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As we enter the last full week of 2023, let me be the first to wish you and your family a happy, healthy, and wealthy holiday season. Next week is an absolute gift, with 24 dividend increases, including the new Dividend King Nucor (NUE). Nucor is celebrating its 50th annual dividend increase, a tremendous achievement for any company.
As a dividend-growth investor, I can’t get enough of my dividends. Receiving dividend checks is one of the great joys of investing life. Not only that, but companies that consistently increase their payouts perform significantly better than those that don’t. As someone who closely monitors these companies, I’m happy to share valuable insights on upcoming dividend increases. With these lists, you can confidently expect to see the top stocks expected to raise their dividends in the upcoming week. I use this analysis for my portfolio construction and for timely buys.
How I Created The Lists
The information presented here is a result of merging two sources of data – the “U.S. Dividend Champions” spreadsheet from this website and upcoming dividend data from NASDAQ. The process combines data on companies with a consistent dividend growth history with their future dividend payments. It’s important to understand that all companies included in this list have consistently grown in dividends for at least five years.
Companies must have higher total dividends paid each year to be included in this list. Hence, a company may not increase its dividend every calendar year, but the total annual dividend can still grow.
What Is The Ex-Dividend Date?
The ex-dividend date is when you must purchase shares to be eligible for the upcoming dividend or distribution. To qualify, you must have bought the shares by the end of the preceding business day. For instance, if the ex-dividend date is Tuesday, you must have acquired the shares by the market close on Monday. It’s important to note that if the ex-dividend date is a Monday (or a Tuesday following a holiday on Monday), you must have bought the shares by the previous Friday.
Dividend Streak Categories
Here are the definitions of the streak categories, as I’ll use them throughout the piece.
- King: 50+ years.
- Champion/Aristocrat: 25+ years.
- Contender: 10-24 years.
- Challenger: 5+ years.
| Category | Count |
| King | 1 |
| Champion | 6 |
| Contender | 11 |
| Challenger | 6 |
The Dividend Increasers List
Data has been sorted by the ex-dividend day (ascending) and then by the streak (descending):
| Name | Ticker | Streak | Forward Yield | Ex-Div Date | Increase Percent | Streak Category |
| Toro Company | (TTC) | 20 | 1.48 | 26-Dec-23 | 5.88% | Contender |
| Invitation Homes Inc. | (INVH) | 6 | 3.3 | 26-Dec-23 | 7.69% | Challenger |
| SEI Investments Company | (SEIC) | 32 | 1.45 | 27-Dec-23 | 6.98% | Champion |
| American Tower Corporation | (AMT) | 13 | 3.22 | 27-Dec-23 | 4.94% | Contender |
| Getty Realty Corp. | (GTY) | 11 | 6.12 | 27-Dec-23 | 4.65% | Contender |
| Nucor Corporation | (NUE) | 50 | 1.23 | 28-Dec-23 | 5.88% | King |
| Stryker Corporation | (SYK) | 30 | 1.11 | 28-Dec-23 | 6.67% | Champion |
| Lincoln Electric Holdings, Inc. – Common Shares | (LECO) | 28 | 1.32 | 28-Dec-23 | 10.94% | Champion |
| The York Water Company | (YORW) | 26 | 2.19 | 28-Dec-23 | 3.94% | Champion |
| McCormick & Company, Incorporated | (MKC) | 24 | 2.51 | 28-Dec-23 | 7.69% | Contender |
| Edison International | (EIX) | 20 | 4.54 | 28-Dec-23 | 5.69% | Contender |
| The Ensign Group, Inc. | (ENSG) | 16 | 0.22 | 28-Dec-23 | 3.45% | Contender |
| U.S. Bancorp | (USB) | 13 | 4.62 | 28-Dec-23 | 2.08% | Contender |
| Alexandria Real Estate Equities, Inc. | (ARE) | 13 | 4.02 | 28-Dec-23 | 2.42% | Contender |
| TFI International Inc. Common Shares | (TFII) | 8 | 1.32 | 28-Dec-23 | 14.29% | Challenger |
| Four Corners Property Trust, Inc. | (FCPT) | 7 | 5.48 | 28-Dec-23 | 1.47% | Challenger |
| Innovative Industrial Properties, Inc. | (IIPR) | 6 | 7.4 | 28-Dec-23 | 1.11% | Challenger |
| Essential Properties Realty Trust, Inc. | (EPRT) | 5 | 4.46 | 28-Dec-23 | 1.79% | Challenger |
| Realty Income Corporation | (O) | 30 | 5.43 | 29-Dec-23 | 0.39% | Champion |
| The Andersons, Inc. | (ANDE) | 27 | 1.38 | 29-Dec-23 | 2.70% | Champion |
| CubeSmart Common Shares | (CUBE) | 14 | 4.53 | 29-Dec-23 | 4.08% | Contender |
| Agilent Technologies, Inc. | (A) | 12 | 0.68 | 29-Dec-23 | 4.89% | Contender |
| Raymond James Financial, Inc. | (RJF) | 11 | 1.61 | 29-Dec-23 | 7.14% | Contender |
| Quanta Services, Inc. | (PWR) | 5 | 0.17 | 29-Dec-23 | 12.50% | Challenger |
Field Definitions
Streak: Years of dividend growth history are sourced from the U.S. Dividend Champions spreadsheet.
