Now that the full extent of the market rout in 2022 is coming into view, some investors are reassessing their strategies and, in some cases, starting to consider dividend stocks and dividend-focused funds.
Record dividend payments in 2022
It’s no secret that 2022 was a bleak year for stock returns. However, companies in the S&P 500 paid out a record $565 billion in dividends throughout the year. Data from S&P Dow Jones Indices reveals that dividend payouts from the index grew an impressive 10% year over year.
In a press release in January, analyst Howard Silverblatt of S&P Dow Jones Indices said 2023 should bring another record year for dividend payouts—even in the event of a “full recession.” He expects rising interest rates and bond yields to “exert upward pressure on dividend payouts,” adding that competition for income will increase.
Of course, dividends aren’t the only way company managements incentivize shareholders to own their shares. Buybacks are another popular strategy, although some fund managers prefer dividends over buybacks for several reasons. In fact, investors who are considering buying into a company because of share buybacks should watch for a red flag.
Former PIMCO portfolio manager Austin Graff of Opal Capital, which just launched in 2022, warned that while many tech companies are buying back shares, they’re not reducing their share counts because they’re handing out stock-based compensation to executives and key employees — and issuing new shares to do it. In some cases, these companies are increasing their share counts even though they’re repurchasing shares.
A moral contract
Graff also prefers dividends because they act as a “moral contract” with management.
“For management to return capital to shareholders, it’s very public,” he added. “What companies are paying every quarter or year, they’re creating a moral contract to keep that up, or their stock faces negative ramifications. But they do buybacks when they want to, and there are negative consequences to buying back stocks at highs, not lows. It’s the opposite of what we would want to do with our own money.”
Warren Buffett and other high-profile investors speak very highly of dividend stocks. He added that if management teams did repurchase their shares at lows rather than highs, it would be great, but that’s not something most companies end up doing.
While dividends are anti-dilutive, many tech companies are in unique situations with heavy stock-based compensation. As a result, their stocks have declined as such companies lay off significant numbers of workers.
“Think of what that means,” Graff explained. “If they pay X dollars, and their stock’s at $100, they issue fewer stocks to that employee than if they’re paying X dollars and the stock is at $50. If the stock goes down, it creates more dilution for stock-based compensation than what was experienced at higher stock prices.”
How Warren Buffett rakes in billions on dividend stocks
Warren Buffett also likes dividend stocks, and it’s easy to see why. In fact, dividend stocks are one of the reasons the legendary value investor outperformed in 2022. Buffett’s Berkshire Hathaway is expected to generate over $6 billion in dividend income in the next 12 months.
Nearly half of Berkshire’s dividend income is estimated to come from only three stocks: Chevron CVX , Occidental Petroleum OXY and Bank of America BAC . Other top dividend payers for Berkshire include Apple AAPL and Coca-Cola KO .
Aside from Graff and Buffett, others started to see the value in dividend stocks in 2022. According to MorningstarMORN , investor interest in dividend-focused funds has jumped after the robust performance put up by dividend-paying names last year. Monthly net sales of the 128 U.S. equity funds with “dividend” in their names have jumped since the fall of 2021, while sales of those without “dividend” in their name have dropped.
Morningstar reported that dividend funds averaged a loss of 6.68% in 2022, versus the Vanguard Total Stock Market Index’s 19.6% plunge, which was similar to the average loss of other U.S. equity funds that don’t focus on dividends. One reason dividend funds performed better in 2022 is the lack of technology exposure.
Another reason is valuation. Last year, investors started to refocus their attention on valuations and multiples. Morningstar revealed that the price multiples of the companies that dividend funds tend to own are below the stock index average.
Protecting their dividends
At the end of the day, fund managers aren’t the only ones with a preference for dividends over buybacks. When the going gets tough, corporate managements have demonstrated a preference for protecting their dividend payments at all costs, meanwhile sacrificing their share repurchases to ensure their ability to keep paying their dividend.
S&P Dow Jones Indices reported that buybacks reached a new record in the first quarter of 2022 at $281 billion but declined in the second quarter to $220 billion and in the third to $211 billion.
While share buybacks ticked higher in the fourth quarter, Silverblatt said it may have been because companies accelerated their purchases to avoid the new 1% buyback tax that went into effect this year. In fact, that new 1% tax is one reason some fund managers prefer dividends over buybacks.
