Twenty Dividend Growth Stocks Raising Distributions Last Week

I review the list of dividend increases every week as part of my monitoring process. Dividend increases provide very good signaling power. The important skill is to be able to evaluate each increase, in order to determine any aberrations.

Over the past week, there were 36 companies that raised dividends in the US. Twenty of them also have a track record of at least ten consecutive annual dividend increases.

I compiled the data for each one of those 20 companies to show dividend streak in years, as well as the comparison of latest dividend increase to the ten year average. In addition, readers can see the forward P/E as well as teh dividend yield, based on the new distribution. 

The companies include:

Note that this table shows the dividend increases relative to the prior dividend payment. Typically, for most situations, this is a good gauge for year over yar increases. In some cases however, such as Comfort Systems, this understates dividend increases. As a matter of fact the new dividend for Comfort Systems is over 71% higher than the dividend paid during the same time last year. They've had 4 quarterly dividend increases in a row in the past 12 months or so.

This is a long-winded way of stating that this list is not going to provide all the data points for your research. It's simply a data point in the monitoring process. You need to do more reviews from it.

In my initial reviews, I typically look for:

1. Dividend Streak

2. Trends in earnings per share

3. Trends in dividends per share

4. Trends in payout ratios

5. Trends in shares outstanding

6. Valuation

7. Understanding business type

Also note that if you want to calculate the forward dividend payout ratio, you can do so pretty easily using the Forward P/E and Dividend Yield. For example, a Forward P/E of 20 is equivalent to an earnings yield of 5%.  If the dividend yield is 2.50%, then the payout ratio is a function of the dividend yield over the earnings yield, or a payout ratio of 50%.

Alternatively, one can also convert the dividend yield into a price to dividend ratio. A dividend yield of 2.50% is equivalent to a price to dividend ratio of 40. If the price to earnings ratio is 20, then the forward payout ratio is a function of the price earnings ratio over the price to dividend ratio, or a payout ratio of 50%.

Relevant Articles:

- How to read my weekly dividend increase reports

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- How to read my stock analysis reports

Four Dividend Growth Companies Raising Dividends Last Week

I review the list of dividend increases every week, as part of my monitoring process. This exercise helps me monitor the dividend growth investing universe. This helps me monitor existing positions, and potentially uncover companies for further research.

I focus on those companies that have managed to increase dividends for at least a decade. Over the past week, there were four companies in the US that raised dividends, which also have a ten year track record of annual dividend increases under their belt. The companies include:

Agree Realty Corporation (ADC) is a publicly traded real estate investment trust that is involved in the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants.

The REIT hiked monthly dividends to $0.262/share. This is the 13th consecutive annual dividend increase for this dividend achiever. Over the past five years, the company has managed to grow dividends at an annualized rate of 6%.

Between 2015 and 2024, the REIT grow FFO/share from $2.40 to $3.78.

Agree Realty is expected to generate $4.25/share in FFO in 2025.

The stock sells for 17.65 times forward FFO and a dividend yield of 4.20%

A. O. Smith Corporation (AOS) manufactures and markets residential and commercial gas and electric water heaters, boilers, heat pumps, tanks, and water treatment products in North America, China, Europe, and India. 

The company increased quarterly dividends by 5.90% to $0.36/share. This is the 32nd year of annual dividend increases for this dividend aristocrat. Over the past five years, the company has managed to grow dividends at an annualized rate of 7.60%.

Between 2015 and 2024, the company managed to grow earnings from $1.59/share to $3.65/share.

The company is expected to earn $3.84/share in 2025.

The stock sells for 18.20 times forward earnings and a dividend yield of 2.07%

Lincoln Electric Holdings, Inc. (LECO) designs, develops, manufactures, and sells welding, cutting, and brazing products in the United States and internationally. It operates in three segments: Americas Welding, International Welding, and The Harris Products Group. 

The company increased quarterly dividends by 5.30% to $0.79/share. This is the 30th consecutive annual dividend increase for this dividend champion. Over the past five years, the company has managed to grow dividends at an annualized rate of 8.60%.

