US ADVANCED COMPUTING INFRASTRUCTURE, INC.

Largest U.S. Common Stock Dividends paid through August 30, 2024

These companies actually paid the most dividends or distributions in the past year. These stocks which passed data validation and are included in our analysis paid 7% or more in actual dividends during the last trading year.

The math: sum(dividends paid) / average(close price), actual payments divided by average adjusted close price.

These stocks paid shareholders 7% or more in dividends or distributions in the past year, as a percentage of the average share price.

COUNTER, TICKER, DIVIDEND (as percentage of average closing price), COMPANY NAME
0 CMBT 0.20 Euronav NV
1 ARR 0.18 ARMOUR Residential REIT Inc
2 EARN 0.17 Ellington Credit Co.
3 AVGO 0.17 Broadcom Inc
4 GNL 0.16 Global Net Lease Inc
5 EFC 0.16 Ellington Financial Inc
6 GAIN 0.16 Gladstone Investment Corporation
7 GBDC 0.16 Golub Capital BDC Inc
8 GES 0.16 Guess Inc.
9 CION 0.16 CION Invt Corp
10 PNNT 0.16 PennantPark Investment Corporation
11 OXSQ 0.15 Oxford Square Capital Corp
12 TWO 0.15 Two Harbors Investment Corp
13 MRCC 0.14 Monroe Capital Corp
14 RC 0.14 Ready Capital Corp
15 FLNG 0.14 Flex Lng Ltd
16 DX 0.14 Dynex Capital Inc.
17 SCM 0.14 Stellus Capital Investment Corp
18 PSEC 0.14 Prospect Capital Corp
19 ARLP 0.14 Alliance Resource Partners LP
20 UNIT 0.13 Uniti Group Inc
21 TCPC 0.13 BlackRock TCP Capital Corp
22 TSLX 0.13 Sixth Street Specialty Lending Inc
23 BRSP 0.13 BrightSpire Capital Inc
24 SACH 0.13 Sachem Capital Corp
25 NEP 0.13 NextEra Energy Partners LP
26 CCAP 0.13 Crescent Capital BDC Inc
27 WHF 0.13 WhiteHorse Finance Inc
28 REFI 0.13 Chicago Atlantic Real Estate Finance Inc
29 MFIC 0.13 MidCap Financial Investment Corporation
30 AOMR 0.13 Angel Oak Mortgage REIT Inc
31 SAR 0.13 Saratoga Investment Corp
32 FSCO 0.13 FS Credit Opportunities Corp
33 KRP 0.13 Kimbell Royalty Partners LP
34 OBDC 0.12 Blue Owl Capital Corp
35 RWAY 0.12 Runway Growth Finance Corp
36 OCSL 0.12 Oaktree Specialty Lending Corp
37 FSK 0.12 FS KKR Capital Corp
38 BBDC 0.12 Barings BDC Inc
39 AY 0.12 Atlantica Sustainable Infrastructure Plc
40 PFLT 0.12 PennantPark Floating Rate Capital Ltd
41 MKTW 0.12 Marketwise Inc
42 CATO 0.11 Cato Corp.
43 DMLP 0.11 Dorchester Minerals LP
44 NAT 0.11 Nordic American Tankers Ltd
45 BSM 0.11 Black Stone Minerals L.P.
46 HRZN 0.11 Horizon Technology Finance Corp
47 LPG 0.11 Dorian LPG Ltd
48 BGFV 0.11 Big 5 Sporting Goods Corp
49 BRY 0.11 Berry Corp
50 CLCO 0.10 Cool Company Ltd
51 SBLK 0.10 Star Bulk Carriers Corp
52 TRP 0.10 TC ENERGY CORP.
53 PK 0.10 Park Hotels & Resorts Inc
54 SBGI 0.10 Sinclair Inc
55 ARCC 0.10 Ares Capital Corp
56 CNQ 0.10 Canadian Natural Resources Ltd.
57 RITM 0.10 Rithm Capital Corporation
58 ONL 0.10 Orion Office REIT Inc
59 FRO 0.10 Frontline Plc
60 DHT 0.09 DHT Holdings Inc
61 GMRE 0.09 Global Medical REIT Inc
62 VGR 0.09 Vector Group Ltd
63 GOOD 0.09 Gladstone Commercial Corp
64 OMF 0.09 OneMain Holdings Inc
65 NMFC 0.09 New Mountain Finance Corp
66 AQN 0.09 Algonquin Power & Utilities Corp
67 MO 0.09 Altria Group Inc.
68 SLRC 0.09 Solar Capital Ltd
69 AB 0.09 AllianceBernstein Holding Lp
70 WES 0.09 Western Midstream Partners LP
71 SIGA 0.09 SIGA Technologies Inc
72 GRNT 0.09 Granite Ridge Resources Inc
