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Dividend Challengers

The List of Dividend Challengers in 2022

This article provides an updated list of the Dividend Challengers in 2022, select financial data, and analysis. The list and data are updated monthly.

The Dividend Challengers 2022 are stocks that have grown their dividend for 5 to 9 consecutive years. The list is a relatively select one despite taking only five years of dividend growth to get on the list. There are only 252 companies on the Dividend Challengers 2022 list as of August 25, 2022. The total number is out of the nearly 6,000 companies listed on the New York Stock Exchange (NYSE) and Nasdaq in 2022. This number implies a success rate of roughly 4.20%.

It is significantly more difficult for a company to become a Dividend King, Dividend Aristocrat, or Dividend Champion. However, the success rate to become a Dividend Challenger is on par with the Dividend Contenders.

Note that the number of companies on the Dividend Challengers list is down quite a bit from 463 at the beginning of 2020 due to the effects of the COVID-19 pandemic on many companies. The number of dividend cuts and suspensions resulting from COVID-19 has been high on the Dividend Challengers list. In addition

Before we discuss the Dividend Challengers, individual investors should be aware there are micro-cap companies on the Dividend Challengers 2022 list. Micro-cap companies have added risk compared to larger companies due to fewer shares and lower liquidity. Micro-caps also tend to be newer companies without long track records. As a result, micro-cap companies are not suited to most investors interested in dividend growth investing.

The Dividend Challengers 2022 list also includes very large companies such as Eli Lilly (LLY), Thermo Fisher Scientific (TMO), Danaher (DHR), Intel (INTC), and JP Morgan Chase (JPM). Hence, the list sometimes includes established companies that only recently started paying dividends or had an interruption in their dividend growth streak. For instance, many banks cut or omitted their dividend during the sub-prime mortgage crisis.

Some of the Dividend Challengers 2022 will become Dividend Contenders and eventually Dividend Champions, and a few will become Dividend Kings. Although, many will also drop off the list when the economy slows down or due to a merger. This point was apparent during the COVID-19 pandemic.

Dividend Challengers
Dividend Challengers 2022

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Market Update for the Dividend Challengers 2022

The Dividend Challengers 2022 are currently (as of August 25, 2022) trading at an elevated valuation of a trailing average price-to-earnings ratio of about 19.65X. 

The current average dividend yield is about 2.62%. The trailing average 5-year dividend growth rate is about 16.84%. The average payout ratio is approximately 44.31%. The average market cap is currently $16,416 million. 

Currently, the Dividend Challenger with the highest yield is Capital Southwest (CSWC), and the one trading with the lowest earnings multiple is Matson (MATX). 

You can look at updated, select financial data and the dividend earnings calendar for each stock in the Dividend Challengers list in the tables at the end of the article. The most recent dividend increases are also available for you to search.

According to Stock Rover*, in the trailing 1-year, the Dividend Challengers 2022 has returned +2.5% as a group compared to (-5.1%) for the S&P 500 Index, as seen in the chart below. Over the trailing 5-years, the Dividend Challengers have returned +115.9%, and the S&P 500 has returned +87.9%.

Dividend Challengers 2022 Trailing 1-Year Returns
Source: Stock Rover*

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Promotions of the Dividend Challengers in 2022

Many stocks on the Dividend Challengers 2021 were promoted to the Dividend Contenders list. These stocks hit the 10-year mark for consecutive annual increases. However, we will not list all the stocks here, but you can check the Dividend Contenders 2022 list and see which stocks have ten consecutive annual years of dividend increases.

Additions and Deletions to the Dividend Challengers 2022

There were many additions at the bottom of the Dividend Challengers 2021 list. We will not list all the stocks here, but you can scroll down and look at some of the newer stocks on the list with 5-years of consecutive dividend growth.

Some stocks are dropped from the list every year after failing to increase the dividend. In many cases, these stocks run into operational challenges. In some cases, the economy slows down or experiences a recession. When companies decline revenue or earnings, the dividend is often frozen or cut.

Other Dividend Stock Lists

I have also written articles with several other lists and analyses on US dividend growth stocks, including:

For Canadian stocks, I have written about

For UK stocks, I have written about

Other dividend stock lists

Some Details on the Dividend Challengers 2021

Dividend Challengers Sector Breakdown

Companies from the Financial Sector have the most significant representation on the Dividend Contenders 2022 list with 102 companies. This sector is followed by Industrials with 34 companies, Real Estate with 28 companies, and Technology with 28 companies. The top two sectors did not change in the past few years. The Consumer Cyclical sector had many companies that suspended or cut their dividends and thus have trended lower.

Dividend Challenger Sector Analysis

Financials tend to have stable and generally rising earnings over time, except for recessions. Many financial companies cut, froze, or suspended dividends during the Great Recession. But many also restarted dividend growth a few years later. Like the Dividend Contenders list, regional banks are the number one industry on the Dividend Challengers list.

