Eight Companies Raising Dividends Last Week

I review the list of dividend increases weekly, in an effort to monitor the existing dividend growth investing universe from a different angle. This piece fits perfectly with my existing system of screening for and monitoring existing holdings. Dividend increases have signaling power, which can help observe managements assessment of the business environment. It takes a trained eye to study and decipher the tea leaves however. And just like any other type of indicator, it is never going to be 100% foolproof.

As part of my monitoring process, I do focus only on the more established dividend growth companies. This means that I focus on the companies that have at least a ten year track record of annual dividend increases under their belts. 

Over the past week, there were eight companies in the US that raised dividends and also have a ten year track record of annual dividend increases. The companies include:

Aflac Incorporated (AFL) provides supplemental health and life insurance products. The company operates in two segments, Aflac Japan and Aflac U.S. 

The company raised its quarterly dividends by 5.20% to $0.61/share. This is the 43rd year of consecutive annual dividend increases for this dividend aristocrat. Aflac has managed to grow dividends by 10.45%/year over the past decade.

Between 2015 and 2024, Aflac has managed to grow earnings from $2.94/share to $9.68/share.

The company is expected to earn $7.49/share in 2025.

The stock sells for 15.30 times forward earnings and a dividend yield of 2.13%.

Assurant, Inc. (AIZ) provides protection services to connected devices, homes, and automobiles in North America, Latin America, Europe, and the Asia Pacific. It operates in two segments, Global Lifestyle and Global Housing. 

The company hiked quarterly dividends by 10% to $0.88/share. This is the 21st consecutive annual dividend increase for this dividend achiever. Over the past decade, the company managed to grow dividends at an annualized rate of 10.82%.

Between 2015 and 2024, the company raised quarterly dividends by $2.08/share to $14.55/share.

The company is expected to earn $19.59/share in 2025.

The stock sells at 11.70 times forward earnings and yields 1.54%.

Automatic Data Processing, Inc. (ADP) provides cloud-based human capital management (HCM) solutions worldwide. It operates in two segments, Employer Services and Professional Employer Organization (PEO). 

The company raised quarterly dividends by 10.40% to $1.70/share. This marks the 51st consecutive year in which this dividend king raised dividends. ADP has managed to grow dividends at an annualized rate of 12.76% over the past decade.

Between 2016 and 2025, the company has managed to grow earnings from $3.27/share to $10.02/share.

The company is expected to earn $10.91/share in 2025.

The stock sells for 23.20 times forward earnings and yields 2.70%.

Farmers & Merchants Bancorp (FMCB) operates as the bank holding company for Farmers & Merchants Bank of Central California that provides various banking services to businesses and individuals in the United States.

The company raised quarterly dividends by 1% to $5.05/share. This is the 60th consecutive year of annual dividend increases for this dividend king. Over the past decade, the company has managed to grow dividends at an annualized rate of 3.40%.

Between 2015 and 2024, the company managed to grow earnings from $34.82/share to $121.02/share.

The stock sells at 7.83 times earnings and a dividend yield of 1.96%.

First National Corporation (FXNC) operates as the bank holding company for First Bank that provides various commercial banking services to small and medium-sized businesses, individuals, estates, local governmental entities, and non-profit organizations in Virginia. 

The company hiked quarterly dividends by 9.70% to $0.17/share. This is the 11th consecutive annual dividend increase for this dividend achiever. Over the past decade, the company has managed to grow dividends at an annualized rate of 23.20%. However, that was possible due to re-starting paying dividends again from a very low base in 2014.

Between 2015 and 2024, the company managed to grow earnings from $0.31/share to $1/share.

The company is expected to earn $1.96/share in 2025.

The stock sells for 12.35 times forward earnings and yields 2.82%.

Haverty Furniture Companies, Inc. (HVT) operates as a specialty retailer of residential furniture and accessories in the United States. The company offers furniture merchandise under the Havertys brand name.

The company raised quarterly dividends by 3.10% to $0.33/share. This is the 13th consecutive year of annual dividend increases for this dividend achiever. The company has managed to grow dividends at an annualized rate of 14.69% over the past decade.

Between 2015 and 2024, the company's earnings moved from $1.24/share to $1.22 (they have remained stagnant). The high growth in dividends was only possible due to expanding the payout ratio. Future dividend growth will be limited to what earnings growth will be, if any.

The company is expected to earn $1.17/share in 2025.

The stock sells at 19.36 times forward earnings and a dividend yield of 5.85%.

Spire Inc. (SR) engages in the purchase, retail distribution, and sale of natural gas to residential, commercial, industrial, and other end-users of natural gas in the United States. The company operates through three segments: Gas Utility, Gas Marketing, and Midstream. 

The company increased quarterly dividends by 5.10% to $0.825/share. This is the 23rd consecutive year of annual dividend increases for this dividend achiever. Over the past decade, the company has managed to grow dividends at an annualized rate of 5.55%.

Between 2016 and 2025, the company managed to grow earnings from $3.26/share to $4.39/share.

The company is expected to earn $5.20/share in 2026.

The stock sells for 16.70 times forward earnings and a dividend yield of 3.79%.

Tyson Foods, Inc. (TSN) operates as a food company worldwide. It operates through four segments: Beef, Pork, Chicken, and Prepared Foods.