Forward Yield: The new payout rate is divided by the current share price.
Ex-Dividend Date: This is the date you need to own the stock.
Increase Percent: The percent increase.
Streak Category: This is the company’s overall dividend history classification.
Show Me The Money
Here’s a table mapping the new rates versus the old rates. It also reiterates the percentage increase. This table is sorted similarly to the first (ex-dividend day ascending, dividend streak descending).
| Ticker | Old Rate | New Rate | Increase Percent |
| TTC | 0.34 | 0.36 | 5.88% |
| INVH | 0.26 | 0.28 | 7.69% |
| SEIC | 0.43 | 0.46 | 6.98% |
| AMT | 1.62 | 1.7 | 4.94% |
| GTY | 0.43 | 0.45 | 4.65% |
| NUE | 0.51 | 0.54 | 5.88% |
| SYK | 0.75 | 0.8 | 6.67% |
| LECO | 0.64 | 0.71 | 10.94% |
| YORW | 0.203 | 0.211 | 3.94% |
| MKC | 0.39 | 0.42 | 7.69% |
| EIX | 0.738 | 0.78 | 5.69% |
| ENSG | 0.058 | 0.06 | 3.45% |
| USB | 0.48 | 0.49 | 2.08% |
| ARE | 1.24 | 1.27 | 2.42% |
| TFII | 0.35 | 0.4 | 14.29% |
| FCPT | 0.34 | 0.345 | 1.47% |
| IIPR | 1.8 | 1.82 | 1.11% |
| EPRT | 0.28 | 0.285 | 1.79% |
| O | 0.256 | 0.257 | 0.39% |
| ANDE | 0.185 | 0.19 | 2.70% |
| CUBE | 0.49 | 0.51 | 4.08% |
| A | 0.225 | 0.236 | 4.89% |
| RJF | 0.42 | 0.45 | 7.14% |
| PWR | 0.08 | 0.09 | 12.50% |
Additional Metrics
Some different metrics related to these companies include yearly pricing action and the P/E ratio. The table is sorted the same way as the table above. A value investor may find stock ideas with those companies near their 52-week lows, as they could provide more margin of safety and inflated yield. Unfortunately, after the strong rally, most are touching their 52-week highs.
| Ticker | Current Price | 52 Week Low | 52 Week High | PE Ratio | % Off Low | % Off High |
| TTC | 97.23 | 78.03 | 116.39 | 32.72 | 25% Off Low | 16% Off High |
| INVH | 33.96 | 27.64 | 35.97 | 152.06 | 23% Off Low | 6% Off High |
| SEIC | 63.58 | 52.2 | 64.43 | 18.7 | 22% Off Low | 1% Off High |
| AMT | 211.05 | 153.03 | 229.61 | 52.97 | 38% Off Low | 8% Off High |
| GTY | 29.43 | 25.95 | 35.11 | 25.04 | 13% Off Low | 16% Off High |
| NUE | 175.67 | 128.54 | 180.89 | 39.74 | 37% Off Low | 3% Off High |
| SYK | 288.43 | 234.84 | 306.07 | 51.28 | 23% Off Low | 6% Off High |
| LECO | 214.35 | 138.12 | 219.99 | 34.45 | 55% Off Low | 3% Off High |
| YORW | 38.36 | 35.24 | 45.87 | 37.27 | 9% Off Low | 16% Off High |
| MKC | 66.93 | 59.13 | 93.4 | 32.77 | 13% Off Low | 28% Off High |
| EIX | 68.77 | 58.82 | 73.39 | 63.03 | 17% Off Low | 6% Off High |
| ENSG | 110.35 | 85.23 | 114.71 | 25.55 | 29% Off Low | 4% Off High |
| ARE | 126.42 | 90.73 | 166.95 | 39.54 | 39% Off Low | 24% Off High |
| USB | 42.46 | 26.47 | 47.84 | 14.84 | 60% Off Low | 11% Off High |
| TFII | 120.84 | 97.11 | 137.78 | 18.18 | 24% Off Low | 12% Off High |
| FCPT | 25.17 | 20.51 | 28.1 | 26.97 | 23% Off Low | 10% Off High |
| IIPR | 98.34 | 60.4 | 107.55 | 49.95 | 63% Off Low | 9% Off High |
| EPRT | 25.55 | 20.49 | 26.21 | 37.39 | 25% Off Low | 3% Off High |
| O | 56.73 | 44.57 | 65.83 | 50.39 | 27% Off Low | 14% Off High |
| ANDE | 55.11 | 32.79 | 56.46 | 0 | 68% Off Low | 2% Off High |
| CUBE | 45.08 | 33.17 | 47.78 | 39.74 | 36% Off Low | 6% Off High |
| A | 138.18 | 96.8 | 158.71 | 49.74 | 43% Off Low | 13% Off High |
| RJF | 112.07 | 81.33 | 119.19 | 16.22 | 38% Off Low | 6% Off High |
| PWR | 212.92 | 134.43 | 219.17 | 24.91 | 58% Off Low | 3% Off High |
Tickers By Yield And Growth Rates
I’ve arranged the table in descending order for investors to prioritize the current yield. As a bonus, the table also features some historical dividend growth rates. Moreover, I have incorporated the “Chowder Rule,” which is the sum of the current yield and the five-year dividend growth rate.