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. 

Real Estate companies on the list tend to be REITs. Commercial real estate REITs have not done well during the COVID-19 pandemic, but others have held up better. For instance, industrial, specialty, and residential REITs have done well.

Information Technology is one sector that has thrived during the pandemic. The move to online, digital, and work or learn at home trends have accelerated, and some of this is likely to stay with us. The relative outperformance of Information Technology has allowed many of the companies to pay an increasing dividend.

Dividend Challenger Industry Analysis

Market Size of the Dividend Challengers 2022

The largest of the Dividend Challengers 2021 by market capitalization used to be Apple (APPL). However, Apple was promoted to the Dividend Contenders 2022 list.

The largest Dividend Challenger is Bank of America (BAC), with more than $330 billion market capitalization.

Besides Apple, the list is not dominated by large-cap companies but includes many mid-cap companies ($2 billion – $10 billion), small-cap companies ($300 million – $2 billion), and even micro-cap companies. Micro-cap companies have a market size of less than $100 million and are often traded on the over-the-counter (OTC) market. Therefore, investors should be wary when investing in companies with small market capitalization due to the associated risks.

What I Like About the Dividend Challengers 2021?

The Dividend Challengers 2022 list serves as a screen for further investigating a stock for a dividend growth portfolio. But not all the Dividend Challengers are suitable for most investors since they have not raised the dividend for an extended period. 

In general, dividend growth investors should prefer stocks that have raised their dividend for at least 10-years or more. There are some exceptions, though. For instance, several mega-cap and large-cap stocks are on the list and can make suitable investments.

List of Dividend Challengers in 2022 – Updated 08/25/22

This table was created using Stock Rover* and Portfolio Insight*.

