Welcome to our September 2024 dividend portfolio update. This month was a continuation the last couple of months with the markets eventually heading higher after a sluggish start.

The only difference this month was that we hit a point on one of our positions where it was time to cut bait and run. That position was 3M (MMM). After looking at some of the personal finance folks on social media it seems we were not the only ones looking for some sort of exit point on this stock.

We entered this position in 2021 and rode the downfall through lawsuits, lower earnings and eventually a dividend cut. The company finally seems to be getting on better footing, but it no longer fits in with our plan. With the stock making highs it was time to sell out.

The good news is that we were able to turn a modest profit despite all of these ups and downs. Looking back this is the tact we should have taken with other positions like AT&T (T) when they went through similar problems awhile back.

After making this move we started looking at a couple of other positions we are also considering exiting. We won’t note them at this time, but they really don’t fit with the goals we have for this portfolio any longer either. So we will see where we go with that as the end of the year approaches.

Here is where our dividend portfolio stands as of the end of September.

Our Dividend Portfolio Month Ending September 2024:

Symbol	Description	Shares	Change From Prior Month
ABBV	ABBVIE INC	14.7279	–
ABR	ARBOR RLTY TR INC REIT	36.6076	–
BKH	BLACK HILLS CORP	7.5077	0.0815
DOW	DOW INC	10.5587	0.1435
EPD	ENTERPRISE PRODS PART LP	8.5355	–
FRT	FEDERAL RLTY INVT TR NEWREIT	6.6585	–
GIS	GENERAL MLS INC	5.5155	–
IBM	IBM CORP	3.4736	0.0282
IRM	IRON MTN INC NEW REIT	13.7647	–
JEPI	JPMORGAN EQUITY PREMIUM INCOME ETF	16.2505	0.1114
JEPQ	J P MORGAN NASDAQ EQT PRM INC ETF	28.0000	28.0000
JNJ	JOHNSON & JOHNSON	6.5667	0.0483
K	KELLANOVA	2.2476	0.0158
KHC	KRAFT HEINZ CO	5.7277	0.0641
KMB	KIMBERLY CLARK CORP	2.227	–
KO	THE COCA-COLA CO	2.2068	–
MAIN	MAIN STR CAP CORP	12.7061	0.0624
MMM	3M CO	0.0000	-10.0864
MO	ALTRIA GROUP INC	15.419	–
O	REALTY INCOME CORP REIT	15.1229	0.0635
QYLD	GLOBAL X FUND GLB X NSDQ100 CVD ETF	38.1095	0.3789
SCHD	SCHWAB US DIVIDEND EQUITY ETF	28.2017	0.2495
SO	SOUTHERN CO	2.2784	0.0184
SPTN	SPARTANNASH CO	6.7192	–
T	AT&T INC	18.0798	–
VICI	VICI PPTYS INC REIT	10.4347	–
VTRS	VIATRIS INC	24.3566	0.2424
VZ	VERIZON COMMUNICATIONS I	3.2498	–
XOM	EXXON MOBIL CORP	5.5823	0.0471

In the month of September we received dividend payments from BKH, DOW, IBM, JEPI, JNJ, K, KHC, MAIN (2), MMM, O, QYLD, SCHD, SO, VTRS and XOM. Our dividends totaled $91.56 and all receipts were reinvested back into the underlying positions with the exception of the special dividend from MAIN.

In the month of September we only made one move. After looking through our current positions and other stocks on our watchlist we decided to take the proceeds from MMM and start a new position in JEPQ. This fund is similar to JEPI except it tracks the NASDAQ. It also has a little more upside potential than QYLD which uses a different methodology.

Stock	September 2023	September 2024	YOY Growth %
BKH	$2.00	$4.83	141.50%
DOW	$6.93	$7.29	5.19%
IBM	$5.50	$5.75	4.55%
JEPI	$4.45	$6.45	44.94%
JNJ	$7.52	$8.08	7.45%
K	$1.29	$1.27	-1.55%
KHC	$2.17	$2.27	4.61%
MAIN    (m)	$6.01	$6.91	14.98%
MMM	$14.39	$7.06	-50.94%
O    (m)	$2.15	$3.96	84.19%
QYLD  (m)	$5.77	$6.82	18.20%
SCHD	$6.71	$21.09	2109.00%
SO	$1.52	$1.63	7.24%
SPTN	$1.39	$0.00	-100.00%
VTRS	$1.63	$2.89	77.30%
XOM	$4.87	$5.26	8.01%
Total	$74.30	$91.56	23.23%

Year over year for the month of September our dividend increased a nice 23.23%. Of note this month is that our dividend in 3M (MMM) decreased over 50% due to the cut. Additionally, our dividend in Kellanova decreased by 1.5% due to the Kellogg spinoff dividend reduction.

We have already remedied the situation with MMM and a remedy for K will soon follow. The company recently announced that they are being acquired by M&M Mars. Can’t say we will be sorry to see that one go either. One additional note for September is that the dividend for Spartan Nash (SPTN) is pushed into October.

On the plus side the growth from our positions in BKH, JEPI, MAIN, O, SCHD and VTRS are off the charts!

At the end of September 2024 our dividend portfolio was valued at $20,427. This was another great month and a 2.64% increase from month ending August 2024. Last month we were excited about possibly hitting $20k and now it’s a reality. Will it last? The dreaded month of October is going to have a say so in that.

Month	Portfolio Value	MOM % Change
August 2024	$19,902.72	2.64%
September 2024	$20,427.48

On a year over year basis our dividend portfolio value has increased by 50.72%. That is huge!!

Month	Portfolio Value	YOY % Change
September 2023	$13,553.58	50.72%
September 2024	$20,427.48

With the reinvestment of all dividends received our portfolio, exiting our position in 3M and starting a position in JEPQ something interesting happened. Our dividend portfolio will now provide projected annual dividend income (PADI) jumped to just over $995. This is almost $83 per month on average and a $97 per year increase from our August update. For the month of August our yield on cost (YOC) shot up to 5.98% after the sale of MMM and addition of JEPQ.

Now before we go celebrating breaking $900 in PADI, and being oh so close to $1,000 in PADI, let me say this. We had a goal of hitting $1,000 in PADI by year end 2024, but this wasn’t how we planned on doing it. Sure, it will be great to reach that mark and we are not going to complain about it. However, our intention was to reach that goal through investment, dividend growth and reinvestment. Not by selling one asset just to purchase a higher yielding asset.

With the markets moving higher we came into a circumstance where a stock we wanted to exit finally hit the price we wanted to sell at. This freed up some funds to make a move and JEPQ has been on our watchlist pretty much forever. With everything else on our watchlist being so expensive we felt an ETF was the way to go. We had the funds now which is why we started this position now.

So yay, good for us we will most likely now hit our $1K PADI goal for the year now. But, we are not satisfied with how this year has gone when it comes to being able to invest more money into this portfolio. If our house ever gets done and we can get settled we need to find a way to do better going into 2025.

Thanks for reading our August 2024 dividend portfolio update. We appreciate you sticking with us and taking time to read our blog.  

Happy investing!

Joe

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