The Dividend Champions 2021 are U.S. stocks that have grown their dividend for 25+ consecutive years. This list is a select list as only 128 companies have successfully done so as of December 9, 2021. This number is out of the nearly 6,000 companies listed on U.S. stock exchanges (NASDAQ and NYSE) at the end of 2020.
Note that I also track the Dividend Kings separately from the Dividend Champions. Other websites only combine the two. However, I follow the Dividend Kings separately since getting from 25 consecutive years of dividend increases to 50+ consecutive years of dividend growth is no easy task. There are only 34 Dividend Kings in 2021 as of this writing. A company can be a Dividend King, a Dividend Champion, and a Dividend Aristocrat. For instance, The Coca-Cola Company (KO) is found on all three lists.
However, in the discussion that follows, I include all companies on the Dividend Champions 2021 list. This list is not a list of the best Dividend Champions or the top Dividend Champions. Instead, it is an informational source to assist in making investment decisions. For those of you that like history, the Dividend Champions list was first created by David Fish (deceased in 2018) in 2008. He originally started the list in the Dividend Investing Resource Center.
The Dividend Champions 2021 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 for 25 years straight. In the past 25 years, these companies have survived the dot-com boom and bust, the Great Recession, and COVID-19.
Note that the Dividend Champion 2021 list is broader and more encompassing than the Dividend Aristocrat List. The latter requires membership in the S&P 500 Index and has a minimum market capitalization of $3 billion. A stock can be a Dividend Champion but not a Dividend Aristocrat for this reason. Currently, there are only 65 Dividend Aristocrats as of this writing.
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Performance Update for the Dividend Champions 2021
The Dividend Champions 2021 are currently (as of December, 2021) trading at an elevated valuation of a trailing average price-to-earnings ratio of about 26.2X. The current average dividend yield is about 2.38%. The trailing average 10-year dividend growth rate is about 7.56%. The average payout ratio is approximately 52.1%. The average market cap is currently $48,141 million. Currently, the Dividend Champion with the highest yield is AT&T (T), and the one trading with the lowest earnings multiple is Old Republic International (ORI). You can look at updated, select financial data for each stock in the Dividend Champions 2021 list in the table at the end of the article.
In the trailing 1-year, the Dividend Champions 2021 has returned +24.1% (blue line) as a group compared to +29.0% for the S&P 500 (as measured by SPY), as seen in the chart below. I used Stock Rover* for this chart. Over the trailing 5-years, the Dividend Champions have returned +87.6%, and the S&P 500 has returned +128.9%.
Deletion to the Dividend Champions in 2021
The first stock to be deleted from the list in 2021 is Eaton Vance (EV), acquired by Morgan Stanley (MS).
Promotions of the Dividend Champions in 2020
Several long-time members of the Dividend Champions were promoted to the Dividend Kings list. These stocks hit the 50-year mark for consecutive annual dividend increases. This small number includes Sysco Corp (SYY), National Fuel Gas (NFG), and Black Hills Corporation (BKH).
Additions to the Dividend Champions in 2020
In 2020, International Business Machines (IBM), Polaris Inc (PII), RenaissanceRe Holdings (RNR), New Jersey Resources (NJR), Canadian National Railways (CNI), First of Long Island Corp (FLIC), and Enbridge (ENB) were all added to the list of Dividend Champions.
IBM is a global provider of enterprise IT services and hardware. Polaris designs and manufactures powered sports vehicles. RenaissanceRe is a global reinsurer and insurance firm. New Jersey Resources is a regulated wholesale utility. First Long Island is a small regional bank that operates in the New York City area. Enbridge is a Canadian pipeline company that focuses on oil and natural gas distribution and transmission.
Deletions to the Dividend Champions in 2020
In 2020, several Dividend Champions cut or suspended their dividends primarily due to COVID-19. You can take a look at my article on the Coronavirus Dividend Cuts or Suspensions. I updated this list weekly during the pandemic. Companies that have fallen off the list include Urstadt-Biddle Properties (UBA), Tanger Factory Outlet Centers (SKT), Meredith Corporation (MDP), Ross Stores (ROST), and Helmerich & Payne (HP). I have written articles on the dividend cuts or suspensions of all these stocks.