Between 2015 and 2024, the company grew earnings from $1.70/share to $8.15/share.

Lincoln Electric is expected to earn $9.71/share in 2025.

The stock sells for 24.20 times forward earnings and a dividend yield of 1.34%.

IDACORP, Inc. (IDA) engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. 

The company increased quarterly dividends by 2.30% to $0.88/share. This is the 13th consecutive annual dividend increase for this dividend achiever. Over the past five years, the company has managed to grow dividends at an annualized rate of 5.50%.

Earnings grew from $3.88/share in 2015 to $5.50/share in 2024.

The company is expected to earn $5.85/share in 2025.

The stock sells for 23.23 times forward earnings and a dividend yield of 2.53%.

Relevant Articles:

- Four Dividend Growth Companies Announcing Raises Last Week

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Four Dividend Growth Companies Announcing Raises Last Week

I review the list of dividend increases as part of my monitoring process. This exercise is one of the steps to check on existing holdings. It's also one of the steps to check on companies for further research. The data points I illustrate for each company below are the types of data points I use to review companies.

I typically focus my attention on companies that have managed to grow dividends for at least ten years in a row. However, a long streak of consecutive annual dividend increases is just a first step, that merely puts a company on my review list. The next step involves reviewing the most recent dividend increase with the historical record - 5 or 10 years. This is also followed by a review of earnings, payout ratios and other fundamentals, in an effort to determine the likelihood of the dividend growing in the future, and the relative safety of said dividend.

Over the past week, there were four companies that announced dividend hikes. Each of these companies has also managed to increase dividends for at least ten years in a row. The companies include:

Avient Corporation  (AVNT) operates as a formulator of material solutions in the United States, Canada, Mexico, Europe, South America, and Asia. It operates in two segments, Color, Additives and Inks; and Specialty Engineered Materials.

Avient raised quarterly dividends by 1.90% to $0.275/share.This is the 15th consecutive year of dividend icnreases for this dividend achiever.

Over the past decade, the company has managed to grow dividends at an annualized rate of 10.44%.

Between 2015 and 2024, the company managed to grow earnings from $1.65/share to $1.86/share.

The company is expected to earn $2.80/share in 2025.

The company is selling at 10.85 times forward earnings a a dividend yield of 3.62%.

The lack of earnings growth explains the slow dividend raises. While P/E is low and the yield is high, the expected returns are going to be low, until earnings per share growth accelerates. At this pace dividend payments will not keep up with inflation.

Northwest Natural Holding Company (NWN) provides regulated natural gas distribution services to residential, commercial, and industrial customers in the United States. 

Northwest Natural raised quarterly dividends by 0.50% to $0.4925/share. This is the 70th consecutive year of dividend increases for this dividend king. Over the past decade, the company has managed to grow dividends at an annualized rate of 0.53%.

Between 2015 and 2024, the company managed to grow earnings from $1.96/share to $2.03/share.

The company is expected to earn $2.91/share in 2025.

The company is selling at 15.32 times forward earnings a a dividend yield of 4.40%.

The lack of earnings growth explains the very slow rate of dividend increases. While the company does have a long and impressive streak of dividend increases, the rates of increase are nominal, and do not keep up with inflation. As a result, the expected returns are going to be limited in the future to dividend yield at start of investment. Unless earnings increase in the future, dividend growth will be nominal, until the dividend payout ratio increases by too much, at which point we may get a higher risk of a dividend cut. One could potentially expect higher returns if they can find the stock at a much higher starting yield.

Lockheed Martin Corporation (LMT) is an aerospace and defense company, engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services worldwide. The company operates through four segments: Aeronautics; Missiles and Fire Control (MFC); Rotary and Mission Systems (RMS); and Space. 

Lockheed Martin increased quarterly dividends by 4.50% to $3.45/share. This is the 23rd consecutive annual dividend increase for this dividend achiever. Over the past decade, the company has managed to grow dividends at an annualized rate of 8.20%.

This is also the smallest dividend increase in 23 years as well.

