Investors like consistency when it comes to dividend growth. There are currently no companies that have consistently paid growing dividends for 100 years or more. American States Water (AWR) comes the closest at 68 consecutive years of dividend increases. The history of dividends in the United States goes back to about 1781. Only one company has paid a dividend for over 200 straight years, making it the longest dividend paying stock. But a select group of stocks that have paid 100+ years of consistent dividends.
Paying a dividend for this length of time demonstrates the resiliency of the business and management’s commitment to paying a consistent dividend. There are 24 U.S. companies (updated January 14, 2023) on the list. After this article was first published several more American companies were added that had already paid a 100+ years of consistent dividends.
Before the companies are listed, if you know of any companies that belong on the list of stocks with 100+ consistent years of consistent dividends or should be removed from the list, please comment below.
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American Stocks Paying 100+ Years of Dividends
York Water Company
York Water Company (YORW) is the senior member of this club. The small water utility is the longest paying dividend stock, having paid a dividend continuously for over 200 years since 1816, which is when the utility was founded. The forward dividend rate is $0.81 per share and the forward dividend yield is about 1.79%. The dividend is covered by earnings with a payout ratio of roughly 59%. The company has a market capitalization of only ~$646 million. The company most recently raised the quarterly dividend payout for the 25th consecutive year of increases making the stock a Dividend Champion.
Stanley Black & Decker
Second on the list is Stanley Black & Decker (SWK), the hand-tool company. The company was founded in 1843 before the Civil War. Today the company’s business segments are Tool & Storage, and Industrial, after selling the Security one. The consistent dividend history started over 100 years ago and has been paid since 1877 making the company one of the longest paying dividend stocks. Stanley Black & Decker is also a Dividend King having raised the dividend for 55 straight years. The forward dividend payout is $3.20 per share giving a forward dividend yield of about 3.71%. The payout ratio is reasonably conservative at ~47%, and this is prudent due to the cyclicality of its business.
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Next on the list is Exxon Mobil (XOM), the oil and natural gas giant. Exxon Mobil traces its history back to John D. Rockefeller’s Standard Oil Trust, which was founded in 1870. The continuous dividend history dates back over 100 years to 1882. Exxon Mobil is a Dividend Champion and Dividend Aristocrat with 40 consecutive years of annual dividend increases. The past few years have been difficult for Exxon Mobil with low oil prices capped off by very low demand due to COVID-19 culminating in low dividend safety. But oil and natural gas demand recovered in 2022 and the company had one of its best years. The forward dividend payout is $3.64 per share, and the forward dividend yield is 3.21%. The payout ratio is conservative at 28%.
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Number four on the list is Eli Lilly (LLY), the large-cap pharma company founded in 1876. Eli Lilly is an R&D focused pharma company. The continuous dividend has been paid 100+ consecutive years since 1885. The company is not a consistent dividend grower with only 9 years in a row of dividend growth making the stock a Dividend Challenger. The forward dividend is $4.52 per share giving a dividend yield of ~1.26%. The payout ratio is a very reasonable 45%. The last dividend increase was to a quarterly rate of $1.13 per share from $0.98 per share.
Consolidated Edison (ED) is the first electric utility on the list. The utility was founded in 1884. Today, Consolidated Edison is a regulated utility providing electricity to over 3.5 million customers and natural gas to over 1.1 million customers in New York City, southwestern New York, and northern New Jersey. The company first started paying a consistent dividend over 100 years ago in 1885. The company is also a Dividend Champion and Dividend Aristocrat with 48 years of consecutive years of dividend increases. The forward dividend is $3.16 per share, and the forward dividend yield is a decent 3.24%. The payout ratio is about 66%, which is reasonable for a regulated utility.
UGI (UGI) is probably not as well-known as the other companies on this list, but it was founded in 1882. The firm is a diversified energy company that operates through four segments: AmeriGas Propane, UGI International, UGI Energy Services, and UGI Utilities. The company has approximately 1.5 million propane customers, 67,000 natural gas customers, and 62,500 electricity customers. UGI first paid a consistent dividend over 100 years ago in 1885. The forward dividend is $1.44 per share with a forward yield of 3.29%. The dividend payout ratio is conservative at 49%. The dividend has been raised for 35 straight years making UGI a Dividend Champion.