On one hand, a 1% tax isn’t much, but on the other, once a tax is in place, it creates the possibility of increasing that tax over time.
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Managing your money is obviously an important part of being a responsible adult. But how should you do that? It turns out that there’s a large gulf between the advice given by the authors of popular finance books and academic economists.
In a new study titled “Popular Personal Financial Advice versus the Professors,” the Yale financial economist James Choi rummages through 50 of the most popular books on personal finance to see how their tips square with traditional economic thinking. It’s like a cage match: Finance thinkfluencers vs economists dueling over what you should do with your money.
And, yes, Choi is an economist, but he may be a more impartial referee of this smackdown than you’d think. That’s because he’s a behavioral economist who doesn’t swallow the canon of old-school economics hook, line, and sinker. Traditional economic models portray humans as hyper-rational, disciplined creatures, who always make optimal financial choices for themselves. Behavioral economics, which has pretty much taken over the field, emphasizes that people are quirky, often irrational, and prone to errors.
In a way, Choi says, behavioral economists like him try to help people overcome their shortcomings and achieve their financial goals as if they were the savvy creatures of old-school theory. And so, he says, classic economic theory may still provide a good overall guide for how to maximize your financial well-being. But, Choi says, the advice of popular finance thinkfluencers, who tend to concentrate on helping us overcome our flaws and foibles, might actually be more effective in some cases.
So, who’s right in this financial royal rumble? The authors of self-help finance books or the stalwarts of traditional economic theory? While Choi doesn’t always provide definitive answers, this debate might spark some ideas on how you can more effectively handle your finances.
How Should You Save Money?
When it comes to saving money, many economists offer somewhat counterintuitive — and, dare I say, potentially irresponsible — advice: if you’re young and on a solid career track, you might consider spending more and saving less right now.
That’s because you’re likely going to earn a bigger paycheck when you’re older, and to really squeeze the enjoyment out of life, it might make sense to live a bit beyond your means at the moment and borrow from your future, richer self. Economists call this “consumption smoothing,” and it’s a feature of standard economic models of how rational people save and invest over their lifetime.
The idea, Choi says, is “you don’t want to be starving in one period and overindulged in the next. You want to smooth that over time.” The sort of ideal scenario: you start off adulthood saving little or nothing or even taking on debt, then you save a lot during your prime-age earning years, and then you spend those savings when you retire.
“I tell my MBA students, ‘You of all people should feel the least amount of guilt of having credit card debt, because your income is fairly low right now but it will be, predictably, fairly high in the very near future,'” Choi says. Once they start making money, he says, they should probably pay down that debt quickly since credit card companies charge high interest rates.
Reading through popular finance books, however, Choi finds that the vast majority of popular authors offer advice that contradicts this approach: throughout your life, the thinkfluencers say, your goal should be to live within your means and save a consistent percentage of your income. It doesn’t matter if you’re 20 or 30 or 50; they implore you to stash money away immediately and invest it for your future.
In arguing this, the thinkfluencers often cite the power of compound interest. The longer you save money, the more interest it accrues. As a result, wealth snowballs over time, so saving a large percentage earlier could make a lot of sense.
Of course, economists also recognize the power of compound interest. Where thinkfluencers and old-school economics really depart from each other, Choi says, is “the usefulness of establishing saving consistently as a discipline,” Choi says. This motivation, he says, “is almost always missing from economic models of optimal saving — [and is] a potentially important oversight.” In other words, some of us might need to adopt hard-and-fast saving rules at a young age to develop the discipline needed to lead more affluent lives, even if that’s less than optimal from a traditional economic perspective.
So who wins on this point? “I’m actually agnostic about it,” Choi says. “On the one hand, I do have a lot of sympathy for the view that you might be unnecessarily depriving yourself in your twenties and even thirties when, very predictably, your income will likely be much higher in later decades. That being said, I do think that there is something to this notion of being disciplined and learning to live within your means at a young age.”
How Should You Think About Your Budget?
In old-school economics, money is money. It’s fungible. There is no reason to put labels on it. Absent some financially advantageous reason to do so (like the ability to get subsidies or a lower tax rate), it doesn’t make sense to set aside savings for specific purposes, like a new car or a future vacation or a down payment on a house. A dollar is a dollar.
Of course, many people don’t think this way. They often do what behavioral economists call “mental accounting,” earmarking special money for this and that. “In more extreme versions of mental accounting, you cannot use the money that you’re saving for your Hawaii vacation for the down payment on your future house,” Choi says.
