VF Corporation (VFC) is increasing its quarterly dividend by 20.7%, from $0.87 to $1.05 per share, putting the company on track for its 41st consecutive year of dividend growth (news release). Given that I own 10 shares of VFC, my quarterly dividend increases from $8.70 to $10.50 and my yield on cost becomes 2.90%. The extra $7.20 in annual dividend income raises my forward 12-month dividend total to $2,932. Thus far this year, there have been dividend increases for 29 of the 31 stocks in my portfolio.
The company also announced a 4-for-1 stock split that will take effect by the end of the year. Once that happens, I will own 40 shares of VFC at an adjusted cost basis of $36.25 per share.