5 big dividend hikes: Chevron's payout raise and $74B buyback

By Davit Kirakosyan

Investing.com -- Chevron shares gained more than 2% pre-market today after the company announced a massive share repurchase program and increased its payout. Here are 5 big dividend hikes yesterday, all covered in real time on InvestingPro.

Chevron's dividend hike and $75 billion buyback plan

Chevron (NYSE: CVX ) hiked its dividend while also authorizing a new repurchase of $75B of its common shares, which is three times the size of the prior $25B plan. The new plan goes into effect on April 1, 2023, with no fixed expiration date.

The company also raised its dividend by 6.3% to $1.51 per share, or $6.04 annualized, for an annual yield of 3.4%. The dividend will be payable on March 10, 2023, to stockholders of record on February 6, 2023, with an ex-dividend date of February 3, 2023.

The company is scheduled to report its Q4 results tomorrow before markets open.

A slew of further dividend hikes

BlackRock (NYSE: BLK ) hiked its dividend by 2.5% to $5.00 per share, or $20 annualized, for an annual yield of 2.7%. The dividend will be payable on March 23, 2023, to stockholders of record on March 7, 2023, with an ex-dividend date of March 6, 2023.

It also authorized the repurchase of an additional 7 million shares under the company’s existing program for a total of up to approximately 7.9 million shares.

S&T Bancorp (NASDAQ: STBA ) hiked its dividend by 10.3% to $0.32 per share, or $1.28 annualized, for an annual yield of 4%. The dividend will be payable on February 23, 2023, to stockholders of record on February 10, 2023, with an ex-dividend date of February 9, 2023.

The company is scheduled to report its Q4 earnings before markets open today.

Jacobs (NYSE: J ) hiked its dividend by 13% to $0.26 per share, or $1.04 annualized, for an annual yield of 0.9%. The dividend will be payable on March 24, 2023, to stockholders of record on February 24, 2023, with an ex-dividend date of February 23, 2023.

The company also announced a new incremental share repurchase program of up to $1B of its common stock.

OFG Bancorp (NYSE: OFG ) hiked its dividend by 10% to $0.22 per share, or $0.88 annualized, for an annual yield of 3.2%. The dividend will be payable on April 17, 2023, to stockholders of record on March 30, 2023, with an ex-dividend date of March 29, 2023.

OFG is scheduled to report its Q4 earnings before markets open today.

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