Shares in CSR Ltd (ASX: CSR) are flat today and holding the line at $6.05 apiece. As we approach the mid-point in April, CSR shares are just 8% higher in the past 12 months.
After trading within a fairly wide sideways channel in that time, shares have recently spiked from a low of $5.54 in March to sit back near 52-week highs.
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What about the CSR dividend?
Whilst dividend growth has been lumpy over recent years, payment consistency has been a forte of CSR's for more than 30 years now.
"CSR has paid twice yearly dividends every year since 1990 as well as issuing periodic special dividends," according to TMF.
"The company's dividends vary between unfranked, partially franked and fully franked and are typically paid in July and December each year. CSR has also executed a number of share buybacks over the past 15 years."
Most recently, it paid a fully franked interim dividend of 13.5 cents on 10 December 2021.
Analysts are baking in a fairly stable growth schedule over the coming periods for CSR as well. If there are no hiccups, CSR could recognise a pre-tax profit of $142 million in H2 FY22, up from $126 million in H1, according to Bloomberg consensus estimates.
As a result, consensus forecasts for CSR's dividend are for a 16.2 cents per share payment in H2 FY22, followed by a 16.3 cents per share payout in H1FY23.
Factoring in last year's payment, that would bring the FY22 dividend to 29.7 cents per share, with full franking credits available as a taxable offset.
At the current share price, that signifies a forward dividend yield of 4.89%, higher than most investment grade fixed income instruments at the moment.
On a sequential basis, the dividend growth forecasted over the next few semi-annual periods is set to outpace the level of inflation, in real terms.
In the last 12 months, CSR shares have spiked 8% and are now up 3% for the year to date.
