Rivian Reports Strong Growth in 2023, AT&T Remains a Top Dividend Stock
Electric-vehicle startup Rivian saw its stock fall early Tuesday after reporting its fourth-quarter and full-year delivery and production numbers. The company remains optimistic about its future growth and potential in the electric vehicle market. In 2023, Rivian added 1 million postpaid net subscribers, showcasing its strong performance in the industry.
2023 Proves to be a Phenomenal Year for Equities
As 2023 comes to a close, it’s safe to say that it was a phenomenal year for equities. The Dow Jones Industrial Average, which has been around for 127 years, reached a new record high. The S&P 500 and Nasdaq Composite also saw impressive gains of 24% and 43%, respectively. This serves as a reminder of the power of optimism and patience in the stock market.
Patience is Key for Dividend Stocks
In addition to optimism, patience is also a valuable asset when it comes to dividend stocks. According to a study by Ned Davis Research and Hartford Funds, companies that initiated and grew their dividends between 1973 and 2022 generated an annualized return of 10.24%. This outperformed the equal-weighted S&P 500 Index (7.68%) and non-dividend payers (3.95%) over the same time period.
AT&T: A No-Brainer Buy with a 6.61% Yield
Telecom giant AT&T (NYSE:T) is a top-notch dividend stock that stands out as a no-brainer buy in 2024. Underperforming the broader market in 2023, the company’s future looks bright. Concerns about rising interest rates and lead-sheathed cables have been largely overblown. Additionally, AT&T’s balance sheet has improved over the past two years, and the company is benefiting from the 5G revolution. With a strong track record of dividend growth and a current yield of 6.61%, AT&T is a solid choice for income investors.
While Rivian’s stock may have fallen after reporting its delivery and production numbers, the company remains a promising player in the electric vehicle market. 2023 was a great year for equities, highlighting the power of optimism and patience in the stock market.
