- Q1 2023 U.S. common dividend increases were $19.7 billion, up 21.0% from $16.3 billion in Q4 2022 and down 28.8% from $27.7 billion in Q1 2022.
- Q1 2023 U.S. common dividend decreases were $10.0 billion, up 485% from $1.7 billion in Q4 2021, and up 5.6% from $9.5 billion in Q1 2022.
- Q1 2023 net indicated dividend rate change increased $9.7 billion, compared to $14.6 billion in Q4 2022, and $18.2 billion in Q1 2022.
- For the 12-month period ending in March 2023, U.S. common dividend increases were $74.5 billion, down 14.9% from the comparable March 2022 period’s $86.0 billion; decreases were down 6.7% to $14.8 billion, compared to $15.9 billion in March 2022.
- The net 12-month March 2023 indicated dividend gain was $59.7 billion, compared to $70.1 billion for March 2022.
NEW YORK, April 4, 2023: S&P Dow Jones Indices announced today that the indicated dividend net changes (increases less decreases) for U.S. domestic common stocks increased $9.7 billion during Q1 2023, compared to $14.6 billion in Q4 2022 and $18.2 billion in Q1 2022.
For all 12-month ending in March 2023, the net dividend rate increased $59.7 billion, compared to the net $70.1 billion ending in March 2022. Increases were $74.5 billion versus $86.0 billion, and decreases were $14.8 billion compared to $15.9 billion.
"Dividend payments continued at record levels and are expected to continue to do so for 2023. However, the size of the increases have declined and are expected to remain modest for the year as concerns over decreased consumer spending and an economic slowdown have increased," said Howard Silverblatt, Senior Index Analyst at S&P Dow Jones Indices. "For 2023, the dollar aggregate of dividends are expected to increase, but at half the pace of the double-digit 2022 growth."
Silverblatt continued, "The current banking events are also expected to negatively impact future spending from both consumers and companies, which in turn may curtail corporate dividend growth."
Within the S&P 500, Q1 2023 cash dividends set a record payment, and were up 0.9% over the record Q4 2022 payment and up 7.9% over Q1 2022. For the 12-month period ending in March 2023, S&P 500 dividends were up 10.1% from the March 2022 period.
"2023 is on track for another record dividend payment to shareholders, but 2022's and the 12-month March 2023's double-digit gains will be cut in half due to the state of the economy and recent events in the banking industry. The uncertain forecast for 2023 dividend payments is also driven by several factors including changes in inflation, interest rates, and consumer spending. Overall, it is clear that companies are currently protecting their dividends, even if it means reducing buybacks, which appears to be increasing," Silverblatt concluded.