- Urstadt-Biddle Properties (UBA) Dividend Cut
- Tanger Factory Outlet Centers (SKT): Another Fallen Dividend Champion
- Meredith Corporation (MDP) Dividend Suspension
- Ross Stores (ROST): A Dividend Aristocrat Suspended Its Dividend
- Helmerich & Payne (HP): A Fallen Dividend Champion
United Technologies Corp. (UTX) has fallen off the list since it merged with Raytheon (RTN) and formed Raytheon Technologies Corp. (RTX). RTX was on the List of Dividend Champions as the successor organization after the merger. Otis Worldwide Corporation (OTIS) and Carrier Global Corporation (CARR) were spun off as part of the transaction. Neither OTIS nor CARR are on the Dividend Champions List. Note that RTX, OTIS, and CARR are all still on the Dividend Aristocrats list. RTX is no longer on the Dividend Champions list as of November 30, 2020, since the dividend was held constant.
Other Dividend Stock Lists
The other U.S. stock lists are:
- List of Dividend Kings in 2021
- List of Dividend Aristocrats in 2021
- List of Dividend Contenders in 2021
- List of Dividend Challengers in 2021
- Dogs of the Dow in 2021
For Canadian stock, I have recently updated my article on
For UK stocks, I have an article on
Other dividend stock lists
Some Details on the Dividend Champions 2021
No MLPs and Five REITs on the Dividend Champions 2021 List
The 2021 Dividend Champions list contains quite a few banks, utilities, and industrial companies. The list does not include any Master Limited Partnerships (MLPs). But it does have five Real Estate Investment Trusts (REITs). Note that there were seven REITs at the start of the year, but Urstadt-Biddle Properties (UBA) and Tanger Factory Outlets (SKT) cut their dividends due to the impact of the coronavirus pandemic.
Dividend Champions Sector Breakdown
Companies from the Financial Sector have the most significant representation on the Dividend Champions 2021 list with 37 companies. This sector is followed by Industrials with 27 companies, Consumer Staples with 17 companies, and Utilities with 16 companies.
Financials tend to have stable and generally rising earnings over time, except for recessions. For example, many financial companies cut, froze, or suspended dividends during the Great Recession. But many also restarted dividend growth as soon as the recovery began, and thus, they are now at about ten years of consecutive dividend increases. Industrial companies tend to have somewhat more volatile earnings and cash flows, but many have low payout ratios letting them grow the dividends during recessions and economic downturns. The same generality applies to companies in the consumer discretionary sector. Consumer Staples tend to have predictable earnings and cash flows that grow slowly with time.
Market Size of the Dividend Champions 2021
The list is not dominated by large-cap companies but includes quite a few mid-cap companies ($2 billion – $10 billion) and small-cap companies ($300 million – $2 billion). The largest Dividend Champion by market cap is Johnson & Johnson (JNJ), and the smallest Dividend Champion by market cap is Northeast Indiana Bancorp (NIDB). This bank is a tiny bank with a market capitalization of less than $50M, and thus it is not that liquid. Investors should consider the risks before investing in microcap stocks. Several other small banks and thrifts with markets caps ranging from $100M to $200M are listed. Again, investors should be aware of the risks of stocks with small market capitalizations.
What I Like About The Dividend Champions 2021?
The Dividend Champions 2021 list serves as a screen for further investigating stock for a dividend growth portfolio. It is a list of companies with a stable business that have competitive advantages and have returned cash to shareholders consistently through dividends and, in some cases, buybacks over an extended period.
The Dividend Champions List is not as exclusive as the Dividend Kings list. But still, 139 out of about 6,000 companies is roughly 2.31%. This percentage is slightly higher if you include the 139 Dividend Champions plus the 31 Dividend Kings at approximately 2.83%.
The Dividend Champions list changes slowly. However, even during extreme economic duress, such as the COVID-19 pandemic, only a handful of companies dropped off the list. This fact points to the resiliency of the businesses on the Dividend Champions 2021 list and management’s commitment to the dividend.
Who’s On Deck?
At the start of the year, several companies on the Dividend Contender List have raised the dividend for 24 years. This number includes Cardinal Health (CAH), Church & Dwight (CHD), Graco (GGG), Bank OZK (OZK), and W.P. Carey (WPC). These stocks will become Dividend Champions the next time they raise their dividend.
