After a wild month it's time for our May 2024 dividend portfolio update! May is always kind of a wild card month and it's not unusual to get the type of swings we had. Sell in May and go away? Meh! Our dividend portfolio reached another all time high…
After a wild month it's time for our May 2024 dividend portfolio update!
May is always kind of a wild card month and it's not unusual to get the type of swings we had. Sell in May and go away? Meh! Our dividend portfolio reached another all time high once again. Then it came crashing down shortly after and we thought that was that. Of course we were wrong because it stabilized, rebounded and bam! Another all time high at the close of the month! It was quite the roller coaster!
While it was a fun ride we took a pretty significant hit to our PADI as you will see. The expected MMM dividend cut finally happened which is a setback. It pretty much wiped out half of the progress we made this year trying to reach our $1K PADI goal. It's a little bit of a bummer when we can only take baby steps to begin with. So while the month was positive it wasn't great because of this set back.
We are not abandoning our goal of $1K PADI by the end of 2024 yet. You never know what can happen and we have 7 more months to go. However, that goal is now on life support and might need divine intervention in order to be achieved.
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Our Dividend Portfolio Month Ending May 2024:
Symbol
Company
Quantity
Change From Prior Month
ABBV
ABBVIE INC
14.6099
0.1375
ABR
ARBOR REALTY TR REIT
35.4840
1.0799
BKH
BLACK HILLS CORP
6.3534
-
DOW
DOW INC
10.2840
-
EPD
ENTERPRISE PRODS PART LP
6.4192
0.1122
FRT
FEDERAL REALTY INVT TR REIT
6.5911
-
GIS
GENERAL MILLS INC
5.4666
0.0456
IBM
IBM CORP
3.4119
-
IRM
IRON MTN INC NEW REIT
13.6682
-
JEPI
JPMORGAN EQUITY PREMIUM INCOME ETF
15.8595
0.0913
JNJ
JOHNSON & JOHNSON
6.4638
-
K
KELLANOVA
2.2106
-
KHC
KRAFT HEINZ CO
5.5938
-
KMB
KIMBERLY CLARK CORP
2.2075
-
KO
THE COCA-COLA CO
2.1901
-
MAIN
MAIN STREET CAPITAL
12.4608
0.0600
MMM
3M CO
10.0180
-
MO
ALTRIA GROUP INC
15.1023
-
O
REALTY INCOME CORP REIT
12.8688
0.0596
QYLD
GLOBAL X FUND GLB X NSDQ100 CVD ETF
36.6302
0.3362
SCHD
SCHWAB US DIVIDEND EQUITY ETF
27.6578
1.0000
SO
SOUTHERN CO
2.2397
-
SPTN
SPARTANNASH CO
6.6413
-
T
A T & T INC
17.8265
0.2866
VICI
VICI PROPERTIES INC REIT
9.2817
2.0000
VTRS
VIATRIS INC
21.8574
-
VZ
VERIZON COMMUNICATN
3.1977
0.0529
XOM
EXXON MOBIL CORP
5.4894
-
Dividend Portfolio as of 5/31/2024
In the month of May we received dividend payments from ABBV, ABR, EPD, GIS, JEPI, MAIN, O, QYLD, T and VZ. Our dividends totaled $67.95 and all receipts were reinvested back into the underlying positions.
In the month of May we tried to make the best of what we had. With our investible funds dried up we were back to relying on other passive income sources to scratch up what we could. (see link above:) Wow, desperate move again! That's twice in one blog!
Since this is our new normal we first made sure to purchase another share of SCHD before any individual stock. Once we were able to scrounge up some more cash we added two shares of VICI. REITS continue to struggle so that's where we decided to add for individual positions.
We also continue to accumulate one share per quarter for ABR which is nice to see. I have been keeping a close eye on this holding as they are giving off some MPW type vibes with their short seller situation. So we will see how that plays out over time.
Stock
May 2023
May 2024
YOY Growth %
ABBV
$20.50
$22.43
9.41%
ABR
$12.75
$14.79
16.00%
EPD
$2.46
$3.25
32.11%
GIS
$2.84
$3.20
12.68%
JEPI
$5.44
$5.14
-5.51%
MAIN (m)
$2.39
$2.98
24.69%
O (m)
$1.36
$3.29
141.91%
QYLD (m)
$10.94
$5.91
-45.98%
T
$4.27
$4.87
14.05%
VZ
$0.00
$2.09
209.00%
Total
$62.95
$67.95
7.94%
YOY Dividend Growth
Year over year for the month of May we saw an increase of just 7.94% However, if we dig a little deeper our percentage is suppressed by the fact that QYLD had two dividend payments hit in May of 2023. If we smooth that out we were actually up about 18% on a true year over year basis. Certainly can't complain about that!
Overall we are pretty happy with our year over year dividend growth. Looking at our positions the only real bummer has been JEPI. But, no reason to panic as this is to be expected with this type of ETF. When the markets only go up there isn't a lot of options premium to be had so the distributions are down. With volatility seemingly picking up that might start to change.
At the end of May 2024 our dividend portfolio was valued at $17,022. This is a 2.09% increase from month ending April 2024. Shockingly not only did we end the month at another all time high, but we broke the $17k mark for the first time! A little something to help get over the MMM dividend cut.
Month
Portfolio Value
MOM % Change
April 2024
$16,674.32
2.09%
May 2024
$17,022.85
MOM Portfolio Change
On a year over year basis our dividend portfolio value has increased by a whopping 35.10%. While the dividend growth is wonderful the real goal is to grow the portfolio over time. In that respect we continue to maintain a strong pace.
Month
Portfolio Value
YOY % Change
May 2023
$12,600.35
35.10%
May 2024
$17,022.85
YOY Portfolio Change
Now, here is where the kick in the nuts occurred with MMM! With the additional shares added and the reinvestment of all dividends received our portfolio will now provide projected annual dividend income (PADI) of just over $862. This is about $72 per month on average and an $23 per year decrease from last months update. Additionally, our yield on cost (YOC) decreased by 0.19 to 5.45%.
As you can see the MMM dividend cut really put a damper on things. After three years of consistent monthly PADI growth we suffered our first setback. This will also have an impact on next months dividends since that is when MMM distributes the funds. We thought we might have another shot at our first $100 month in June, but that isn't going to happen now.
That's just how investing goes. Sometimes it's great and sometimes it sucks. In May it was a little bit of both. We will probably complain about it in next months blog as well, then we will move on. This is just a blip on the radar and we will get back to heading in the right direction soon.
That's about it for our May 2024 divided portfolio update! Thank you as always for taking time to read our blog.
BTW, it's time for us to hit the road again for our return trip to Utah. But first, we need to swing by Texas where we have some house stuff to take care of. So our May financial update blog will most likely be a little delayed due to travel.
With our home construction in full swing we are not in any hurry to look at the numbers. They will most likely be very ugly. But despite all of the financial stuff we are really happy seeing it all come together! Thank for sticking with us!
Until then, happy investing!
Joe
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