TickerCompany NameNo. YearsDividend Yield (%)5-yr Dividend Growth Rate (%)Payout Ratio (%)TTM P/E RatioMarket Cap (millions)
ABTAbbott Laboratories91.8012.1038.1022$184,618 
ACCOACCO Brands54.60n/a25.205.7$611 
ACNBACNB53.005.4033.1011.3$298 
ACREAres Commercial Real79.704.10121.1012.7$739 
ADCAgree Realty93.606.30142.9041.3$6,214 
AEEAmeren92.506.0058.2024.6$24,736 
AEMAgnico Eagle Mines73.5032.0085.7026.3$20,831 
AINAlbany Intl50.904.3021.0023.5$2,884 
ALGAlamo Group80.5012.509.1019.1$1,601 
ALLEAllegion91.6020.7029.5019.6$8,947 
ALLYAlly Financial63.5040.6315.705$10,724 
AMATApplied Materials51.0021.1012.7013.6$88,277 
AMNBAmerican National83.303.1031.009.6$365 
AUDCAudioCodes51.60n/a36.1024.1$721 
AVTAvnet92.407.6014.306.4$4,183 
AWIArmstrong World Indus51.00n/a22.5022.5$4,167 
AYAtlantica Sustainable55.1036.48n/an/a$4,000 
BACBank of America92.6022.9026.0010.8$277,375 
BALLBall61.3014.9034.6026.8$19,266 
BAXBaxter Intl62.0012.6055.9029.4$29,566 
BCCBoise Cascade50.70n/a2.303.5$2,698 
BFCBank First91.306.6015.0013.5$709 
BOHBank of Hawaii73.507.0048.3013.9$3,224 
BPOPPopular72.8017.1017.907.1$5,925 
BRKLBrookline Bancorp53.907.6036.009.6$1,017 
BRTBRT Apartments54.10n/a23.306.1$463 
BUSEFirst Busey83.905.0044.9011.7$1,301 
BWFGBankwell Finl Gr72.5023.4017.007.3$250 
BWXTBWX Technologies71.6014.9025.7016$4,887 
CABOCable One70.9012.9018.4021.5$7,135 
CBANColony Bankcorp53.00n/a33.9011.6$253 
CBTXCBTX51.70n/a35.1021.1$763 
CCBGCapital City Bank Group91.9026.2032.2016.9$568 
CCICrown Castle93.409.10160.3049$75,712 
CDWCDW51.1025.6025.5025.1$24,938 
CGNXCognex90.608.9017.2030$7,594 
CHCTCommunity Healthcare74.602.40205.3045.7$972 
CMCanadian Imperial Bank75.105.5055.809.3$45,622 
CNACNA Financial64.005.9040.7010.5$10,855 
CPFCentral Pacific Financial94.607.6035.108$627 
CQPCheniere Energy Partners56.3020.10176.9031.9$27,047 
CRAICRA International61.3050.7520.5016.7$680 
CSGSCSG Systems Intl81.906.1072.5040.4$1,829 
CSWCCapital Southwest79.8020.40148.4016.3$564 
CTRACoterra Energy65.2067.0012.807.5$24,877 
CTRECareTrust REIT85.108.30n/an/a$2,100 
CUZCousins Props54.505.9066.3014.9$4,289 
CVCYCentral Valley Community52.7014.9021.808.2$208 
CVGWCalavo Growers92.705.00328.57n/a$760 
CWCurtiss-Wright60.507.9011.1023.1$5,794 
DGDollar Gen80.9016.2018.4025.4$56,169 
DHID.R. Horton91.2017.605.604.8$26,028 
DHILDiamond Hill Investment93.50n/a27.809.5$526 
DHRDanaher80.4012.3010.7033.6$207,277 
DKSDick’s Sporting Goods81.8023.509.908.4$8,700 
DLBDolby Laboratories81.3012.3048.7038.8$7,385 
DREDuke Realty61.808.1044.2025$23,849 
DVNDevon Energy58.6084.1045.509.2$47,440 
EFSCEnterprise Finl Servs82.0014.9020.1011.6$1,757 
EOGEOG Resources52.4035.0023.7012.7$72,569 
EQIXEquinix81.909.20169.1095.8$61,154 
EQREquity Residential53.204.4073.5023.9$28,847 
ESSAESSA Bancorp53.1010.8027.4010.3$197 
ETREntergy83.403.0065.5019.8$24,261 
EWBCEast West Bancorp52.2014.9022.0011.4$10,486 
FBMSFirst Bancshares52.5038.3021.3010.1$743 
FBNCFirst Bancorp52.4022.4026.7011.8$1,323 
FCAPFirst Cap53.804.4031.808.3$91 
FCFFirst Commonwealth63.308.4034.4010.9$1,361 
FCNCAFirst Citizens BancShares50.209.403.4014.9$13,268 
FCPTFour Corners Property64.806.50108.7023.1$2,277 
FDBCFidelity D & D Bancorp83.309.8026.308.2$225 
FFNWFirst Financial Northwest63.1011.4034.9011.9$139 
FGBIFirst Guaranty Bancshares82.705.9022.908.7$255 
FIBKFirst Interstate BancSys84.1011.3086.3021.3$4,303 
FMCFMC51.9026.3038.0019.1$14,442 
FMNBFarmers National Banc74.4026.2034.608.8$494 
FNCBFNCB Bancorp74.5020.1029.407.8$156 
FRAFFranklin Financial Servs84.005.9035.308.9$139 
FRCFirst Republic Bank90.709.7011.3019.7$29,183 
FSBWFS Bancorp92.6029.5018.808.4$234 
FSVFirstService60.6010.6027.1046.9$5,859 
FWRDForward Air70.909.9015.1017$2,788 
FXNCFirst National83.2032.0027.509.4$109 
GGenpact61.10n/a25.1026.4$8,685 
GBXGreenbrier Companies73.504.2060.3017.8$1,004 
GCBCGreene County Bancorp91.007.5015.1016.4$457 
GHCGraham Hldgs61.104.5020.0018.8$2,797 
GICGlobal Industrial62.3044.9623.3013.9$1,214 
GILDGilead Sciences74.607.0087.3019.4$79,738 
