Dividend Income Summary: Bert’s April 2020 Summary

Dividend Income, dividend stocks, January dividend

Another month is in the books.  From a percent increase standpoint, the stock market crushed it. However, there was much more to the story, as the company is well below its pre-pandemic highs still.  There is a significant amount of unease and uncertainty in the marketplace. Will the economic relief packages work? When will the economy re-open safely? How many more companies will cut their dividend? All of these questions remain unanswered and and are fueling this uncertainty. But still, despite this, there is plenty of positive news for dividend investors.  During these turbulent times, the dividends continue to roll in and provide us with an additional, passive income source.  In this article, I’ll perform my April dividend income summary and highlight the previous month!

Receiving dividend cuts and watching your dividend income is never fun. In fact, it can even be discouraging seeing your income head in the wrong direction. So I thought I would start this article off by reminding us WHY we are dividend growth investors.

Dividend Investing is amazing for so many reasons.  Slowly, over time, we are investing every dollar we can to build a  growing, tax-efficient passive income stream by investing in undervalued dividend growth stocks identified by our dividend stock screener.  There are some great values in the market today. In fact, many Dividend Aristocrats are trading at stock prices we haven’t seen since 2015.  It is important to stick to your investing metrics and investing strategy.

See – Our Dividend Stock Screener

For us, our investing strategy has remained consistent over the years. We established our Dividend Stock Screener when we created this website, but the reality is we were using it even before we were writing.  It has been instrumental in finding undervalued dividend growth stocks over the year.  But lately, we have also supplemented our stock screener with other carefully created lists to help us focus on quality.  The lists have focused primarily on finding quality, dividend growth stocks (aka Dividend Aristocrats) that are made to weather this current pandemic, unlike some other industries.

See- Our Top 5 Foundation Dividend Stocks 

See – Industries Built for the Coronavirus Pandemic and Dividend Investors

See – Dividend Aristocrats with Low Debt

See – Investing in Industries that are for LIFE

Dividend investing is always a work in progress and your strategy evolves with time. You are always constantly learning something new and becoming better each day. The fun part of performing these summary reviews is that you see the results of previous investments and see the impact that each investment over time has on your passive income stream!

Bert’s April Dividend Income Summary

In April, my wife and I received $442.18 in dividend income.  That is a 49.7% growth rate compared to last April.  The following table provides a detailed listing of each dividend received.

Here are some of the highlights from the month:

  • It was exciting to see the impact of new purchases from the first quarter in my wife’s portfolio. Total, Viacom, Cisco, and Genuine Parts Company were all new additions to the portfolio this year.  The next dividend for GPC should be even larger since we continued to make purchases after the ex-dividend date.
  • Well, I enjoyed that last nice dividend payment from Occidental Petroleum.  The next dividend payment will reflect their slashed dividend. It was crazy to receive nearly 3 new shares via DRIP though from the company (As their price has tanked). In hindsight, I wonder if I should have turned DRIP off for this investment and used the cash elsewhere. Hmm, that’s a great topic to consider in the future.
  • I am very happy to see CM’s dividend crack $50 per quarter. That position went from one of my smallest two years ago to a large one. There was a time I thought about exiting. Boy am I happy that I did not and decided to build on the position instead. Largest Canadian Banks are awesome!
  • Other than those items, it was a pretty boring month of increases due to the power of dividend reinvestment. Man oh man do I love dividend investing!

Read – The Power of Dividend Reinvesting

Bert’s Portfolio Insights

In this section, I like to discuss the impact of stock purchased 401(k) contributions, and dividend increases had on my portfolio and forward dividend income.  Typically, I include a chart  detailing the impact of each.  However, like March, April  was crazy and I made a lot of really small purchases.  I didn’t purchase the amount of stock I was expecting though, which was a little disappointing. But that is changing here in May as I will continue to invest in Dividend Aristocrats and other strong dividend growth stocks.

In April, I purchased $2,364 worth of stock. Some of the individual purchases included Cincinnati Financial, General Dynamics, and Leggett & Platt. I’ll write another article detailing the purchases in detail later in the month.  Purchases of individual stocks added $96.44 in forward dividend income.  401(k) contributions added $31.61 as well.  In total, purchases and contributions added $128.05 in dividend income.

Read – We summarized April Dividend Increases and Summarize Expected Dividend Increase in May

And now, here comes the bad part.  In this next table I am going to show you the impact that dividend increases and dividend cuts had on my portfolio. In April, I received two dividend cuts. One from Schlumberger and one from Shell. The Shell dividend cut was devastating, for obvious reasons, as it was out of the blue. I had been expecting the Schlumberger cut for a while.

Luckily, I did receive a few dividend increases from some powerhouse dividend stocks: Procter & Gamble, Johnson & Johnson, and IBM to help offset the impact of the cuts.  Unfortunately though, it was not enough and I finished the month in the red.  Net dividend cuts, offset by increases, caused my dividend income to decrease by $96.73.

Overall, the increase in my dividend income due to purchases was greater than the decrease due to dividend cuts.  The Net increase on my overall income for the month was $31.42.


