It’s time for our February 2024 Dividend Portfolio Update! February isn’t the most exciting month for dividends for our portfolio. However, it is the month where we get a distribution from our largest holding which is Abbvie. Outside of dividend reinvestments we haven’t added to this position since 2021. Since that time it has been one of our top performers and has grown to almost 16% of our dividend portfolio. It just goes to show what consistent dividend growth and reinvestment can do over time with a good company.
Now, we know a lot of people will scoff at holding this large of a position in one stock. We wouldn’t recommend it either. However, this isn’t our only investment portfolio so we take a larger view when making decisions. While Abbvie is the largest holding in our dividend portfolio, it is less than 1% of our overall portfolio. So we are ok with letting one of our biggest winners keep on winning.
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It’s not often you get a chance to invest in a great company at a great price. We are more than happy to keep riding the wave and watch the position grow.
Let’s check out our February 2024 dividend portfolio update numbers!
Our Dividend Portfolio Month Ending February 2024:
| Symbol | Description | Quantity | Change From Prior Month |
| ABBV | ABBVIE INC | 14.4724 | 0.1254 |
| ABR | ARBOR REALTY TR REIT | 33.296 | – |
| BKH | BLACK HILLS CORP | 5.2867 | 1.0000 |
| DOW | DOW INC | 10.1589 | – |
| EPD | ENTERPRISE PRODS PART LP | 5.307 | 0.0990 |
| FRT | FEDERAL REALTY INVT TR REIT | 6.5193 | – |
| GIS | GENERAL MILLS INC | 5.421 | 0.0490 |
| IBM | IBM CORP | 3.3826 | – |
| IRM | IRON MTN INC NEW REIT | 13.5564 | – |
| JEPI | JPMORGAN EQUITY PREMIUM INCOME ETF | 14.6026 | 0.0777 |
| JNJ | JOHNSON & JOHNSON | 6.4162 | – |
| K | KELLANOVA | 2.1875 | – |
| KHC | KRAFT HEINZ CO | 5.535 | – |
| KMB | KIMBERLY CLARK CORP | 2.1868 | – |
| KO | THE COCA-COLA CO | 2.1727 | – |
| MAIN | MAIN STREET CAPITAL | 12.2743 | 0.0651 |
| MMM | 3M CO | 9.8668 | – |
| MO | ALTRIA GROUP INC | 14.7725 | – |
| MPW | MEDICAL PROPERTIES REIT | 18.223 | – |
| O | REALTY INCOME CORP REIT | 12.6835 | 0.5003 |
| QYLD | GLBL X FND GLB X NSDQ 100 CVD ETF IV | 35.5867 | 0.3494 |
| SCHD | SCHWAB US DIVIDEND EQUITY ETF | 20.4925 | 2.0000 |
| SO | SOUTHERN CO | 2.2173 | – |
| SPTN | SPARTANNASH CO | 6.5704 | – |
| T | A T & T INC | 17.5399 | 0.2679 |
| VICI | VICI PROPERTIES INC | 7.1805 | – |
| VTRS | VIATRIS INC | 21.6394 | – |
| VZ | VERIZON COMMUNICATN | 3.1448 | 0.0488 |
| WBD | WARNER BROTHERS DISCOVER | 3 | – |
| XOM | EXXON MOBIL CORP | 5.442 | – |
In the month of February we received dividend payments from ABBV, EPD, GIS, JEPI, MAIN, O, QYLD, T and VZ. Our dividend payments for the month totaled $51.60 and all receipts were reinvested back into the underlying positions.
Year over year for the month of February we saw an increase of 41.99% in our dividend payments. A lot of this growth was attributable to our positions in EPD and VZ that did pay much, or anything, in February 2023. We were also helped by QYLD actually paying their February dividend in February instead of March like last year.
As we said, the month of February isn’t very exciting when it comes to dividend distributions. It was also a very slow month for trying to add to our positions. We continued our plan of adding to our position in SCHD (2) with each paycheck. We also added to our position in BKH (1) which is one of our utility stocks that has been beaten down. Utilities are a sector that hasn’t really benefited from the recent run up and prices remain low. Aside from that we only had enough funds to make a fractional purchase of O (0.4404). The REIT sector also continues to get hammered so it’s buy time.
The dividend growth in ABBV, MAIN, O and even GIS continue to be amazing. The only real bummer for the month was JEPI which fell short on its distribution as the markets climbed. This is normal for this type of ETF as it relies on volatility to generate income to distribute.
| Stock | February 2023 | February 2024 | YOY Growth % |
| ABBV | $20.31 | $22.24 | 9.50% |
| EPD | $0.49 | $2.68 | 446.94% |
| GIS | $2.82 | $3.17 | 12.41% |
| JEPI | $5.12 | $4.37 | -14.65% |
| MAIN (m) | $2.35 | $2.93 | 24.68% |
| O (m) | $1.31 | $3.12 | 138.17% |
| QYLD (m) | $0.00 | $6.24 | 624.00% |
| T | $3.94 | $4.79 | 21.57% |
| VZ | $0.00 | $2.06 | 206.00% |
| Total | $36.34 | $51.60 | 41.99% |
At the end of February 2024 our dividend portfolio was valued at $16,086.16. This is a 4.12% increase from month ending January 2024 and we continue to make new highs! It would be great to keep this trend going, but we are due for a pullback as this run isn’t sustainable.
| Month | Portfolio Value | MOM % Change |
| January 2024 | $15,450.17 | 4.12% |
| February 2024 | $16,086.16 |
On a year over year basis our dividend portfolio value increased by 25.81%. We continue to move in the right direction with solid year over year growth. While the markets are overheated it’s great to look out and see the $20k mark on the horizon!
| Month | Portfolio Value | YOY % Change |
| February 2023 | $12,786.31 | 25.81% |
| February 2024 | $16,086.16 |
With the additional shares added and the reinvestment of all dividends received our portfolio will now provide projected annual dividend income (PADI) of $858. This is just over $71 per month on average and a $13 per year increase from last months update. Our yield on cost (YOC) decreased by 0.03 to 5.53% which is a continuation of the trend due to our focus on adding shares of SCHD.
As we said in last months update, we need to average adding about $14 a month in PADI to reach our goal of $1k by year end. While February was much better than January we still came up short of that number and fell further behind. There’s still a lot of time to make up this ground, but with our work-camping jobs coming to an end soon and our focus turning to our home build it’s going to be tough.
March could turn out to be a pivotable month for us to try and meet our goal. It’s a large dividend month and it will also be our last month of work. If we are unable to make up any ground then I don’t see how we can hit $1k by year end with everything we have going on. There are just too many distractions right now and higher priorities for us to tackle.
Thank you for taking time to read our February 2024 dividend portfolio update. It’s going to be a crazy year! Can’t wait to see what March brings……..
Happy Investing!
Joe
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