Johnson Controls International plc (JCI) is next on the list. Johnson Controls was founded in 1885. The company was previously known for its automotive parts business, which was spun off. Today Johnson Controls manufactures HVAC, refrigeration, security systems, and fire detection and suppression systems. The company has been paying a dividend consecutively since 1887 making it a member of 100+ years club. The forward annual dividend payout is $1.40 per share, and the forward yield is 2.05%. The payout ratio is conservative at 46%.
Procter & Gamble
Procter & Gamble (PG) is the 8th stock on the list. The global consumer defensive company traces its history back to 1837. Procter & Gamble operates in five segments: Beauty, Grooming, Health Care, Fabric & Home Care; and Baby, Feminine & Family Care. The company has many well-known brands including Pantene, Tide, Oil of Olay, Old Spice, Secret, Head & Shoulders, Herbal Essences, Gillette, Braun, Crest, Mr. Clean, etc. The company has paid dividends for over 100+ years since 1891. Procter & Gamble is also a Dividend King having raised the dividend for 66 straight years. The forward annual dividend payout is $3.48 per share and the forward yield is 2.28%. The payout ratio is not too high at about 60.1%.
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The next company, Colgate-Palmolive (CL) is very similar to the one right before it on this list. Colgate-Palmolive was founded all the way back in 1806. Today, the company has four main market segments: Oral Care, Personal Care, Home Care, and Pet Nutrition. The company also has many well-known brands including Colgate, Palmolive, Tom’s of Maine, Speed Stick, Softsoap, Irish Spring, Ajax, etc. Colgate-Palmolive first started paying a consistent dividend in 1895 making it a member of the 100+ years club. The forward dividend rate is $1.88, and the forward yield is 2.45%. The dividend payout ratio is near our cutoff at ~62%. The company is also a Dividend King with 59 years of consecutive dividend increases.
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General Mills (GIS) is a cereal and baking products giant tracing its founding back to 1866. Today, the company operates globally with well-known brands like Cheerios, Chex, Cascadian Farm, Bugles, Blue Buffalo, Betty Crocker, Bisquick, Annie’s, Fiber One, Taste Good, Pillsbury, Muir Glen, Progresso, Yoplait, Haagen-Dazs, Old El Paso, etc. General Mills first started paying a dividend continuously over 100 years ago in 1898. The forward dividend rate is $2.16, and the forward dividend yield is approximately 2.62%. The payout ratio was elevated a few years ago but is now only 50%. The company froze the dividend for a few years after the Blue Buffalo acquisition but started raising it again in 2020 as debt was paid, the balance sheet improved, and the leverage ratio came down.
The only railroad on this list is Union Pacific (UNP). The company was founded in 1862. Today, Union Pacific is the largest public railroad in North America with over 32,000 miles of rail in its network, 7,400 locomotives, and 51,500 freight cars at end of 2021. Most of the network is located in 23 states in the western two-thirds of the U.S. and the railroad owns parts of a Mexican railroad. Union Pacific states that it has paid a consecutive dividend for 123 consecutive years in its press release or back to 1898. The forward dividend is $5.20 per share and the forward yield is 2.42%. The dividend payout ratio is a conservative 44%. Union Pacific has raised the dividend for 16 years straight making the stock a Dividend Contender.
PPG Industries (PPG) is an industrial giant focusing on coatings. The name stands for Pittsburgh Plate Glass. The company was founded in 1883 and today operates in two business segments: Performance Coatings and Industrial Coatings. PPG started paying a consecutive dividend for over 100 years since 1899. The forward dividend rate is $2.48, and the forward yield is 1.88%. The dividend payout ratio is a conservative 39%, which likely due to the cyclicality of its business. The company is also a Dividend King with 51 years of consecutive dividend increases.
Church & Dwight
The 13th company on this list is another Consumer Staples one, Church & Dwight (CHD). The company was founded in 1846. Church & Dwight’s most well-known brand is Arm & Hammer, but it also owns OxiClean, Trojan, Nair, Spinbrush, First Response, Orajel, Waterpik, and a few other brands. Church & Dwight is much smaller than its consumer defensive peers on this list but started paying a consecutive dividend in 1901. The forward dividend is $1.05 giving a forward dividend yield of 1.29%. The payout ratio is very conservative at 35%. The company has raised the dividend annually for 26 consecutive years making it a Dividend Aristocrat and Dividend Champion.
