Kinder Morgan, Inc. (KMI) is increasing its quarterly dividend by 2.8%, from $0.36 to $0.37 per share (press release). Its dividend has been increased in each of the past five quarters, which is fantastic. Given that I own 40 shares of KMI, my quarterly dividend increases from $14.40 to $14.80, which will add an extra $1.60 to my annual dividend income. This dividend increase also boosts my yield on cost to 4.23%.
Thus far this year, there have been dividend increases for 7 of the 26 dividend growth stocks in my portfolio. Six of the increases were announced in late 2012 but take effect in 2013. In addition, I gave ABBV and ABT credit for increases because their combined dividends are higher than the pre-split dividend.