “we outperformed in 2023 despite the slowest housing market in several decades and geopolitical unrest.” Net revenue of $7.8 billion for the fiscal year ending Jan. 28 was down 11% year over year, but the company still netted a strong profit of just under $950 million.

Year to date, shares of Williams-Sonoma are up around 40% despite the challenging macroeconomic conditions.