Dividend Market Briefing — September 8, 2026 Dividend increases/cuts Campbell's (CPB) cut its dividend by 36% on September 3, citing private label competition and a push to reduce debt. Earlier in August, Wendy's (WEN) cut its payout by 50% and Papa John's (PZZA) suspended its dividend entirely, both pointing to restaurant sector strain. On the growth side, Altria (MO) raised its dividend 4.7% in August, extending its streak to 57 consecutive years, and PepsiCo logged its 54th consecutive annual increase (4%) earlier this year. No major new increase or cut announcements specific to today turned up; these are the most recent notable actions in the space. Notable moves Broad indices were softer today: S&P 500 down about 0.2%, Dow down 0.63%, Nasdaq 100 down 0.24%. Among dividend aristocrats, Target and Exxon have been standout performers in 2026 (up 58% and 37% respectively), with Exxon and Coca-Cola both up over 30% and carrying Buy ratings from Morgan Stanley and UBS. On the weaker end, Gaming and Leisure Properties (REIT) has hit new lows on gaming-industry slowdown worries, which has pushed its forward yield to nearly 7.5%, worth flagging as a real yield spike from price weakness rather than a raise. Dividend ETFs continue to hold up well versus the broad market this year: SCHD is up roughly 19% year to date versus VYM's 11%, and SCHD has overtaken VIG in assets, a sign of money rotating into quality-screened dividend strategies. SCHD's trailing yield sits near 3.3% versus VYM's 2.2%. Market context The next Fed rate decision lands September 16 (FOMC meets September 15-16), with markets roughly split on whether a hike is even on the table versus a hold, a shift from earlier expectations of further cuts. That uncertainty is relevant for REITs and utilities, both rate-sensitive sectors, though REITs have actually outperformed the broader market so far in 2026 (total return near 14.9% at midyear) even as rates stayed elevated. The S&P 500's overall dividend yield remains near multi-decade lows around 1%, with Treasury yields elevated, so income investors are increasingly leaning on quality dividend growers rather than pure yield.