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Chubb (CB) is the only insurer on this list. The company traces its history back to 1882. In 2015, ACE Limited, another insurance company founded in 1985, acquired Chubb and changed its name to Chubb. The original Chubb had paid a consecutive dividend for over 100+ years since 1902. The forward dividend payout is $3.32 per share giving a forward yield of 1.47%. The payout ratio is a very conservative 22%. Some investors may feel that Chubb should not be on the list since ACE Limited was the acquiring company. ACE Limited starting paying a dividend in 1993 and has paid a growing dividend for 29 years. But for now, we will leave the new Chubb on this list.
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National Fuel Gas
National Fuel Gas (NFG) is another utility on this list. The company was incorporated in 1902 from assets placed in John D. Rockefeller’s Standard Oil Natural Gas Trust. National Fuel Gas recent press releases stated that the utility started to pay a dividend 119 years ago, which is how we became aware that this stock should in the club of companies paying a dividend consistently for 100+ years. This means the dividend was paid from incorporation. The forward dividend payout is $1.90 per share giving a forward yield of 3.08%. The payout ratio is about 32%, which is very conservative for a utility. National Fuel Gas has raised the dividend for 52 years in a row making this stock a Dividend King.
DuPont de Nemours
DuPont de Nemours (DD) traces its history back to 1802. The company went through a merger with Dow in 2015 forming DowDuPont, followed by a split into three companies forming Corteva, Dow, and DuPont. The predecessor organization, E.I. Du Pont De Nemours, started paying a continuous dividend over 100+ years ago in 1904. The forward dividend is $1.32 per share giving a forward yield of 1.77%. The payout ratio is conservative at 36%. As far as we can determine, DuPont did not stop paying a dividend after acquiring Dow or splitting into three companies. Since DuPont was the acquiring organization, we will keep DuPont de Nemours on this list.
The second utility on this list is Edison International (EIX). The utility was founded in 1886. Today, it provides electricity for approximately 5 million customers in California. The utility has paid a dividend continuously for over 100+ years since 1910. The forward dividend is $2.95 per share giving a forward yield of 4.31%. The payout ratio is low for a utility at 30%. Edison International has raised the dividend for 20 straight years making it a Dividend Contender. As a note about Edison International, after we published this article a reader pointed out that the utility did not pay a dividend from 2001 to 2003 on the common stock, although it may have on the preferred shares. We will do some more research on this.
Simmons First National
Simmons First National (SFNC) is a regional bank operating in Arkansas, Texas, Oklahoma, Kansas, Missouri, and Tennessee. The bank was founded in Pine Bluff, AR in 1903 with one branch. Today, the bank has about 199 financial centers (branches) with more than $25 billion in assets. The bank has grown organically and through multiple acquisitions. According to the banks website, it has paid a dividend for 113 years since 1909. The forward annual dividend rate is $0.76 per share and the forward dividend yield is 3.33%. The payout ratio is very conservative at about 33%. According to Portfolio Insight*, the bank has raised the dividend for 11 consecutive years making the stock a Dividend Contender.
American Electric Power
American Electric Power (AEP) is the third utility on this list. The utility was founded in 1906 and has now become one of the largest utilities in the U.S. Today it operates as a holding company through Vertically Integrated Utilities, Transmission and Distribution Utilities, AEP Transmission Holdco, and Generation & Marketing segments. AEP has operations in Ohio, Texas, Virginia, West Virginia, Tennessee, Indiana, Michigan, Kentucky, Oklahoma, Arkansas, and Louisiana. The utility’s press releases state that AEP has paid a continuous cash dividend every quarter since July 1910 or about 110 years. The forward dividend is $3.32 and the forward yield is about 3.44%. The payout ratio is a reasonable 62% for an utility. The company has also raised the dividend for 13 straight years in a row making the stock a Dividend Contender.
