Dividend Aristocrat Caterpillar (CAT) Boosts Dividend 8%

June 9, 2021 11:13 AM EDT

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Dividend Aristocrat Caterpillar (NYSE: CAT) raised its quarterly dividend 8% to $1.11 per share, or $4.44 annualized. The annual yield on the new dividend is 1.9 percent, based on the current share price.

The dividend will be payable on August 20, 2021, to stockholders of record on July 20, 2021, with an ex-dividend date of July 19, 2021.

"Through the execution of our enterprise strategy for profitable growth, Caterpillar is generating higher free cash flow through the cycles," said Caterpillar CEO Jim Umpleby. "Our strong balance sheet and liquidity position make it possible for us to continue our long history of increasing our dividend and returning value to shareholders."

Caterpillar has paid higher dividends to shareholders for 27 consecutive years and is a member of the S&P 500 Dividend Aristocrat which requires 25 years of annual dividend hikes as a criteria.

The company's latest dividend hike was in July 2019, with a 20% hike. In 2018, the dividend was hiked 10%.

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