List of Dividend Champions 2021 – Updated 12/09/21
Dividend Yield (%)
10-yr Dividend Growth Rate (%)
Payout Ratio (%)
TTM P/E Ratio
Market Cap (millions)
|ABM||ABM Indus||54||1.70||3.10||34.90||21.3||$ 3,088|
|ADM||Archer-Daniels Midland||46||2.30||7.80||31.60||13.9||$ 35,876|
|ADP||Automatic Data Processing||46||1.80||10.20||58.50||37||$ 98,292|
|AOS||A.O. Smith||28||1.40||21.50||35.70||28.7||$ 13,207|
|APD||Air Products & Chemicals||39||2.00||10.00||61.70||32.5||$ 65,479|
|AROW||Arrow Financial||28||3.00||3.00||31.00||10.9||$ 568|
|ARTNA||Artesian Resources||29||2.50||3.30||57.60||23.9||$ 403|
|ATO||Atmos Energy||37||2.90||7.00||48.80||18.5||$ 12,502|
|AWR||American States Water||67||1.50||10.10||53.70||38.5||$ 3,607|
|BDX||Becton, Dickinson||49||1.40||6.80||48.00||36||$ 69,750|
|BEN||Franklin Resources||41||3.40||12.90||31.30||9.4||$ 16,734|
|BKH||Black Hills||51||3.50||5.00||58.40||17.4||$ 4,287|
|BMI||Badger Meter||29||0.70||9.60||38.00||57.1||$ 3,239|
|BRO||Brown & Brown||27||0.60||9.20||17.90||33||$ 19,114|
|CAH||Cardinal Health||26||4.10||8.60||50.20||12.4||$ 13,596|
|CBSH||Commerce Bancshares||53||1.50||6.90||22.70||15.5||$ 8,378|
|CBU||Community Bank System||29||2.30||5.20||47.30||20.7||$ 3,955|
|CFR||Cullen/Frost Bankers||28||2.30||5.00||43.80||19.5||$ 8,221|
|CHD||Church & Dwight Co||25||1.10||11.50||30.00||29||$ 23,750|
|CINF||Cincinnati Financial||61||2.20||4.60||15.90||7.6||$ 18,887|
|CNI||Canadian National Railway||26||1.50||14.20||46.50||25.1||$ 92,044|
|CSL||Carlisle Companies||45||0.90||11.60||29.90||38.6||$ 12,704|
|CTBI||Community Trust Bancorp||41||3.70||3.60||32.70||9.1||$ 770|
|CWT||California Water Service||54||1.40||4.10||40.70||30.3||$ 3,536|
|EBTC||Enterprise Bancorp||27||1.90||6.60||21.30||11.7||$ 480|
|ED||Consolidated Edison||47||3.80||2.60||92.20||24.3||$ 28,841|
|EMR||Emerson Electric||64||2.20||2.60||52.50||24.2||$ 55,016|
|ERIE||Erie Indemnity||31||2.10||7.20||63.10||33.4||$ 10,200|
|ESS||Essex Property Trust||27||2.40||7.20||121.30||50.8||$ 22,689|
|EXPD||Expeditors International||27||0.90||8.80||16.00||19.1||$ 21,807|
|FELE||Franklin Electric||29||0.80||10.00||22.60||31.2||$ 4,297|
|FLIC||First of Long Island||25||3.70||6.90||51.10||11.5||$ 508|
|FRT||Federal Realty Investment||54||3.20||4.50||140.30||43.5||$ 10,267|
|FUL||H.B. Fuller||52||0.90||8.40||23.00||27.9||$ 4,126|
|GD||General Dynamics||30||2.40||9.70||49.30||17.3||$ 56,090|
|GPC||Genuine Parts||65||2.40||6.10||57.20||23.8||$ 19,204|
|GWW||W.W. Grainger||50||1.30||9.40||35.80||28.9||$ 26,053|
|HRL||Hormel Foods||55||2.40||14.40||60.50||27.1||$ 23,216|
|ITW||Illinois Tool Works||58||2.00||13.00||53.70||28||$ 75,510|
|JKHY||Jack Henry & Associates||31||1.20||15.90||42.00||36.2||$ 11,610|
|JNJ||Johnson & Johnson||59||2.60||6.40||61.00||24.6||$ 432,640|
|JW.A||John Wiley & Sons||28||2.40||5.60||52.60||22.1||$ 3,189|