International Business Machines
International Business Machines (IBM) was founded in 1911. Today, it is a leading provider of enterprise IT solutions. IBM operates in four operating segments: Cloud & Cognitive Software, Global Business Services, Global Technology Services, and Systems. IBM first paid a dividend in 1913 but the continuous streak started in 1916 making it over 100 years. The forward dividend rate is $6.60 per share giving a forward yield of 4.5%. The payout ratio is high at about 74%. IBM joined the Dividend Aristocrat list in 2021. The company has paid a growing dividend for 27 consecutive years.
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Farmers & Mechants Bank of Long Beach
Farmers & Merchants Bank of Long Beach (FMBL) is the smallest company on this list. The market capitalization is only $1.02 billion. It is one of two US banks on this list. The bank was founded in 1907. It has paid a consistent dividend for 100+ years since 1916. The bank’s press release states that the quarterly dividend has never been decreased. The forward dividend is $112.00 per share giving a forward dividend yield of 1.51%. The payout ratio is roughly 15.8%, which is very, very conservative.
3M Company (MMM) reportedly first started paying a dividend over 100 years ago according to its press releases announcing the quarterly dividend. The FAQs page sates that 3M has been paying a dividend since 1916. The industrial giant owns recognizable global brands including: Post-it, Scotch, Scotch-Brite, ACE, Command, Filtrete, Nexcare, and Futuro. The company has paid a growing dividend for 64 straight years making it a Dividend King. The forward dividend is $5.96 per share giving a forward dividend yield of 4.61%. The payout ratio has improved and is now ~59%.
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A new entry to this exclusive club is Coca-Cola (KO), which was founded in 1886. The global non-alcoholic beverage giant owns many top brands including Coca-Cola, Diet Coke, Sprite, Minute Maid, Fanta, Fresca, Schweppes, Dasani, Thums Up, Fuze Tea, Gold Peak, Honest Tea, etc. Coca-Cola started paying a consistent dividend in 1920 and entered the 100+ consecutive years club in 2020. The forward dividend is $1.76 per share, and the forward yield is 2.88%. The payout ratio is elevated at about 70%. Coca-Cola is a Dividend King with 60 straight years of dividend growth.
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Timken (TKR) was added to the 100 years of dividends club in 2022. The firm was founded in 1899. It was listed on the New York Stock Exchange in 1922 when the firm started to pay dividends. Timken design and manufactures engineered bearings and power transmission products. The company’s brand names are Timken, Philadelphia Gear Drives, Cone Drive, Rollon, Lovejoy, Diamond, BEKA, and Groeneveld. The forward dividend yield is 1.59% based on a dividend rate of $1 .24. The company is only a Dividend Challenger with nine years of increases in a row.
Other Dividend Stock Lists
I have also written articles with several other lists and analyses on U.S. dividend growth stocks including:
- List of Dividend Kings in 2022
- List of Dividend Aristocrats in 2022
- List of Dividend Champions in 2022
- List of Dividend Contenders in 2022
- List of Dividend Challengers in 2022
- Dogs of the Dow in 2023
For Canadian stocks, I have written about
For UK stocks, I have written about
Final Thoughts on Stocks Paying 100+ Years of Dividends
The list of longest dividend paying companies that have attained 100+ years of consecutively paying dividends is short and select. There are only 24 U.S. companies that have done so. This is about 0.40% out of the over 6,000 companies listed on American stock exchanges (NYSE and NASDQ). This percentage makes the list even more selective than the Dividend Kings or Canadian Dividend Aristocrats. It is interesting but not surprising that the majority of the companies on this list are also dividend growth stocks and a few are Dividend Kings. This list serves as a starting point for further research.
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Prakash Kolli is the founder of the Dividend Power site. He is a self-taught investor, analyst, and writer on dividend growth stocks and financial independence. His writings can be found on Seeking Alpha, InvestorPlace, Business Insider, Nasdaq, TalkMarkets, ValueWalk, The Money Show, Forbes, Yahoo Finance, and leading financial sites. In addition, he is part of the Portfolio Insight and Sure Dividend teams. He was recently in the top 1.0% and 100 (73 out of over 13,450) financial bloggers, as tracked by TipRanks (an independent analyst tracking site) for his articles on Seeking Alpha.