73 MAIN 0.09 Main Street Capital Corporation
74 ZIM 0.09 Zim Integrated Shipping Services Ltd
75 MPLX 0.09 MPLX LP
76 SWI 0.09 SolarWinds Corp
77 CTO 0.09 CTO Realty Growth Inc
78 DEA 0.09 Easterly Government Properties Inc
79 OUT 0.09 Outfront Media Inc
80 TFSL 0.09 TFS Financial Corporation
81 USAC 0.09 USA Compression Partners LP
82 VTS 0.09 Vitesse Energy Inc
83 FDUS 0.09 Fidus Investment Corp
84 ET 0.09 Energy Transfer LP
85 WLKP 0.09 Westlake Chemical Partners LP
86 BCSF 0.09 Bain Capital Specialty Finance Inc
87 BNS 0.09 Bank Of Nova Scotia
88 EPR 0.09 EPR Properties
89 AMBP 0.09 Ardagh Metal Packaging S.A.
90 SBRA 0.09 Sabra Healthcare REIT Inc
91 LADR 0.09 Ladder Capital Corp
92 KSS 0.09 Kohl`s Corp.
93 OHI 0.09 Omega Healthcare Investors Inc.
94 CLPR 0.09 Clipper Realty Inc
95 HIW 0.09 Highwoods Properties Inc.
96 CRBG 0.09 Corebridge Financial Inc.
97 SFL 0.09 SFL Corporation Ltd
98 TU 0.09 Telus Corp.
99 BRDG 0.09 Bridge Investment Group Holdings Inc
100 HTGC 0.09 Hercules Capital Inc
101 OLP 0.08 One Liberty Properties Inc.
102 SPOK 0.08 Spok Holdings Inc
103 CGBD 0.08 Carlyle Secured Lending Inc
104 EPM 0.08 Evolution Petroleum Corporation
105 EGBN 0.08 Eagle Bancorp Inc (MD)
106 KNTK 0.08 Kinetik Holdings Inc
107 CIO 0.08 City Office REIT Inc
108 RILY 0.08 B. Riley Financial Inc
109 CRCT 0.08 Cricut Inc
110 BCE 0.08 BCE Inc
111 BGS 0.08 B&G Foods Inc
112 DSX 0.08 Diana Shipping Inc
113 BHR 0.08 Braemar Hotels & Resorts Inc
114 HESM 0.08 Hess Midstream LP
115 STLA 0.08 Stellantis N.V
116 KW 0.08 Kennedy-Wilson Holdings Inc
117 IIIN 0.08 Insteel Industries Inc.
118 CNA 0.08 CNA Financial Corp.
119 ENB 0.08 Enbridge Inc
120 CSWC 0.08 Capital Southwest Corp.
121 ASC 0.08 Ardmore Shipping Corp
122 IIPR 0.08 Innovative Industrial Properties Inc
123 AJX 0.08 Great Ajax Corp
124 WU 0.08 Western Union Company
125 GNK 0.08 Genco Shipping & Trading Limited
126 EPD 0.08 Enterprise Products Partners L P
127 PAA 0.08 Plains All American Pipeline LP
128 FLIC 0.08 First Of Long Island Corp.
129 STR 0.08 Sitio Royalties Corp
130 KRO 0.08 Kronos Worldwide Inc.
131 LEG 0.08 Leggett & Platt Inc.
132 TSQ 0.08 Townsquare Media Inc
133 SAVE 0.07 Spirit Airlines Inc
134 GSL 0.07 Global Ship Lease Inc
135 BNL 0.07 Broadstone Net Lease Inc
136 CM 0.07 Canadian Imperial Bank Of Commerce
137 GOGL 0.07 Golden Ocean Group Limited
138 PBA 0.07 Pembina Pipeline Corporation
139 AHH 0.07 Armada Hoffler Properties Inc
140 SPH 0.07 Suburban Propane Partners LP
141 BEP 0.07 Brookfield Renewable Partners LP
142 PAGP 0.07 Plains GP Holdings LP
143 CAR 0.07 Avis Budget Group Inc
144 FIBK 0.07 First Interstate BancSystem Inc.
145 RMR 0.07 RMR Group Inc (The)
146 NWBI 0.07 Northwest Bancshares Inc
147 ARC 0.07 ARC Document Solutions Inc
148 PANL 0.07 Pangaea Logistics Solutions Ltd
149 FIZZ 0.07 National Beverage Corp.
150 SLG 0.07 SL Green Realty Corp.
151 COLB 0.07 Columbia Banking System Inc.
152 LTC 0.07 LTC Properties Inc.
153 SLF 0.07 Sun Life Financial Inc.
154 VZ 0.07 Verizon Communications Inc
155 GLP 0.07 Global Partners LP
156 D 0.07 Dominion Energy Inc
157 EVC 0.07 Entravision Communications Corp.
158 CPA 0.07 Copa Holdings S.A.
159 BIP 0.07 Brookfield Infrastructure Partners L.P
160 GLAD 0.07 Gladstone Capital Corp.