Choi finds that 17 of the 50 books he read through advocate for some sort of mental accounting exercise. And, he says, this advice might actually make sense. It makes financial calculations easier for people and may motivate them to accomplish their goals.
Should You Be “House Rich, Cash Poor”?
Many Americans live in enormous houses and are stretched thin paying for them. While their house is a valuable asset, and they’re technically pretty rich, they’re just squeaking by, living paycheck to paycheck. People generally refer to this as “house rich, cash poor.”
Choi says both popular financial advisers and most economists are pretty clear: don’t do this! Don’t buy a house you can’t really afford. That can be super stressful and potentially ruinous.
How Much Of Your Money Should Be In Stocks?
Choi says that popular advisors and economists also generally agree that when you’re young, you should invest most of your money in stocks and only a little bit in bonds. Moreover, Choi says, both camps agree that as you get older, you should get more conservative, rebalancing your portfolio away from stocks and more towards bonds because stocks are riskier than bonds. But, Choi says, while both of these groups advise people to do the same thing with their investments over time, their reasoning for doing so is very different.
Generally speaking, popular financial advisers say that, while stocks are risky in the short run, you should invest mostly in them when you’re young because they earn higher returns than bonds over the long run. “The popular belief is that the stock market is kind of guaranteed to go up if you just hold onto it for long enough,” Choi says. “Now, this is just not true. And you can see this in Italy and Japan. In Japan, the stock market still hasn’t recovered to the level it was back in 1989. So it’s not true that stocks will always win over the long run. Bad things can happen.”
But while popular authors may discount this risk over the long term, their advice recognizes that holding stocks is risky in the short term. That’s why they argue that, as you get closer to retirement, you should get out of stocks and go into bonds, which are generally less risky. A popular rule of thumb: 100 minus your age is the percentage of your portfolio that should be in stocks. The remainder should be in bonds. So if you’re 30, you should be 70 percent in stocks and 30 percent in bonds.
While economists agree that you should get more conservative over time with your financial portfolio, Choi says, their reasoning is more nuanced.
“For almost all working people, the major economic asset they have is their future wage income,” Choi says. In other words, think of your work skills (your “human capital”) as part of your financial portfolio. It’s like the biggest form of wealth you own, and it’s generally safer than stocks or even bonds. When you’re young, this safer form of wealth is a huge part of your portfolio, so you can balance it with risky stocks.
Sure the stock market might crash, but you still have the security of being able to earn money at your job for many more years. As you get closer to retirement, this safer asset, your labor, represents a much smaller part of your portfolio — and that makes it much more scary to be all-in on risky stocks. “That’s why you should become more conservative in your financial portfolio allocation over time,” Choi says.
Should You Care Whether Stocks Pay Dividends?
Choi says there are some popular financial books that advise people to buy stocks that pay dividends. For the uninitiated, dividends are checks that companies send to their shareholders typically every quarter. “There seems to be this fascination with generating ‘income’ from your investments,” Choi says.
Economists, generally speaking, think this is dumb. “If I need to spend some money from my wealth, I don’t need to wait for the company to send me a check,” Choi says. “I can just sell some shares and use the proceeds from that sale to finance my expenditure needs. And so there should be no reason why I prefer stocks that pay dividends versus stocks that don’t pay dividends. And in fact, dividends are tax-disadvantaged. So, a stock that pays dividends is going to put a bigger tax burden on you, all else equal, than a stock that doesn’t pay dividends.”
Choi is with Team Economist on this one.
Should You Invest In Foreign Stock Markets?
Economic theory stresses the importance of diversifying your investments. This, Choi says, is true of diversifying the countries you invest in, too. Theoretically, the more countries you invest in, the less risky your investment portfolio will be. Some countries will do well. Others will do poorly. “So economic theory would say you want a diversified portfolio that holds a bit of every country’s stock market in the world,” Choi says.
But people don’t do this. They exhibit what economists call “home bias.” The French are more likely to invest in French companies. The Japanese are more likely to invest in Japanese companies, and so on. This has long been a puzzle to economists. The answer may lie in the almost universal support for ‘investing at home’ among the thinkfluencers. “The striking thing about the popular authors is that they all recommend home-biased portfolios,” Choi says. Choi isn’t really sure whether this makes much sense. “It just seems to be a little bit of jingoism, where people just like the stocks that they are familiar with.”
