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Dividend Roundup: PROV, UBNK, CMLP, SEP, MWE

July 22, 2011 | About:
Here are the five latest dividend-related developments featured on The Dynamic Dividend:

Provident Hits 21-Month High on Tripling of Dividend

Provident Financial Holdings (PROV) declared a quarterly dividend of $0.03 per share late Thursday, tripling the $0.01 paid each of the previous eight quarters by the bank holding company. This is the first time the parent of Provident Savings Bank has given its shareholders a raise since dragging out a huge reduction two years ago.

Provident’s quarterly dividend was sitting at a peak of $0.18 per share at the start of 2008, but the company made four big cuts to its payout over the next six quarters. When the dust settled in July 2009, Provident’s quarterly dividend was sitting at $0.01 per share — 94% below its peak — which is where it stood until yesterday’s announcement.

Shares of PROV surged as high as $8.74 (+4.42%) early in Friday’s session, which is a level the stock hadn’t reached since October 2009. At today’s high, the stock now features a 1.43% dividend yield.

United Gives Shareholders Another Double-Digit Raise

United Financial Bancorp (UBNK) declared a quarterly dividend of $0.09 per share within this morning’s second-quarter earnings release, which is a 12.5% improvement over the $0.08 paid each of the previous four quarters by the bank holding company.

The parent company for United Bank began returning cash to shareholders in 2006 with a quarterly dividend of $0.05 per share. United has improved its dividend output each subsequent year, raising its rate by a total of 80% on the strength of four double-digit dividend hikes. Each of the company’s increases has upped its quarterly payout by a penny.

Shares of UBNK opened today’s session trading at $16.45, where they now carry a 2.19% dividend yield.

Crestwood Ups Distribution for Third Straight Quarter

Crestwood Midstream Partners LP (CMLP) declared a quarterly distribution of $0.43 per unit, which is a 4.6% increase over last quarter’s payout and a 9.5% improvement over the distribution paid during the same period last year.

This is the eighth distribution hike from Crestwood since the natural gas partnership went public in 2007, and its third consecutive quarterly increase.

CMLP closed Thursday’s session trading at $27.42, where it now yields 6.71%.

Crestwood has now improved its distribution by 53% since its first full quarterly payout in early 2008, and it has never kept its rate flat for more than three consecutive quarters.

Spectra's 15th Consecutive Quarterly Distribution Hike

Spectra Energy Partners LP (SEP) announced another increase to its distribution Thursday evening, marking the fifteenth consecutive quarter the partnership has given its unitholders a raise.

The new payout of $0.465 per unit is a 1.1% improvement over the $0.46 paid last quarter by Spectra, and an 8.1% increase over its $0.43 distribution during the same period last year. Spectra initiated its quarterly distribution in 2007, and has raised its payout with each subsequent quarter, racking up growth totaling 55% in the process.

SEP closed Thursday’s session trading at $30.73 where it yields 6.05%.

MarkWest Energy Partners Raises Distribution Again

MarkWest Energy Partners L.P. (MWE) declared a quarterly distribution of $0.70 per unit after today’s closing bell, which is a 4.5% increase over its previous payout, and a 9.4% improvement over the distribution paid during the same period last year. This is the third consecutive quarter the partnership has raised its distribution.

MWE closed Thursday’s session trading at $48.39, where they now yield 5.79%.

Aside from a flat period stretching nine quarters from 2008 to 2010, MarkWest has raised its distribution nearly every single quarter since it began returning cash to its investors in 2002, pushing its payout higher by a total of 180% in a little under a decade.

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