|LANC||Lancaster Colony||59||2.10||8.30||60.90||31.4||$ 4,273|
|LECO||Lincoln Electric Holdings||26||1.60||12.60||45.30||30.8||$ 8,063|
|LEG||Leggett & Platt||50||3.90||4.10||56.00||14.6||$ 5,691|
|LOW||Lowe’s Companies||59||1.30||19.00||24.20||22.2||$ 172,977|
|MATW||Matthews International||26||2.40||9.30||n/a||n/a||$ 1,165|
|MCY||Mercury General||34||4.90||0.50||36.40||7.5||$ 2,890|
|MDU||MDU Resources Gr||30||3.00||2.60||42.50||14.3||$ 5,823|
|MGEE||MGE Energy||46||2.00||4.30||49.90||25.6||$ 2,782|
|MGRC||McGrath RentCorp||29||2.20||6.60||44.80||20.8||$ 1,902|
|MKC||McCormick & Co||35||1.70||9.30||46.80||31.5||$ 23,713|
|MSA||MSA Safety||50||3.40||10.40||57.90||63.3||$ 5,849|
|NEE||NextEra Energy||27||0.80||15.10||25.00||75.8||$ 177,220|
|NFG||National Fuel Gas||51||1.70||10.80||124.40||15.8||$ 5,703|
|NJR||New Jersey Resources||26||2.90||2.50||45.10||33||$ 3,863|
|NNN||National Retail Props||32||3.60||7.30||110.60||31.7||$ 8,176|
|NWN||Northwest Natural Hldg||65||1.80||1.10||9.70||16.9||$ 1,425|
|O||Realty Income||28||4.20||0.80||65.30||54.4||$ 38,952|
|ORI||Old Republic Intl||40||4.30||5.40||220.20||5.2||$ 7,618|
|OZK||Bank OZK||25||3.60||2.30||18.30||10.8||$ 5,900|
|PBCT||People’s United Finl||29||2.50||19.20||26.40||25.3||$ 7,571|
|PG||Procter & Gamble||65||2.60||7.60||71.10||27.8||$ 368,872|
|PH||Parker Hannifin||65||2.30||5.20||58.70||22||$ 40,640|
|PPG||PPG Industries||50||2.30||10.80||25.50||27.7||$ 39,128|
|RNR||RenaissanceRe Holdings||26||0.90||5.20||16.50||n/a||$ 7,611|
|ROP||Roper Technologies||28||0.90||3.30||16.09||44.8||$ 49,774|
|RPM||RPM International||47||0.50||17.70||21.10||27.6||$ 12,605|
|RTX||Raytheon Technologies||28||1.70||6.40||42.90||37.3||$ 129,471|
|SBSI||Southside Bancshares||27||2.40||0.60||85.30||12.1||$ 1,352|
|SEIC||SEI Investments||30||1.10||9.10||18.50||16.9||$ 8,619|
|SJW||SJW Gr||54||0.60||16.30||28.20||36.6||$ 2,064|
|SON||Sonoco Products||39||2.00||7.00||70.20||n/a||$ 5,923|
|SPGI||S&P Global||48||3.00||4.50||22.93||40.8||$ 113,992|
|SRCE||1st Source||34||0.70||11.90||25.60||10.4||$ 1,186|
|SWK||Stanley Black & Decker||54||2.60||7.90||25.50||17.4||$ 31,338|
|TDS||Telephone and Data||47||9.00||1.90||n/a||19.3||$ 2,237|
|THFF||First Financial||33||1.50||11.60||21.40||9.7||$ 571|
|TMP||Tompkins Financial||35||2.40||1.20||23.20||12.7||$ 1,180|
|TRI||Thomson Reuters||28||1.20||3.90||28.60||9.4||$ 59,588|
|TROW||T. Rowe Price Gr||35||1.30||1.70||12.30||15.4||$ 45,775|
|UBSI||United Bankshares||46||2.10||13.30||30.90||12.2||$ 4,952|
|UHT||Universal Health Realty||36||3.10||7.10||19.20||36.6||$ 824|
|UMBF||UMB Financial||29||4.70||1.50||169.10||11.9||$ 5,075|
|WABC||Westamerica Bancorp||29||6.30||5.00||77.30||17.4||$ 1,537|
|WBA||Walgreens Boots Alliance||46||2.90||1.30||49.90||21.1||$ 41,982|
|WEYS||Weyco Group||39||3.90||7.80||64.00||15.3||$ 234|