Should You Invest In Actively Managed Funds or Passive Index Funds?
Actively managed funds are those where you pay an expert to pick and choose stocks for you. These fund managers charge big fees with the promise of higher returns. Index funds have nobody actively picking and choosing investments for you. These funds simply passively hold a small piece of each major company in the stock market, thereby earning the overall average market return.
Economists and thinkfluencers agree on this one, too. “Everybody basically says you should go with index funds,” Choi says. “The data are pretty compelling. On average, passive funds outperform actively managed funds.”
Choi’s Big Takeaway
So who wins? The thinkfluencers or the economists? Economists, Choi suggests, may know a lot about how people should act. But, as an empirically minded behavioral economist, Choi recognizes that people often don’t act this way. And that’s where he has a degree of sympathy for the popular authors. “Given that we have all these quirks and frailties, we might have to resort to strategies that are less than perfect.”
“I think of it in terms of diet,” Choi says. “The best diet is the one that you can stick to. Economic theory might be saying you need to be eating skinless chicken breasts and steamed vegetables for the rest of your life and nothing else. That’s going to be the best for your health. And, really, very few people will actually do that.” He certainly has that right.
The age of social media has disrupted conventional ways of advertising and transformed the way that businesses reach consumers. In recent years, social media itself has undergone radical changes. Mike Mandell is a leading lawyer on social media thanks to the popularity of his legal tips and entertaining posts. Here he shares his advice for startups and their founders.
Alison Coleman: Why is it so important for startups to develop a great social media strategy for their business?
Mike Mandell: In the past, companies had to spend years amassing a large following to have any hope of a substantial number of views. Today, short-form video content, 15 to 30 seconds in length, is the cutting edge. Quickly produced videos can launch a business into the spotlight overnight, or even faster.
By studying what captured the public’s attention, companies can follow up with more viral content on a consistent basis, keeping their brand relevant and vital. Social media represents a quantum leap in identifying niche markets. Algorithms know things about users that they might not know themselves. As the software learns more about individuals, its ability to influence them only grows.
Coleman: Many startup founders lack the time, resources, and budgets to create valuable viral content; how can they compete?
Mandell: First, let’s talk about budgets. With the dominance of short-form content, it’s not necessary to have one. Posting consistent, quality content alone can create a huge audience for your work. That said, even a shoestring budget can go far on social media. Allocating a few hundred bucks to boosting your posts would allow you to experiment until you see enough leads to justify the time and effort.
The beauty of this system is that cost scales with your success. If you’re making money, you’ll eventually want to hire staff to handle your social media. Businesses can do this more cheaply than they might expect. A million young people ache for these jobs, and they don’t expect a fortune in salary. They want in the game. That’s it. Keep in mind that these skills are learnable, as well. Consider offering paid internships.
Coleman: What tips do you have for startups for building a winning social media presence that pays dividends?
Mandell: Build an inventory before you launch. Have 10 to 20 videos on hand as a cushion. Avoid making your topics too time-sensitive, if you require your ‘rainy day’ fund for later, rather than sooner. Keep a list of your thoughts. You’d be surprised how often you can forget a brilliant idea if you don’t record it. Listen to followers and consumers; they’ll tell you what they want. On social media they leave comments. Read these and let the feedback, both positive and negative, guide your future content.
The algorithms favor consistency, and part of maintaining your audience is ensuring followers know when to expect something new. If you release new content on Monday and Friday, then do that consistently. Even consider letting subscribers know you’ll be going away on vacation for a week. If your content isn’t seeing sufficient returns, consider taking a hard look at its appeal from an audience-centered perspective.
Coleman: What’s the key to going viral?
Mandell: Firstly, you don’t need to go viral to have a successful social media presence. The key is engagement, not the number of views or your follower count. The more people engage with your content, the farther along you are in creating a community of supporters who love your brand.
Focus on that. I’d rather have 1,000 followers who engage with me all the time than 500,000 who never comment. People want to do business with someone they feel connected to, and social media provides you with that opportunity. A tight-knit audience that has ‘buy-in’ will do more for you than a huge passive following.
When it comes to creating viral content, the keys are to innovate, engage with followers, produce solid material, and release it on a consistent schedule. Most importantly, persist. One of the quickest ways to fail involves assuming you’ll strike gold, failing to do so, and quitting. Building a following on social media can be a grind. Luck does indeed play a role. But the longer you push, the luckier you are bound to get.Coleman: What are the common social media mistakes made by startups and small businesses, and how can they be corrected?
