Dividend income March 2023 — Chronicling monthly dividend income to document my journey to financial independence. I am not a licensed investment advisor and this post is not investment advice. All opinions are my own.
The month of March is over, so it’s time to reflect on my dividend income performance.
Reflecting on the past month, I’m thrilled to share that my dividend earnings have risen above triple digits again for the first time this year. The portfolio generated more than $100 in dividends in nine out of twelve months in 2022. So it’s nice to see the portfolio get back to that level.
Although dividend growth has slowed down in 2023, my portfolio continues to post year-over-year dividend growth, which is a great sign of stability. As I continue to save money and invest strategically, I’m excited about the opportunities for growth in the second half of the year. Based on the first three months of 2023, I am on pace for a record year of savings. I expect to see these contributions begin to make an impact over the next three quarters.
Additionally, I am delighted to share that my all-time dividend income has finally surpassed the $4,000 mark since June 2017. It is an incredible accomplishment and a testament to the power of long-term investing. Since embarking on this journey, I have received over $4,000 in dividends, which is a significant milestone for me. It’s pretty cool to receive $4,000 just because I hold stocks, and it’s nice to know that over $4,000 of my portfolio exists thanks to dividend income.
But for the time being, let’s take a look at the March 2023 dividend earnings, which was the close to a rather interesting quarter for the market.
In this post, I will share insights on my March dividend income earnings and provide details on which stocks paid dividends.
Let’s dive in to the dividend income highlights.
Dividend Income March 2023 Highlights
- Total dividend income earned in March 2023 was $131.92
- Year-over-year (YOY) dividend income grew by 5% or $6.07 compared to March 2022
- Year-to-date (YTD) dividend income in 2023 is $306.55
- YTD income is up by 5% or $14.11 compared to the first three months of 2022
- 9 positions paid dividends in March 2023
- Quarter-over-quarter dividend growth increased by 13% compared to December 2022
- All-time dividend income since June 2017 is $4,104.87
- Monthly average dividend income in 2023 is $102.18
- Dividend income per day in March 2023 was $4.26
Dividend Income March 2023 Earnings — $131.92
My investment portfolio generated $131.92 in dividend earnings in March 2023.
This represents a 5% year-over-year increase compared to March 2022.
As I have previously alluded to on this blog, I anticipated a relatively conservative rate of dividend income growth for the first half of 2023. However, I expect that dividend growth will begin to accelerate in the second half of the year because of a high savings rate.
In fact, there are already signs that dividend income is beginning to accelerate. For example, quarter-over-quarter growth increased by 13% compared to December 2022.
Year-to-date dividend income in 2023 reached $306.55, which is slightly ahead of 2022 by 5% or $14.11 at the same point.
Otherwise, I am thrilled to announce that my all-time dividend income finally surpassed $4,000 after factoring in March’s earnings. In total, my investment portfolio has generated $4,104.87 worth of dividend income since I started this journey in June 2017.
Stocks/REITs That Paid Dividends In March 2023
Nine positions paid dividends in March 2023.
Below is a breakdown of which positions paid in order from highest to lowest:
- Enbridge (Ticker: ENB)
- Fortis (Ticker: FTS)
- Canadian Tire (Ticker: CTC.A)
- Johnson & Johnson (Ticker: JNJ)
- SmartCentres REIT: (Ticker: SRU.UN)
- NorthWest HealthCare REIT (Ticker: NWH.UN)
- Corning Inc. (Ticker: GLW)
- Intel (Ticker: INTC)
- RioCan REIT (Ticker: REI.UN)
A total of six stocks and three REITs (real estate investment trusts) paid dividends or distributions in March 2023. For the record, the USD amounts have been converted to CAD.
As per usual during the March-June-September-December months, Enbridge led the way as it accounted for 54% of this month’s income. Fortis was the second highest payer of the month, as it contributed 17%. Canadian Tire was third, accounting for 10%. And the fourth highest payer was Johnson & Johnson, as it contributed 8% of this month’s total dividend earnings.
As for the REITs, my largest one, SmartCentres, accounted for 4%, NorthWest Healthcare REIT contributed 3%, and RioCan accounted for less than 1%. Going forward, I am holding off from adding to NorthWest Healthcare REIT, considering that significant insider selling has occurred recently. I will continue holding my small position for the time being though.
Finally, two small stock positions accounted for 5% of this month’s income. Corning accounted for 3% and INTC, a new position, accounted for 2%. I recently bought INTC at an average of $29.05 per share before the dividend was slashed. Considering that the dividend was slashed and I am actually up on the position (it’s now $32.67 per share), I will likely sell and take a small capital gain soon.
March Dividend Income Growth Since 2018
The month of March has seen a tremendous amount of dividend income growth since 2018. Dividend income increased from $27.80 in March 2018 to $131.92 in March 2023. However, it has also seen a mix of slow and rapid growth.
For example, dividend income only grew by $1.29 from March 2020 to March 2021. Similarly, dividend income growth slowed down again this March compared to March 2022.
You can view all dividend income updates since June 2017 here.
Outlook — $1093.45 To Reach My 2023 Dividend Income Target
I set a modest target to earn at least $1,400 in dividend income by the end of 2023.
As of March 31, 2023, I have now earned $306.55 over the first three months of the year. So to reach my target income, I must earn at least $1,093.45 over the remaining nine months.
Broken down further, I must earn an average of $121.49 per month to reach $1,400 by the end of the year.
Although I am only averaging $102.18 per month over the first three months, I am still optimistic that I will meet and exceed this target.
For instance, I added $155.18 in PADI (projected annual dividend income) in March 2023 alone. If I keep this pace up, my $1,400 target will be easily surpassed.
Furthermore, I am still trending slightly ahead of last year’s pace over the first quarter. YTD income is up by 5% or $14.11 compared to the first three months of 2022.
As such, I am very optimistic that I will meet and exceed my $1,400 dividend income target, despite posting slower growth so far in 2023.
Final Thoughts
In summary, my dividend income portfolio generated $131.92 in March 2023.
This represents a modest 5% year-over-year increase compared to March 2022.
After factoring in March’s income, year-to-date dividend income is up to $306.55, which is up by 5% compared to the first quarter of 2022.
Furthermore, my all-time dividend income reached $4,104.87 since June 2017, when I began this dividend income investing journey.
Moreover, including dividends, capital gains, interest, and capital appreciation, my total investment return outpaced the S&P 500 by just over 1% during the first quarter of 2023.
Although a recession is likely and many other questions remain for the markets, I look forward to the second quarter of 2023.
Related Dividend Income Updates
All Dividend Income Updates Since June 2017
I am not a licensed investment or tax adviser. All opinions are my own. This post may contain advertisements by Monumetric and Google Adsense. This post may also contains internal links, affiliate links to BizBudding, Amazon, Bluehost, and Questrade, links to trusted external sites, and links to RTC social media accounts.
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Dividend Income February 2023