This was a bittersweet month. Of course I was happy with the results and the increase in dividend income compared to last year.  Who wouldn’t love a 49% increase in their income?  However, it is bittersweet because the turbulence in the market and the economic impact of the pandemic are starting to come through loud and clear to investors.  The Shell dividend cut was brutal and a great reminder that the QUALITY of the dividend should always be more important that the YIELD on the investment.  My May purchases will reflect this message and I can guarantee that you will see many Dividend Aristocrats on my May Dividend stock purchase summary.  Let’s use the remainder of this pandemic to shore up our personal budgets and balance sheets and continue investing in high quality dividend stocks.

How did you perform in April? What was your year over year growth rate?  What stocks did you purchase? Are you only investing in Dividend Aristocrats these days? How has your investment strategy changed as a result of receiving dividend cuts?


22 thoughts on “Dividend Income Summary: Bert’s April 2020 Summary

  1. Bert,
    I hear you, had a couple of cuts that have resulted in sales and a couple that I am going to hold the company through. This is a weird time in the world, the normal rules are out the door for sure.
    Good job keeping at it, since its all we can do.
    – Gremlin

    • Gremlin,

      It is always interesting. Despite the cuts, I have only sold one company over the years that cut their dividend. ARCP (now VAREIT) cut their dividend due to accounting fraud. To me, that was a worthy cause to sell.

      Let’s stay safe and keep plugging along my friend.


  2. Hi Bert,
    nice dividend income again for low a dividend income month. Heads up on the cuts it could be worse. In May I got caught with Westrock and BT Group plc, which suspended the dividend for 2 years.


    • Andy,

      Thank you very much. Westrock was brutal for me. Not a fun cut to receive either. You’re right, it could definitely be worse. I’m starting to fear that this is the new norm for dividend investing in the short term.


  3. Exactly as you stated… that even during these turbulent times the dividends keep rolling in. We all will face cuts, that’s almost a certainty these days but stay diversified, focus on payout ratios and cash on hand and those cuts will be mitigated. Congrats on a solid April. Nice to see CSCO there. I’m still thinking about that one as another potential tech add to my portfolio. Keep up the good work and posting double digit gains.

    • Thanks Keith! I couldn’t have said it better myself. This time is really helping me focus on finding those quality dividend stocks to invest in and sharpening my investment strategy. Man dividend investing is the best.

      What other tech companies are you considering? IF not CSCO, are you thinking one of the big ones?


    • Dividend cuts do suck MDD. There is no doubt about that. It’ll be interesting to see what happens when the dividends start to return. Then we will really have the wind behind our sails.


  4. Bert,
    Congrats on the 50% YOY growth in dividend income. My capital deployment was relatively light for the month of April at about $300 into STOR and CAIBX and $800 to reduce my Robinhood margin balance.

  5. The two cuts hurt, but you’ll make that up in short order I’m sure, Bert.
    I liked the stellar YoY growth. Nearly 50% is amazing. Keep that up as long as you can!
    CM just vaulted to the top of this month’s dividend payers, didn’t it? No worries there. The OXY dividend made a nice debut, even though it’s short lived. Oil hasn’t been too nice to you recently. I see VIAC arrived in multiple accounts… it’s looking undervalued these days. Tell the Mrs. that she should donate a couple of JNJ shares to your account to even out the share counts. 🙂

    • Thanks for the kind and motivating post. I couldn’t believe how CM shot up the charts right there. Honestly, I think I have learned to just stay away from the oil sector for a while. My exposure is strong there. So to diversify, rather than sell, I’ll just increase my market value in other areas. I’ll pass the message to her; however, she is very competitive. So chances are, she enjoys beating me more than sharing 🙂


  6. Hi Bert,
    Just some proof that even though we are going through the roughest times possible, gains can be made. The year to year growth shows the stick-withitness as well as having a varied portfolio to avoid being destroyed by one dividend cut in these times. Nice and keep it up!
    Be safe

    • John,

      That’s a great way of looking at it. A diversified portfolio allows you to avoid one catastrophic dividend cut. Did Shell’s cut suck? Absolutely. But at least it was offset by other gains.


  7. Talk about bitter sweet. It really isn’t fun to see dividend cuts, and you’re absolutely right that quality is more important than yield. Still, congratulations on the near 50% increase from last year. These are trying times, indeed.

  8. Good job. Yeah those cuts stink. But they come with the territory and other stocks will pick up the slack hopefully. Looks like dividend growth may also slow down this year but in the long term that is good. Those YOY are impressive and with good buys and stuff the cuts will look minuscule in the whole picture in a few years especially when they start raising again.

  9. Very inspiring portfolio! I really like you guys put very detailed screening analysis! Thanks for that. I m investing mostly in consumer staple, utilities and information tech vanguard etfs.

  10. Hey Bert,

    Thanks for the reminder on why we’re doing this in the first place—your ~50% YOY might have even topped the list! The DGI methodology is rock solid, even if we get stung now and then along the way; hopefully Shell isn’t a harbinger of anything to come.
    April was solid for me as well, despite a few suspensions along the way (DIS, YUMC, AW.UN).

    Take care,

Leave a Reply

Your email address will not be published. Required fields are marked *