An investor might use this data on historical yields to find companies to research for a value investment.
In the good case scenario, these firms have sustainable and growing distributable cash flow, while the market lowered their stock price. This happens when risk-free interest rates rise, and slow/no growth cash cows are repriced.

In the typical case, these firms are long-term, cash generation businesses like REITs, MLPs, and BDCs and either they had a one-off distribution (one MLP fought a short-seller that way), or a unique windfall (e.g., ocean shippers during the pandemic).

In a bad case scenario, the firms recently lost their cash flow, or spun out their cash generator, and the market is repricing them.

Most of the top names on this list are master limited partnerships or publicly traded investment vehicles such as investment companies, business development corporations, real estate investment trusts and holding companies. A few are operating companies with windfall profits (think pandemic-related supply chain businesses), spin-offs or M&A activity (returning capital to shareholders), companies whose expected fortunes have changed (driving down their share prices) or in one case an investment vehicle that battled a short seller's attack by raising dividends.

Further down the list you find operating companies that traditionally pay a high dividend (think utilities, telecommunications or low-growth cash cows) , who have boosted their dividends further to compete for investment dollars with rising US Treasury Bill rates.

Past dividend yields are not a guarantee of future dividend yields. Do your due diligence and learn their stories before you invest.

Dividend Discussion (our thoughts):

Some stocks pay a consistent dividend that is a sustainable percentage of profits and free cash flow (e.g., 20% to 50%). As the company grows profits and cash flow, it can afford to grow and maintain higher dividend rates. This also works in reverse. When a company becomes less profitable, it feels pressure to shrink or eliminate its dividend. The payment of dividends is somewhat independent of the price of the shares, and so we can occasionally find bargains or mis-priced securities.

There are exceptions to the 'sustainable dividend' story above. Some companies pay a one-time dividend to return cash to shareholders. This could be due to a windfall profit (e.g., winning a lawsuit), or restructuring their business (e.g., sell or spin-out a business).

As risk-free interest rates change, it significantly changes the valuation of stocks with high dividends and slow growth. This is one impact of U.S. Federal Reserve Bank, Federal Open Market Committee decisions, and fixed income markets, as they impact both bond and equity investors. When market interest rates rise, bond and equity market valuations fall, and vice versa.

