Duke Royalty (DUKE.L, Market Cap Â£95m, 48p, 4.5% of JIC Portfolio and 9.4% of JIC Top 10)
Duke has announced a quarterly dividend increase of 7.0% to 0.75p. If that is replicated over the next three quarters that will mean 3.0p for the year. A 7.0% increase on its own is pretty good but is short of the 10% + currently been forecast by the market. So, while welcome the market will be looking for further increases later in its fiscal year. On current forecasts, the shares are on a prospective dividend yield of 6.9%.Â
The share price is near the top of its recent range. I remain happy with my judgement that it is Medium Risk/High Return, (suggesting for me, a 5.0% target weighting).Â
It goes ex-dividend on 26thÂ September, with a payment date of 18thÂ October.