Everything you need to know about the boosted Macquarie dividend

A young man wearing glasses and a denim shirt sits at his desk and raises his fists and screams with delight.

A young man wearing glasses and a denim shirt sits at his desk and raises his fists and screams with delight.

Looking to bag the boosted Macquarie Group Ltd (ASX: MQG) dividend?

Here’s what you need to know.

Macquarie dividend increased by 29%

The diversified S&P/ASX 200 Index (ASX: XJO) financial stock released its full year results for the year ended 31 March (FY23) this morning.

With net profits up 10% from FY22 to $5.18 billion, the final Macquarie dividend came in at $4.50 per share, 40% franked.

That’s up a welcome 29% from the $3.50 final dividend the company paid last year. And it represents a half year payout ratio of 60%.

It also brings the full year dividend to $7.50 per share, all 40% franked. Or some $2.9 billion returned to shareholders over the 12 months.

The full year dividends are up from a total Macquarie dividend payment of $6.22 in FY22. And it works out to  a full year FY23 payout ratio of 56%.

The company’s dividend policy remains at a 50-70% annual payout ratio.

At the current share price of $177.86, the total dividend payment equates to a yield of 4.2%. With the partial franking credits thrown in, that represents some handy passive income for shareholders.

Not a shareholder yet?

If you don’t own stock yet but are looking to score the $4.50 per share final Macquarie dividend, you’ll need to own shares at market close on Friday, 12 May.

The stock trades ex-dividend on Monday, 15 May.

Eligible investors can expect that passive income to hit their bank accounts on 4 July.

Macquarie also offers a dividend reinvestment plan (DRP) to investors who prefer that over receiving cash dividends.

The DRP election date is Wednesday 17 May 17.

Macquarie expects that all the shares allocated under its DRP will be acquired on market. However, the company noted that shares will be issued “if purchasing becomes impractical or inadvisable”.

Shareholders who are residents of Australia and New Zealand are eligible to participate in the Macquarie dividend reinvestment plan.

The post Everything you need to know about the boosted Macquarie dividend appeared first on The Motley Fool Australia.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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