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Dividend Kings

The Dividend Kings List of 2019 are U.S. stocks that that have grown their dividend for 50+ years in a row. This is a fairly select list as only 28 companies have successfully done so. This is out of the over 4,300 companies listed on stock exchanges at end of 2018. These companies have survived periods of inflation, stock market crashes, global crisis and deep recessions. They may not have grown revenue and earnings per share every year, but they annually raised the dividend without fail.

Some Details About The 2019 Dividend Kings

The company with the longest track record as a Dividend King is American States Water (AWR) with 64 years of straight increases. In fact, there are four water utilities on the Dividend Kings list at the start of 2019. The number will decrease by one next year as Connecticut Water Service (CTWS) is being acquired. The newest entries were Connecticut Water Service and H.B. Fuller Company (FUL) who reached 50 years of dividend growth this year.

There are currently no master limited partnerships (MLPs) on the list. There is only one real estate investment trust (REIT) on the list, Federal Realty Investment Trust (FRT).

Despite the length of time for dividend increases six companies have a 10-year double-digit rate of increase for the dividend. The average payout ratio is about 53% but there are a few companies that have high payout ratios over 65%. Interestingly, the list is not dominated by large cap companies but includes quite a few mid-cap ($2B – $10B) and small cap companies ($300M – $2B). The largest Dividend King is Johnson & Johnson (JNJ).

The Dividend King list for 2019 serves as a screen for further investigating as stock for a dividend growth portfolio. It is a list of companies with stable business that have competitive advantages and have returned cash to shareowners consistently through dividends.

List of Dividend Kings for 2019

Company NameTickerIndustryNo. YearsDividend Yield (%)Payout Ratio (%)10-yr Dividend Growth Rate 9%)Market Cap
American States WaterAWRWater Utilities641.561.87.8 $       2,770 
Dover Corp.DOVMachinery631.949.29.7 $     14,690 
Genuine Parts Co.GPCDistributors632.956.56.3 $     15,100 
Northwest Natural GasNWNGas Utilities632.780.22.2 $       2,090 
Procter & Gamble Co.PGHousehold Products632.771.56.2 $   276,370 
Parker-Hannifin Corp.PHMachinery632.131.312.3 $     21,940 
Emerson ElectricEMRElectrical Equipment622.959.64.7 $     40,960 
3M CompanyMMMIndustrial Conglomerates613.361.510.5 $   100,260 
Cincinnati FinancialCINFInsurance592.236.53.2 $     17,140 
Johnson & JohnsonJNJPharmaceuticals572.770.47.0 $   370,110 
Coca-Cola CompanyKOBeverages573.1100.67.5 $   217,690 
Colgate-Palmolive Co.CLHousehold Products562.462.17.8 $     62,080 
Farmers & Merchants BancorpFMCBBanks561.86.93.1 $          633 
Lancaster Colony Corp.LANCFood Products561.748.08.1 $       4,120 
Lowe’s CompaniesLOWSpecialty Retail561.965.818.4 $     79,470 
Nordson Corp.NDSNMachinery551.025.413.1 $       8,120 
Hormel Foods Corp.HRLFood Products532.146.215.0 $     21,720 
ABM Industries Inc.ABMCommercial Services & Supplies521.858.13.4 $       2,690 
California Water ServiceCWTWater Utilities521.618.12.5 $       2,440 
SJW Corp.SJWWater Utilities522.060.95.7 $       1,730 
Target Corp.TGTMultiline Retail523.046.915.4 $     44,660 
Tootsie Roll IndustriesTRFood Products521.041.44.5 $       2,390 
Commerce BancsharesCBSHBanks511.727.74.9 $       6,630 
Federal Realty Inv. TrustFRTEquity Real Estate Investment Trusts (REITs)513.2134.74.9 $       9,680 
Stepan CompanySCLChemicals511.121.38.1 $       2,130 
Stanley Black & DeckerSWKMachinery511.851.07.4 $     22,360 
Connecticut Water ServiceCTWSWater Utilities501.955.83.4 $          846 
H.B. Fuller CompanyFULChemicals501.424.88.9 $       2,380 
Source: dripinvesting.org (Data as of June 28, 2019) and some data from Seeking Alpha and Morningstar.com

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