Past dividends is not a guarantee of future dividends
You should not assume that a company will continue to pay dividends, nor pay them at the same rate. The decision to pay a dividend, and the amount paid, is based on earnings and availability of suitable investments available to the company. Companies change their dividend policies & dividend amounts frequently.

Money losing companies that pay dividends
You may also notice that a few companies are not profitable, but paid significant dividends over the past year. There are three simple cases that we think about:
1. The company was, but is no longer profitable
2. The company is designed to pay dividends based on operating cash flows (e.g., REITS or MLPs) but have 'non-cash' expenses like depreciation or amortization to cause an accounting loss.
3. The company paid a small dividend percentage, but then the stock price declined.

How we calculate dividends
We use a novel method to compare stock dividend payouts. It divides the actual dividends paid by the average closing share price. This is an actual, historical dividend yield for an owner of the stock every day for the past year. This is not a forward-looking dividend yield, which is what you typically see. We use it in our platform.

Dividend payout: (1 + dividend %)
A. 1.15 = 15% payout
B. 1.00 = no dividend
C. 1.012 = 1.2% dividend yield (e.g., stock ABC paid $1.20 last year, and had an average close price of $100)

Do your due diligence, learn their stories, and decide where you will invest. Each of these stocks has a story.

Dividend stocks tend to decline when interest rates rise
We were attracted to a particular dividend stock. It pays a high dividend, generates significant free cash flow, and is a consistent performer. This stock fell almost in lock-step with the rise of interest rates. This is because high dividend stocks can often look like a bond but with equity risk. One current example is Verizon $VZ. The dividends they pay are worth less on a weighted average cost of capital basis (e.g., if you can earn 5.5% in a no-risk US Treasury, the relative value of a 7.5% dividend is lower). Verizon also holds significant amounts of corporate debt, which gets more expensive to renew or roll-over into higher interest rate markets (like we have today).

Why invest in dividend-paying stocks?
The simple answer is it reduces your risk. Each year a portion of your investment, or a return on your investment, is paid.

Why avoid dividend-paying stocks?
On the other hand, dividends are taxed twice, once as the company generates the profit to pay them, and twice as you receive the dividend. In most situations, dividends are taxed higher than capital gains, so there is almost a 'triple tax' on dividends.

As an example of double taxation from dividends, a dollar earned by a company yields $0.70 after corporate taxes. They pay the $0.70 to shareholders who then pay Federal and State taxes of 40% on that income, yielding a final amount of $0.42 (out of the original dollar), or a tax of 58%.

Can you avoid double taxation on dividends?
Case 1: Invest in companies that reinvest earnings into growth (e.g., Amazon's strategy) so no tax would be paid and the company is expected to grow future earnings more quickly. In that case, no current tax is paid.

Case 2: Invest in companies that use free cash flow to increase per-share, shareholder equity. In this case, the company earns income, pays corporate taxes of $0.30, and uses the $0.70 (after taxes) to buy back shares of stock or pay down debt. The investor, in theory, could defer their share of taxes indefinitely by not selling their shares, or sells them after a year and pays lower capital gains taxes as low as 15%. In this case, the tax paid in the current year is $0.30 or $0.405 if the stocks were sold after one year.

Case 3: Look into master limited partnerships which pass through to the investor their financial performance and distributions. Their financial performance affects your basis in the stock, and is taxable, which may offset cash distributions at tax time.

Largest U.S. Common Stock Dividends paid through August 30, 2024

Copyright 2024 US Advanced Computing Infrastructure, Inc., Chicago Quantum (SM)833 Central Avenue #1292, Highland Park, Illinois 60035-7292+1.312.515.7333CRD#: 316375

Copyright 2024 US Advanced Computing Infrastructure, Inc., Chicago Quantum (SM)
833 Central Avenue #1292, Highland Park, Illinois 60035-7292
+1.312.515.7333
CRD#: 316375