Mandell: Don’t develop a persona and try to perform. Be genuine. People respond to authenticity. And don’t bandwagon. If you just echo what everyone else is already saying, then you’ll get lost in the shuffle. Most people can tell you are just fishing for likes or followers. Instead, create a purposeful brand and stick to it, even when others shift in another direction. People can change their minds overnight, and they might switch back before you know it. Your consistency will beget their trust.
Be careful what you say. What you put online stays there. This goes for private messages, which someone could screenshot and share on multiple platforms. Finally, long-form content is popular – but only if you have a base audience that wants it. If not, short means short. If it’s not essential to post, remove it.
Tokenized stocks, or digital assets pegged to the price of company shares, are no longer available for purchase on Binance.com. Offerings had included Tesla, Apple, and Coinbase shares, which Binance claims were fully backed through shares held by its partner, German-based investment firm CM-Equity AG.
Support for stock tokens was first made available on Binance.com in April, 2021, which was enabled through a partnership with Digital Assets AG, a firm focused on issuing tokenized financial products.
“Today, we are announcing that we will be winding down support for stock tokens on Binance.com to shift our commercial focus to other product offerings,” the announcement reads.
Although the exact reason for the about-face is unclear, Binance’s reversal on tokenized stocks comes as financial regulators around the world are putting pressure on the firm. Officials in Germany, Thailand, Japan, Canada, and the United Kingdom have all issued warnings about the exchange over recent months, the firm has been dropped by the payments processor Clear Junction, and certain banking relationships in Europe and around the world are coming into question.
More broadly, it raises doubts about Binance’s hyper growth strategy of rapidly launching new products around the world such as debit cards and derivatives products.
Users currently holding stock tokens have 90 days to sell their shares. Clients in the European Economic Area and Switzerland have the option to transfer their holdings to a new digital asset platform from CM-Equity AG. After October 14, 2021 they will not be able to manually sell or close their positions on the Binance site.
Binance will list MicroStrategy, Microsoft and Apple, providing Binance users with exposure via the tokenization of equities. The tokens are expected to be denominated in the exchange’s stablecoin, BUSD.
The move means Binance users will be able to qualify for economic returns on the underlying shares, which will include potential dividends. The tokens also allow Binance customers to purchase as little as one-hundredth of a regular stock using BUSD.
Binance’s stock tokens are tokenized equities that can be traded on traditional stock exchanges. Each tokenized stock represents one ordinary share of the stock and is backed by a depository portfolio of underlying securities held by CM-Equity AG, Germany, according to the post.
Two stock tokens have begun trading on Binance including electric vehicle maker Tesla and cryptocurrency exchange Coinbase. Those listings are already ruffling the feathers of regulators who say the exchange has not acquired the necessary license to begin marketing equities to the public.
Cryptocurrency exchange Binance is allowing its users to buy fractions of companies’ shares with a new tokenized stock trading service, starting with Tesla.
The crypto exchange announced Monday the launch of Binance Stock Tokens, zero-commission digital tokens that qualify holders for returns including dividends.
As of 1:35 p.m. UTC (9:35 a.m. ET) April 12, users will be able to buy fractions of actual Tesla shares, which trade at $677 a share at the time of writing.
Users will be able to purchase as little as one-hundredth of a Tesla share, with prices settled in Binance USD (BUSD).
The exchange’s native crypto Binance Coin (BNB) has surged more than 25% in the last 24 hours, reaching an all-time high of $637.44. It is priced at $590.51 at press time. It’s not immediately clear what is driving the price of the coin.
It’s not the first tokenized stock play in crypto land: Terra Labs’ Mirror Protocol went live in December.
But where Mirror uses synthetic stocks (or tokenized representations of actual equities), the Binance product is “backed by a depository portfolio of underlying securities” managed by an investment firm in Germany.
Dividend stocks are companies that pay out a portion of their earnings to a class of shareholders on a regular basis. These companies usually are well established, with stable earnings and a long track record of distributing some of those earnings back to shareholders. These distributions are known as dividends, and may be paid out in the form of cash or as additional stock. Most dividends are paid out on a quarterly basis, but some are paid out monthly, annually, or even once in the form of a special dividend.
