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CSX Rewards Shareholders With Dividend Increase of 9.1%
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In a shareholder-friendly move, CSX Corporation (CSX - Free Report) has announced a hike in its dividend payout. CSX’s board of directors has approved a dividend hike of 9.1%, thereby raising its quarterly cash dividend from 11 cents per share to 12 cents. The raised dividend will be paid out on Mar 15, 2024, to all its shareholders of record as of Feb 29. The move reflects CSX’s intention to utilize free cash to enhance its shareholders’ returns.
CSX has been consistently making efforts to reward its shareholders through dividends and share buybacks, which are encouraging. In February 2023, CSX hiked its dividend by 10% to 11 cents per share. Also, in February 2022, CSX hiked its dividend by 7.5% to 10 cents per share.
In 2023, CSX rewarded its shareholders through a combination of cash dividends ($882 million) and share repurchases ($3,482 million). In 2022, CSX rewarded its shareholders through a combination of cash dividends ($852 million) and share repurchases ($4,731 million). Continuing the shareholder-friendly approach, the company rewarded shareholders through a combination of dividends ($839 million) and share buybacks ($2,886 million) in 2021.
Dividend-paying stocks provide a solid income stream and have fewer chances of experiencing wild price swings. Dividend stocks, like CSX, are safe bets for creating wealth, as the payouts generally act as a hedge against economic uncertainty like the current scenario.
CSX management’s decision to increase its quarterly dividend payout reflects the company’s commitment to boosting shareholder value apart from underlining confidence in its business. We believe such shareholder-friendly initiatives boost investor confidence and positively impact thisZacks Rank #3 (Hold) stock bottom line. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
CSX is not the only player from the Zacks Transportation sector that has rewarded its shareholders with dividend payouts or share buyback programs.
To name a few, Westinghouse Air Brake Technologies Corporation, operating as Wabtec Corporation (WAB - Free Report) (concurrent with its fourth-quarter 2023 earnings release on Feb 14, 2024), announced a 17.6% dividend increase, thereby raising its quarterly cash dividend from 17 cents per share to 20 cents. Additionally, WAB’s board announced a $1 billion share buyback authorization.
On Feb 2, 2024, Knight-Swift Transportation Holdings Inc. (KNX - Free Report) board of directors approved a dividend hike of 14.2%, thereby raising its quarterly cash dividend from 14 cents per share to 16 cents. The raised dividend is anticipated to be paid out on Mar 25, 2024, to all its shareholders of record as of Mar 8. Notably, KNX has raised its quarterly dividend five times in the past five years for a 167% overall increase.
On Jan 26, 2024, GATX Corporation (GATX - Free Report) announced a hike in its dividend payout. GATX’s board of directors has declared a dividend hike of almost 5.5%, thereby raising its quarterly cash dividend from 55 cents per share to 58 cents. The raised dividend will be paid out on Mar 31, 2024, to all its shareholders of record as of Mar 1. Notably, 2024 marks the 106th consecutive year of GATX paying out dividends.
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CSX Rewards Shareholders With Dividend Increase of 9.1%
In a shareholder-friendly move, CSX Corporation (CSX - Free Report) has announced a hike in its dividend payout. CSX’s board of directors has approved a dividend hike of 9.1%, thereby raising its quarterly cash dividend from 11 cents per share to 12 cents. The raised dividend will be paid out on Mar 15, 2024, to all its shareholders of record as of Feb 29. The move reflects CSX’s intention to utilize free cash to enhance its shareholders’ returns.
CSX Corporation Dividend Yield (TTM)
CSX Corporation dividend-yield-ttm | CSX Corporation Quote
CSX has been consistently making efforts to reward its shareholders through dividends and share buybacks, which are encouraging. In February 2023, CSX hiked its dividend by 10% to 11 cents per share. Also, in February 2022, CSX hiked its dividend by 7.5% to 10 cents per share.
In 2023, CSX rewarded its shareholders through a combination of cash dividends ($882 million) and share repurchases ($3,482 million). In 2022, CSX rewarded its shareholders through a combination of cash dividends ($852 million) and share repurchases ($4,731 million). Continuing the shareholder-friendly approach, the company rewarded shareholders through a combination of dividends ($839 million) and share buybacks ($2,886 million) in 2021.
Dividend-paying stocks provide a solid income stream and have fewer chances of experiencing wild price swings. Dividend stocks, like CSX, are safe bets for creating wealth, as the payouts generally act as a hedge against economic uncertainty like the current scenario.
CSX management’s decision to increase its quarterly dividend payout reflects the company’s commitment to boosting shareholder value apart from underlining confidence in its business. We believe such shareholder-friendly initiatives boost investor confidence and positively impact thisZacks Rank #3 (Hold) stock bottom line. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
CSX is not the only player from the Zacks Transportation sector that has rewarded its shareholders with dividend payouts or share buyback programs.
To name a few, Westinghouse Air Brake Technologies Corporation, operating as Wabtec Corporation (WAB - Free Report) (concurrent with its fourth-quarter 2023 earnings release on Feb 14, 2024), announced a 17.6% dividend increase, thereby raising its quarterly cash dividend from 17 cents per share to 20 cents. Additionally, WAB’s board announced a $1 billion share buyback authorization.
On Feb 2, 2024, Knight-Swift Transportation Holdings Inc. (KNX - Free Report) board of directors approved a dividend hike of 14.2%, thereby raising its quarterly cash dividend from 14 cents per share to 16 cents. The raised dividend is anticipated to be paid out on Mar 25, 2024, to all its shareholders of record as of Mar 8. Notably, KNX has raised its quarterly dividend five times in the past five years for a 167% overall increase.
On Jan 26, 2024, GATX Corporation (GATX - Free Report) announced a hike in its dividend payout. GATX’s board of directors has declared a dividend hike of almost 5.5%, thereby raising its quarterly cash dividend from 55 cents per share to 58 cents. The raised dividend will be paid out on Mar 31, 2024, to all its shareholders of record as of Mar 1. Notably, 2024 marks the 106th consecutive year of GATX paying out dividends.