In the first quarter of 2024, companies paid a record $339.2 billion in dividends, a 2.4% increase from the same period in 2023, according to a report by asset manager Janus Henderson.

This growth was bolstered by Alibaba and Meta making their first-ever dividend payments, contributing significantly with $2.6 billion and $1.1 billion respectively.

The banking sector, with a 12% increase, was a major driver, while the transport sector saw a decline due to Maersk’s substantial dividend cut.

Regionally, the U.S. set an all-time quarterly record, and Canada and Sweden also broke first-quarter records, Barron’s reported.

Janus Henderson’s Ben Lofthouse and Jane Shoemake highlighted the strong start to 2024 and maintained their full-year forecast of a 3.9% increase in dividends to a record $1.72 trillion.

Written by B.C. Begley