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Headlines
- Tennant (NYSE:TNC) increases dividend to $0.295.
- Strong earnings support consistent dividend payments.
- Tennant's history shows reliable dividend growth.
Tennant Company has revealed an increase in its upcoming dividend, set to rise to $0.295, up from last year's payout. This move aligns the dividend yield at 1.4%, which matches the industry average. Shareholders can expect this dividend payment on December 16.
Earnings Cover Dividend Commitments
Tennant's earnings easily support its dividend, with a large portion of profits being reinvested into the business. Despite an anticipated slight decline in earnings over the next year, the dividend remains well within a sustainable payout ratio. The projected payout ratio stands at a comfortable 21%, ensuring that the company can continue its dividend payments with stability.
A Track Record of Dividend Growth
The company boasts a strong track record of consistent dividend payments since 2014. Over the past decade, Tennant has steadily increased its annual dividend from $0.72 to $1.18, achieving a 5.1% growth rate per year. This reliable growth in distributions enhances its appeal as a source of steady income for investors. With such a dependable history, Tennant is likely to maintain its commitment to rewarding shareholders through ongoing dividend increases.