Between 2015 and 2024, the company managed to grow earnings from $11.62/share to $22.39/share.

The company is expected to earn $21.92/share in 2025.

The company is selling at 23.04 times forward earnings a a dividend yield of 2.73%.

The rate of dividend growth decelerating is signaling some uncertainty from management. While the stock seems fairly priced, and has managed to grow earnings in the past at a very good rate, the future seems a little cloudy at this point.

THOR Industries, Inc. (THOR) designs, manufactures, and sells recreational vehicles (RVs), and related parts and accessories in the United States, Germany, rest of Europe, Canada, and internationally. 

Thor increased the quarterly dividend by 4% to $0.52/share. This is the 16th consecutive annual dividend increase for this dividend achiever. Over the past decade, it has managed to grow dividends at an annualized rate of 7.30%.

Earnings per share went from $4.89 in 2015 to $4.87 in 2024.

The company is expected to earn $4.08/share in 2025.

The company is selling at 24.35 times forward earnings a a dividend yield of 2.10%.

We have another dividend increaser that has been unable to grow earnings over the past decade, which means that future dividend growth is decelerating. Unfortunately, there is a natural ceiling as to how long a company can grow dividends.

Relevant Articles:

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The human mind cannot comprehend the power of compounding

The human mind cannot comprehend the power of compounding.

Imagine that you retired in 1985 with $100,000 and a paid off home. 

You invested this $100,000 in S&P 500 mutual fund at the end of 1985.

You lived off dividends, Social Security and enjoyed your money.

You spent the dividends, but kept the portfolio invested.

The first year, you generate almost $4,000 in annual dividend income.

This year you are on track to generate over $37,000 in annual dividend income.

You die in 2025 with a portfolio worth $3.2 Million.

97% of that gain in net worth occured in the past 40 years of your life.

You lived a full life, enjoying retirement as well.

If you didn't have anyone to inherit from you, you'd likely be one of those who make headlines for donating millions to charity.

If you do have kids/grandkids, they'd receive a decent inheritance to provide some added cushion.

Ironically, any time I post something like this, someone would state that "they didn't enjoy their money".

This comes from the misunderstanding of compounding, and nature of long-term stock returns.

To put it simply, this individual sees that someone has $3.2 Million at the end, and they now assume that this money was always there, they always had $3.2 Million so in their mind "they should've spent more".

Of course, that person did not have that $3.2 Million until the end of their journey.

If they had "spent more" when they retired in 1985, they'd have run out of money by the late 1980s/early 1990s and would've nothing to show for it.

The reality is that this person enjoyed life, being in charge of their schedule, living in their paid off home, receiving Social Security checks and rising dividend income. Perhaps they even received a corporate pension, but I am not including it, as not many folks today have that (I guess less today than historically speaking).

This basically gets to the point that to most people, having $1 Million means spending $1 Million, which is the opposite of having $1 Million.

To smart investors however, having $1 Million means having a small army of dollar soldiers who work tirelessly for you, 24/7, which provide the income to enjoy your life so you don't have to work. That money provides freedom and piece of mind.

Anywho, this is a fun thought exercise I go through from time to time.

Or as I like to say " I often think about that".

Five Dividend Growth Stocks Raising Dividends Last Week

I review the list of dividend increases every single week, as part of my monitoring process. This exercise helps visualize what key drivers I look for in dividend growth stocks, and also how I review them for fundamentals and valuation. 

Ultimately, returns are a function of:

1. Dividends

2. Earnings Per Share Growth

3. Change in valuation

As a long-term investor, I look for companies that grow earnings and dividends, and try to acquire them at a good price. Afterwards, the goal is to sit back, and let the power of compounding do the heavy lifting for me.

I expect to be wrong 40% - 60% of the time, but I do expect that I will be right on the remainder. The remainder of winners will more than compensate for any losers, and then some. I rarely know which of the companies will be the biggest successes, which is why I take a lot of shots, I diversify, and I hold for as long as possible. I also manage risk by limiting downside, but letting the upside grow with as little limitation on my end as possible.