| Ticker | Yield | 1 Yr DG | 3 Yr DG | 5 Yr DG | 10 Yr DG | Chowder Rule |
| IIPR | 7.4 | 5.9 | 19.4 | 45.6 | 52.9 | |
| GTY | 6.12 | 4.9 | 5.1 | 6.1 | 9 | 12.2 |
| FCPT | 5.48 | -17.5 | 3.7 | 4.3 | 9.8 | |
| O | 5.43 | 2.8 | 3 | 3 | 3.8 | 8.4 |
| USB | 4.62 | 3.2 | 4.6 | 8.6 | 8.5 | 13 |
| EIX | 4.54 | 5.4 | 5 | 4.1 | 8.1 | 8.6 |
| CUBE | 4.53 | 14 | 14.1 | 10.3 | 16.1 | 14.8 |
| EPRT | 4.46 | 4.7 | 6.5 | 37.7 | 42.1 | |
| ARE | 4.02 | 5.2 | 5.4 | 6 | 7 | 9.9 |
| INVH | 3.3 | 20.5 | 19.9 | 19.5 | 22.7 | |
| AMT | 3.22 | 46 | 12.5 | 15.4 | 19.4 | 18.6 |
| MKC | 2.51 | 6.2 | 8.2 | 8.7 | 8.8 | 11.2 |
| YORW | 2.19 | 4 | 4 | 4 | 3.9 | 6.2 |
| RJF | 1.61 | 23.5 | 19.4 | 18 | 16.2 | 19.6 |
| TTC | 1.48 | 13.6 | 9.7 | 17.1 | 16.8 | 18.7 |
| SEIC | 1.45 | 7.5 | 7.1 | 7.5 | 9.1 | 9 |
| ANDE | 1.38 | 2.8 | 1.9 | 2.3 | 5.7 | 3.7 |
| LECO | 1.32 | 14.3 | 9.3 | 10.4 | 12.3 | 11.7 |
| TFII | 1.32 | 29.6 | 22.2 | 16.6 | 10.7 | 17.8 |
| NUE | 1.23 | 2 | 8.2 | 6.1 | 3.3 | 7.3 |
| SYK | 1.11 | 7.9 | 9.3 | 9.8 | 11 | 10.9 |
| A | 0.68 | 7.4 | 17.9 | 8.9 | 10.4 | 9.6 |
| ENSG | 0.22 | 30.7 | 12.9 | 9.8 | 8.3 | 10 |
| PWR | 0.17 | 14.3 | 17 |
Historical Returns
My investment strategy involves finding stocks combining increasing dividends and consistently outperforming the market. I use the Schwab U.S. Dividend Equity ETF (SCHD) as my dividend growth benchmark. This ETF has a remarkable track record of exceptional performance, a higher yield than the S&P 500, and a proven record of growing dividends. Investing in the ETF is better if a stock cannot beat the benchmark. I’ve added companies to my personal investment portfolio based on this analysis. I also routinely use this analysis to choose timely additional purchases.
With so many companies on the list, having a meaningful graph of them all is impossible. I’ve selected the ten with the highest 10-year dividend growth rates to compare against SCHD. I’ve chosen the 10-year dividend growth rate as the comparator, as that is one of the key metrics to be included in SCHD. It’s also a proxy for success, as it is hard to continually grow a dividend over long periods without the share price following. Here are the results.
For reference, SCHD has returned 190% over the past decade.
The top performer was TFII, with a tremendous 542% total return, with much of it coming over the past three years.
SYK, CUBE, RJF, A, LECO, TTC, and AMT all outperformed SCHD, a rare feat if you follow these weekly articles. Those companies have added several points of alpha each year for an extended period, which is simply impressive.
Of the remainders, GTY lagged slightly, while SEIC lagged considerably.
Please do your due diligence before making any investment decision. Finally, thank you for reading these articles, and I look forward to bringing you more in 2024!