While dividend stocks are known for the regularity of their dividend payments, in difficult economic times even those dividends may be cut in order to preserve cash. One useful measure for investors to gauge the sustainability of a company’s dividend payments is the dividend payout ratio. The ratio is a measure of total dividends divided by net income, which tells investors how much of the company’s net income is being returned to shareholders in the form of dividends versus how much the company is retaining to invest in further growth.
If the ratio exceeds 100% or is negative (meaning net income is negative), this indicates the company may be borrowing to pay dividends. In these two cases, the dividends are at a relatively greater risk of being cut.
Below, we look at the top 5 dividend stocks in the Russell 1000 by forward dividend yield, excluding companies with payout ratios that are either negative or in excess of 100%. Each of the dividend stocks listed below significantly underperformed the Russell 1000’s total return over the past 12 months of 19.7%, as of December 21, 2020.1 All data below is as of December 22, 2020.
Lumen Technologies, formerly known as CenturyLink, is an integrated communications company that offers services including local and long-distance voice, broadband, Ethernet, colocation, hosting, data integration, video, network, information technology, and more.
Brookfield Property is a real estate investment trust (REIT) that owns, develops, builds, manages, and leases various commercial properties. Among the company’s portfolio of properties are restaurants, malls, entertainment facilities, and parking areas. On November 6, the board of directors declared a quarterly dividend of $0.3325 per share on its Class A Stock payable on December 31, 2020, and a quarterly dividend on the 6.375% Series A Cumulative Redeemable Preferred Stock of $0.39844 per share payable on January 1, 2021.2
New York Community Bancorp is a holding company with multiple banking subsidiaries, including Queens County Savings Bank, Roosevelt Savings Bank, Atlantic Bank, and others. Through these subsidiaries, New York Community Bancorp offers a full range of banking products and services to businesses and consumers. The company primarily serves customers in the New York City metropolitan area.
Brandywine Realty Trust is a REIT that owns, manages, leases, acquires, and develops urban, downtown, and suburban office properties primarily on the East Coast and in Texas. Its services include asset management, development and construction, investment, marketing and leasing, and property management. On December 8, the board declared a quarterly cash dividend of $0.19 per common share and OP Unit payable on January 20, 2021. The quarterly dividend is equivalent to an annual rate of $0.76 per share.3
TFS Financial is a holding company engaged in retail consumer banking, mortgage lending, and similar services through its subsidiaries. The company’s businesses include originating and servicing residential real estate mortgage loans and attracting retail deposits. Its main business is retail consumer banking.
The comments, opinions and analyses expressed herein are for informational purposes only and should not be considered individual investment advice or recommendations to invest in any security or to adopt any investment strategy. While we believe the information provided herein is reliable, we do not warrant its accuracy or completeness. The views and strategies described on our content may not be suitable for all investors.
Because market and economic conditions are subject to rapid change, all comments, opinions, and analyses contained within our content are rendered as of the date of the posting and may change without notice. The material is not intended as a complete analysis of every material fact regarding any country, region, market, industry, investment, or strategy.
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Top 10 Dividend Stocks – January 2021! In this video I show the top 10 stocks in January of 2021 that the thousands of dividend investors on my discord server (https://discord.gg/kkSr5FY) had the opportunity to vote for that they were buying or planning to buy. Then I’ll end this video with a powerful life story that is worth hearing and reflecting on, so I recommend you watch this entire video. Referral Link to M1 ➜ https://m1.finance/AUzJllYh-gGh To get access to my Spreadsheet 2.0 then please sign up as a Patreon Aristocrat or King (and double check my Patreon site to ensure I’m still offering access, as I only have limited seats available). You also get other perks for signing up including the ability to watch my videos on my Discord before I release them to the public, and the ability to vote on what thumbnail I’ll use in some of my future videos, and you gain direct access to me.
Special Dividend A special dividend is a non-recurring distribution of company assets, usually in the form of cash, to shareholders. more
Dividend Yield Definition The dividend yield is a financial ratio that shows how much a company pays out in dividends each year relative to its stock price. more
Dividend Payout Ratio Definition The dividend payout ratio is the measure of dividends paid out to shareholders relative to the company’s net income. more
Dividend Clientele Dividend clientele refers to a group of shareholders that have a common preference for a company’s dividend policy. more
Dividend Definition A dividend is the distribution of some of a company’s earnings to a class of its shareholders, as determined by the company’s board of directors. more
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