Do you own shares of Argo Investments Limited (ASX: ARG)? If you do, congratulations.
It's set to be a good day for Argo shareholders, despite what the market might do. That's because it's dividend payday for Argo.
Argo is one of the oldest listed investment companies (LICs) on the ASX, having opened its doors way back in 1946. It has some considerable ASX pedigree, having been once chaired by the Australian cricketing legend Sir Donald Bradman. It also has a strong record of paying dividends throughout all 76 years of its history.
Despite the rise of the exchange-traded fund (ETF), Argo is still going strong today. Like most LICs, this company invests its capital on behalf of its shareholders. Argo holds a broad and diversified portfolio of ASX shares.
As of its latest update covering August 2022, its top five holdings were Macquarie Group Ltd (ASX: MQG), BHP Group Ltd (ASX: BHP), CSL Limited (ASX: CSL), Commonwealth Bank of Australia (ASX: CBA), and Wesfarmers Ltd (ASX: WES).
What is Argo shares' final dividend worth?
But let's get down to the dividend. So last month when Argo announced its FY22 full-year earnings results, the LIC declared a final dividend of 17 cents per share, fully franked as is typical with Argo. That represented a pleasing 21.4% increase over last year's final dividend of 14 cents per share.
It's also higher than the 16 cents per share interim dividend investors received back in August. It brought Argo's dividend total for FY22 to 33 cents per share, another happy rise from FY21's total of 28 cents.
Argo shares traded ex-dividend for this latest payment back on 26 August. But, hallelujah, today happens to be payday. Yes, Argo investors will receive the final 17 cents per share payment today.
Investors will either take delivery of the cash or, if they've opted into the LIC's dividend reinvestment plan (DRP), additional shares in the company.
At yesterday's closing share price, this dividend gives Argo a dividend yield of 3.62% (or 5.16% grossed-up with the full franking).