The company raised quarterly dividends by 2% to $0.51/share. This is the 14th consecutive annual dividend increase for this dividend achiever. Over the past decade, the company has managed to raise dividends at an annualized dividend growth of 19.75%.

Between 2016 and 2025, earnings dropped from $4.59/share to $1.33/share.

The company expects to earn $3.90/share in 2026.

The stock sells for 13.80 times forward earnings and a dividend yield of 3.78%. 

Relevant Articles:

- Thirteen Cash Machines Hiking Dividends Last Week

- 19 Dividend Growth Stocks Raising Dividends Last Week

- Twenty Dividend Growth Stocks Raising Distributions Last Week

Agony & Ecstasy - The Risks and Rewards of a Concentrated Stock Position

One of the best reads is "Agony & Ecstasy" by JP Morgan from 2014. 

It found that 40% of all stocks experienced catastrophic declines, when defined as a 70% decline from peak value with minimal recovery. This was lowest for Consumer Staples and Utilities.

The median stock did worse than the stock market.

Two-thirds of all excess returns vs. the Russell 3000 were negative, and for 40% of all stocks, returns were negative in absolute terms.

The right tail is ~7% of the universe and includes companies that generated excess returns.

Consumer Staples seemed to offer the best risk/reward of any other sectors. They offered the smallest %-age of failures, and an above percentage of companies that generate excess returns. Long-term Dividend Growth Investors are familiar with consumer staples sector, as it has overwhelmingly generated long track records of annual dividend increases. Historically, up to this point at least.

This study is one of the best reasons against the mantra to concentrate a portfolio.

Diversification would have provided protection for preserving family wealth.

A partial list of exogenous factors that can put companies at risk and which are outside management control

Diversification is a healthy admission that you can be wrong for reasons you can’t predict.

Thirteen Cash Machines Hiking Dividends Last Week

As part of my review process, I evaluate dividend increases every week. This process helps me to see how my portfolio holdings are doing. It also helps me to uncover and review new candidates for my portfolio.

I look for dependable dividends from companies with a minimum ten-year streak of annual dividend increases, fueled by earnings growth. I look for dependable dividends from companies with dependable earnings, and solid competitive advantages, which I can acquire at attractive valuations.

During the past week, the following companies increased dividends to shareholders. Each company has a ten year streak of annual dividend increases. I review the latest dividend increase relative to the ten year average, and the growth in earnings per share over the past decade. Last but not least, I discuss current valuation. The companies include:

This is a list of companies for further review. Most seem attractive as businesses, but that doesn’t mean that they should be invested in at any price, regardless of valuation.

The next step is to check each business, in order to determine if it is worth further review. I would look at ten year trends in earnings per share, dividends per share, payout ratios, shares outstanding. I would try to understand what the business does, and make an assessment if the good times would continue, so that I can expect higher earnings, dividends and intrinsic values over time. I would look at the valuation relative to earnings and dividend growth, in order to determine if the business is fairly valued, if it looks promising too. 

19 Dividend Growth Stocks Raising Dividends Last Week

I track the dividend investing universe for dividend increases every single week. This exercise helps me monitor existing holdings, and potentially identify companies for further research.

Dividend increases are important according to the dividend signaling theory. Dividend increases provide key information to the trained eye about the fundamental picture of the company, its business prospects and management sentiment.

As a Dividend Growth Investor, I typically focus my attention on the companies that raise dividends for at least ten years in a row. This is a requirement that helps me weed out a lot of the cyclical names that were simply present during a portion of an economic cycle. This requirement helps me focus on the companies that have the underlying economics to potentially keep delivering through the ups and downs of a typical cycle.

Over the past week, there were 49 companies that raised dividends. Nineteen of them also have a ten year track record of annual dividend increases under their belts. The companies include:

Just because a company raised dividends last week AND has a ten year track record of annual dividend increases, does not make it an automatic buy. It merely may put it on my list for further research.

The next step in the process would be to review trends in earnings per share, in order to determine if the dividend growth is on strong ground. Rising earnings per share provide the fuel behind future dividend increases.

This should be followed by reviewing the trends in dividend payout ratios, in order to check the health of dividend payments. A rising payout ratio over time shows that future dividend growth may be in jeopardy. There is a natural limit to dividends increasing if earnings are stagnant or if dividends grow faster than earnings.

Obtaining an understanding behind the company’s business is helpful, in order to determine how defensible the dividend will be during the next recession. Certain companies are more immune to any downside, while others follow very closely the rise and fall in the economic cycle.

Of course, valuation is important, but it is more art than science. P/E ratios are not created equal. A stock with a P/E of 10 may turn out to be more expensive than a stock with a P/E of 30, if the latter is growing earnings and the former isn’t. Plus, the low P/E stock may be in a cyclical industry whose earnings will decline during the next recession, increasing the odds of a dividend cut. The high P/E company may be in an industry where earnings are somewhat recession resistant, which means that the likelihood of dividend cuts during the next recession is lower.

Relevant Articles:

- Twenty Dividend Growth Stocks Raising Distributions Last Week

- Four Dividend Growth Companies Raising Dividends Last Week

- Five Dividend Growth Stocks Raising Dividends Last Week

- Three Dividend Growth Stocks In The News