|WST||West Pharmaceutical Servs||28||1.60||4.20||76.30||54.1||$ 32,262|
|WTRG||Essential Utilities||30||0.20||7.20||8.20||30.8||$ 12,766|
|XOM||Exxon Mobil||39||5.60||6.50||n/a||n/a||$ 264,386|
Dividend Calendar for the Dividend Champions 2021
Div. Record Date
Dividend Payment Date
Next Div. Payment Per Share
Annual Dividend Per Share
|ADP||Automatic Data Processing||12/9/21||12/10/21||1/1/22||$1.04||$4.16|
|APD||Air Products & Chemicals||12/31/21||1/3/22||2/14/22||$1.50||$6.00|
|AWR||American States Water||11/12/21||11/15/21||12/1/21||$0.37||$1.46|
|BRO||Brown & Brown||11/2/21||11/3/21||11/17/21||$0.10||$0.41|
|CBU||Community Bank System||12/14/21||12/15/21||1/10/22||$0.43||$1.72|
|CHD||Church & Dwight Co||11/12/21||11/15/21||12/1/21||$0.25||$1.01|
|CNI||Canadian National Railway||12/8/21||12/9/21||12/30/21||$0.48||$1.99|
|CTBI||Community Trust Bancorp||12/14/21||12/15/21||1/1/22||$0.40||$1.60|
|CWT||California Water Service||11/5/21||11/8/21||11/19/21||$0.23||$0.92|
|ESS||Essex Property Trust||9/29/21||9/30/21||10/15/21||$2.09||$8.36|
|FLIC||First of Long Island||10/7/21||10/8/21||10/18/21||$0.20||$0.80|
|FRT||Federal Realty Investment||12/31/21||1/3/22||1/18/22||$1.07||$4.28|
|ITW||Illinois Tool Works||12/30/21||12/31/21||1/14/22||$1.22||$4.88|
|JKHY||Jack Henry & Associates||12/2/21||12/3/21||12/23/21||$0.46||$1.84|
|JNJ||Johnson & Johnson||11/22/21||11/23/21||12/7/21||$1.06||$4.24|
|JW.A||John Wiley & Sons||10/8/21||10/12/21||10/27/21||$0.34||$1.38|
|LECO||Lincoln Electric Holdings||12/30/21||12/31/21||1/14/22||$0.56||$2.24|
|LEG||Leggett & Platt||12/14/21||12/15/21||1/14/22||$0.42||$1.68|
|MDU||MDU Resources Gr||12/8/21||12/9/21||1/1/22||$0.22||$0.87|
|MKC||McCormick & Co||12/30/21||12/31/21||1/10/22||$0.37||$1.48|
|MKC.V||McCormick & Co||12/30/21||12/31/21||1/10/22||$0.37||$1.48|
|NFG||National Fuel Gas||12/30/21||12/31/21||1/14/22||$0.46||$1.82|
|NJR||New Jersey Resources||12/14/21||12/15/21||1/3/22||$0.36||$1.45|
|NNN||National Retail Props||10/28/21||10/29/21||11/15/21||$0.53||$2.12|
|NWN||Northwest Natural Hldg||10/28/21||10/29/21||11/15/21||$0.48||$1.93|
|ORI||Old Republic Intl||12/3/21||12/6/21||12/15/21||$0.22||$0.88|
|PBCT||People’s United Finl||10/29/21||11/1/21||11/15/21||$0.18||$0.73|
|PG||Procter & Gamble||10/21/21||10/22/21||11/15/21||$0.87||$3.48|
|SWK||Stanley Black & Decker||11/30/21||12/1/21||12/21/21||$0.79||$3.16|
|TDS||Telephone and Data||12/14/21||12/15/21||12/30/21||$0.17||$0.70|
|TROW||T. Rowe Price Gr||12/15/21||12/16/21||12/30/21||$1.08||$4.32|
|UHT||Universal Health Realty||12/14/21||12/15/21||12/30/21||$0.70||$2.82|
|WBA||Walgreens Boots Alliance||11/12/21||11/15/21||12/10/21||$0.48||$1.91|
|WST||West Pharmaceutical Servs||11/9/21||11/10/21||11/17/21||$0.18||$0.72|
Prior Year Lists and Articles
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