General Dynamics Rewards Investors With 7.8% Dividend Hike
Zacks Investment Research | Mar 04, 2020 08:18PM ET
General Dynamics Corporation (NYSE:GD) announced that its board of directors has approved a 7.8% hike in its annual dividend. This has taken the annualized payout to $4.40 per share. Notably, the revised quarterly dividend of $1.10 per share will be paid out on May 8 2020, to stockholders on record as of Apr 10.
Dividend Hike & Share Repurchase
The company is increasing annual dividend on a systematic manner. The latest hike will mark the 23rd consecutive annual dividend hike approved by General Dynamics’ board.
The current annualized dividend yield is 2.61% compared with the industry average of 1.05% and Zacks S&P500 composite’s 2.04%. The increase in dividend reflects the company’s stable financial position and systematic growth strategy.
The company also announced the repurchase of an additional 10 million shares of General Dynamics that are issued and outstanding common stock on the open market. The company repurchased 1.1 million of outstanding shares in 2019 and 10.1 million shares in 2018. On Dec 31 2019, 6.4 million shares remained authorized for repurchase, which is nearly 2% of the company’s total shares outstanding.
Financial Strength
The company is a major operator in Zacks Investment Research
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