S&P Dow Jones Indices Reports U.S. Common Indicated Dividend Payments Increase of $9.5 Billion in Q3 2024 As Dividend Growth Slows

On a per share basis, S&P 500 Q3 2024 dividend payments set a record, as payments increased 2.2% to $18.68 per share from Q2 2024's $18.28 and were up 8.3% from Q3 2023's $17.26 payment. Year-to-date, the index paid $55.02 per share, up from $51.93 for the same period in 2023. For the 12-months ending September 2024, the index paid a record $73.40 per share, up from $69.31 for the prior 12-month period.

Additional findings from S&P Dow Jones Indices' quarterly analysis of U.S. dividend activity includes:

Dividend Increases (defined as either an increase or initiation in dividend payments):

• 480 dividend increases were reported during Q3 2024 compared to 448 during Q3 2023, a 7.1% year-over-year increase.
• Total dividend increases were $14.1 billion for the quarter, down from $18.0 billion in Q3 2023.
• For the 12-months ending in September 2024, 2,522 issues increased their payments, a decrease of 3.8% compared to the 2,621 issues for the 12-months ending in September 2023.
• Total dividend increases for the 12-month period were $74.7 billion, up from $63.9 billion in the prior 12-month period.

Dividend Decreases (defined as either a decrease or suspension in dividend payments):

• 27 issues decreased dividends in Q3 2024, a 56.5% year-over-year decrease compared to 62 issues in Q3 2023.
• Dividend decreases were $4.6 billion in Q3 2024, compared to $9.2 billion in Q3 2023.
• For the 12-months ending in September 2024, 140 issues decreased their dividend payments, a 70.8% decrease compared to the 479 decreases within the prior 12-month period.
• Dividend decreases were $19.5 billion for the current 12-month period, a 26.4% decrease from prior 12-month period's $26.4 billion.

Non-S&P 500 Domestic Common Issues (for issues yielding 10% or less):

• The percentage of non-S&P 500 domestic dividend-paying common issues increased to 20.4% from Q2 2024's 20.3% and were flat compared to Q3 2023's 20.4%.
• The weighted indicated dividend yield for paying issues was 2.69% in Q3 2024, down from 2.92% in Q2 2024 and down from 3.14% in Q3 2023. The average indicated yield decreased to 3.18% in Q3 2024 compared to Q2 2024's 3.37% and was down from 3.50% in Q3 2023.

Large-, Mid-, and Small-Cap Dividends:

• 404 issues or 80.3% within the S&P 500 currently pay a dividend, up from 403 in Q2 2024 and up from the 401 which paid in Q3 2023; 27 of the 30 constituents within the Dow Jones Industrial Average^® pay a dividend with an average yield of 2.03% for all issues and 2.25% for the paying issues.
• 66.6% of S&P MidCap 400^® issues pay a dividend, up from 65.8% in Q2 2024 and up from 65.3% in Q3 2023. 58.0% of S&P SmallCap 600^® issues pay a dividend, down from 59.1% in Q2 2024 and up from 57.1% in Q3 2023.
• Yields mostly decreased for Q3 2024, as large-cap yields decreased (as their prices increased significantly more) to 1.29% (1.35% for Q2 2024 and 1.63% for Q3 2023), mid-caps decreased to 1.42% (1.52% for Q2 2024 and 1.71% for Q3 2023), and small-caps decreased to 1.60% (1.81% for Q2 2024 and 1.95% for Q3 2023).
• The yields across dividend-paying market-size classifications varied with large-caps declining to 1.55% for Q3 2024 (1.61% in Q2 2024 and 2.11% in Q3 2023), mid-caps decreasing to 2.11% (2.26% in Q2 2024 and 2.54% in Q3 2023), and small-caps decreasing to 2.70% (3.06% in Q2 2024 and 3.34% in Q3 2023).

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