Anywho, over the past week, there were five dividend growth companies which both raised dividends and also have managed to increase dividends annually for at least ten years in a row. The companies include:

Bank OZK (OZK) operates as a full-service Arkansas state-chartered bank that provides retail and commercial banking services in the United States.

Bank OZK raised quarterly dividends by 2.30% to $0.45/share. The bank has raised dividends for 61 consecutive quarters and 27 consecutive years. Over the past decade, this dividend champion has managed to grow dividends at an annualized rate of 12.90%.

The new payment is 9.75% higher over the dividend paid during the same time last year.

The bank earned $2.10/share in 2015 and managed to grow it to $6.16/share in 2024.

The company is expected to earn $6.34/share in 2025.

The stock sells for 8.08 times forward earnings and has a dividend yield of 3.51%.

Farmers & Merchants Bancorp, Inc. (FMAO) operates as the bank holding company for The Farmers & Merchants State Bank that provides commercial banking services to individuals and small businesses in Northwest Ohio, Northeast Indiana, and Southeast Michigan.

Farmers & Merchants Bancorp (FMAO) raised quarterly dividends by 2.80% to $0.2275/share. This is teh 20th year of consecutive annual dividend increases for this dividend achiever. Over the past decade, the company has managed to grow dividends at an annualized rate of 7.70%.

The bank managed to grow earnings from $1.12/share in 2015 to $1.90/share in 2024.

The company is expected to earn $2.27/share in 2025.

The stock sells for 11.15 times forward earnings and has a dividend yield of 3.60%.

RPM International Inc. (RPM) provides specialty chemicals for the construction, industrial, specialty, and consumer markets. It operates in four segments: CPG, PCG, Consumer, and SPG. 

RPM raised quarterly dividends by 5.90% to $0.54/share. This is the 52nd consecutive year that this dividend king has increased its cash dividend. Over the past decade, the company has managed to grow dividends at an annualized rate of 6.80%.

The company clearly states that Dividend Growth Drives Total Returns on its website: 

"In an era of extremely low interest rates on savings account and other interest-bearing investment options, RPM’s dividend growth—coupled with an appreciating stock price—yield a total return that makes the company attractive to both institutional and individual investors.

Since initiating its focus on an annually growing dividend in 1973 to drive long-term value for shareholders, $RPM has grown from $25 million in annual sales to more than $7.4 billion, while delivering $3.8 billion in after-tax capital through its cash dividend program."

The company earned $2.70/share in 2016 and grew profits to $5.38/share in 2025.

The company is expected to earn $5.68/share in 2026.

The stock sells for 20.59 times forward earnings and has a dividend yield of 1.85%.

Starbucks Corporation (SBUX) operates as a roaster, marketer, and retailer of coffee worldwide. The company operates through three segments: North America, International, and Channel Development. 

Starbucks raised quarterly dividends by 1.60% to $0.62/share. This is the 15th consecutive annual dividend increase for this dividend achiever.

This is also the smallest dividend increase ever for Starbucks. Over the past decade, the company has managed to grow dividends at an annualized rate of 15.50%.

The company managed to grow earings from $1.84/share in 2015 to $3.32/share in 2024.

The company is expected to earn $2.17/share in 2025.

The stock sells for 39.84 times forward earnings and has a dividend yield of 2.87%.

Trinity Bank, N.A. (TYBT) provides personal and business banking products and services in Texas.

Trinity Bank raised its semi-annual dividends by 5.30% to $1/share. This represents the 13th consecutive annual dividend increase for this dividend achiever. Over the past decade, the company has managed to grow dividends at an annualized rate of 10.80%.

The company grew earnings from $2.91/share in 2014 to $7.83/share in 2024.

The stock sells for 12.26 times earnings and yields 2.20%.

I honestly love how they show the dividends paid over the past 13 years, and totaled it in the press release. For reference, stock was at around $26.50/share at the end of 2011.

Relevant Articles:

- Three Dividend Growth Stocks In The News

- Six Dividend Growth Stocks Raising Dividends Last Week

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- Eleven Dividend Growth Stocks Raising Dividends Last Week