GLPIGaming and Leisure Props85.502.60123.2023.1$13,089 
GNTYGuaranty Bancshares52.50n/a25.4010.7$418 
GRMNGarmin53.107.4052.1017.8$18,108 
GSBCGreat Southern Bancorp92.7010.8027.3011.2$738 
GWRSGlobal Water Resources62.1011.09140.0065.8$330 
HBBHamilton Beach Brands53.40n/a18.405.5$167 
HBCPHome Bancorp82.3010.4020.008.8$332 
HCKTThe Hackett Group92.009.0028.4015.4$682 
HESMHess Midstream57.00n/a107.8016.3$1,345 
HFBLHome Federal Bancorp92.4014.9024.2014.2$67 
HLIHoulihan Lokey72.6021.5027.8013.1$5,552 
HLNEHamilton Lane52.20n/a34.9018$2,748 
HOFTHooker Furnishings74.9010.80161.7036.5$196 
HRBH&R Block72.502.4033.0014.3$7,430 
HTHHilltop Holdings62.2051.5720.1010.3$1,787 
HTLFHeartland Financial USA82.4019.7023.4010$1,918 
HURCHurco Companies92.508.4041.6017.9$160 
HVTHaverty Furniture Cos93.8013.3020.905.9$485 
IBCPIndependent Bank84.2017.1030.707.6$444 
IBTXIndependent Bank Gr92.2030.6029.7014.3$2,900 
ICEIntercontinental Exchange91.4013.7023.6017.9$59,709 
IIPRInnovative Ind Props57.20n/a125.2019.1$2,709 
INTCIntel84.306.0030.507.3$140,431 
INVHInvitation Homes52.30n/a136.8066.1$22,997 
IOSPInnospec91.3010.6026.0021.2$2,452 
IROQIF Bancorp72.1016.9018.6010.4$62 
ISTRInvestar Holding81.5032.5020.7013.8$222 
IXORIX62.16-1.300.008.9$19,790 
JBSSJohn B Sanfilippo & Son61.00n/a14.2014.7$831 
JEFJefferies Financial Group63.6024.6024.407.6$7,737 
JOUTJohnson Outdoors91.8027.2026.7016.6$689 
KFRCKforce52.1020.1026.3013.7$1,202 
KMIKinder Morgan55.8017.30102.6018.1$43,459 
KNSLKinsale Capital Gr60.2034.007.6042.7$6,079 
KRCKilroy Realty54.1034.49126.1030.5$5,881 
KRNYKearny Financial73.7029.7041.2012.5$817 
LANDGladstone Land82.300.70n/an/a$825 
LCIILCI Indus73.2016.0019.206.7$3,305 
LCNBLCNB55.004.6046.209.4$180 
LKFNLakeland Financial82.1012.7038.6020.3$1,959 
LLYEli Lilly91.2013.5058.1050.9$302,982 
LOGILogitech International81.909.5027.9016$8,444 
LPXLouisiana-Pacific51.50n/a4.803.7$4,210 
LRCXLam Research81.3027.2018.0014.1$63,420 
LSBKLake Shore Bancorp65.2017.6056.1012.9$77 
LSTRLandstar System90.8024.608.2012.7$5,517 
LWLamb Weston Hldgs61.20n/a69.6059.8$11,842 
MANTMantech Intl51.7014.3052.7032.1$3,926 
MASMasco92.1022.9028.7014.7$11,846 
MATXMatson91.509.203.602.5$3,232 
MBCNMiddlefield Banc52.504.7022.309.1$157 
MBINMerchants Bancorp51.00n/a5.806.1$1,180 
MDCM.D.C. Holdings66.0020.3020.803.8$2,372 
MDLZMondelez International92.4013.0050.5023.5$88,538 
MEDMedifast75.1038.7045.009.6$1,490 
MLMMartin Marietta Materials70.707.7019.0028.2$22,147 
MNROMonro92.409.2061.3027.6$1,530 
MORNMorningstar90.609.4032.9056.1$10,001 
MPBMid Penn Bancorp92.709.0036.9013.8$474 
MPWRMonolithic Power Systems50.6030.3037.2071.4$23,258 
MRTNMarten Transport61.1043.1015.8017$1,751 
MSMorgan Stanley93.5025.4037.3012$152,110 
MSBIMidland States Bancorp64.4025.4830.207.1$586 
MSCIMSCI81.1026.9042.4048.1$37,666 
MTBM&T Bank62.609.9044.6017.5$32,372 
MVBFMVB Financial62.0046.7027.3015.5$409 
MWAMueller Water Products82.007.7041.6021.6$1,855 
NATINational Instruments92.705.90137.5052.8$5,519 
NBHCNational Bank Holdings72.2020.6033.7015.6$1,242 
NEPNextEra Energy Partners83.7014.9063.1018.9$7,001 
NEUNewMarket92.903.7044.5015.4$2,906 
NINiSource63.006.1054.8020.2$12,554 
NNINelnet81.1011.407.807.1$3,166 
NPOEnPro Indus81.104.9012.7011.5$2,052 
NSANational Storage74.0016.20185.4053.4$5,007 
NSCNorfolk Southern61.9015.2037.0020.7$61,024 
NTAPNetApp92.8020.1047.6017.8$16,000 
NXRTNexPoint Residential72.6011.60176.3071$1,476 
OCOwens-Corning91.6011.8010.807.8$8,412 
ODFLOld Dominion Freight Line60.40n/a9.2027.1$32,567 
OFLXOmega Flex51.2010.6349.8045.4$1,122 
OGSONE Gas83.108.1061.2020.6$4,379 
OLEDUniversal Display51.00n/a26.0030.1$5,478 
OMCOmnicom Group94.004.9045.5011.4$14,254 
ORRFOrrstown Finl Servs72.9013.7026.409.1$274 
OSKOshkosh91.8012.0080.9014.1$5,427 
OTTROtter Tail92.105.2025.4012.4$3,242 
OTTWOttawa Bancorp53.10n/a36.2012.2$39 
OVLYOak Valley91.603.7016.4010.2$150 
PEBOPeoples Bancorp75.0011.6056.6012$864 
PFISPeoples Financial Servs63.004.7024.808.6$381 
PHMPulteGroup51.4010.806.604.7$9,743 
PKBKParke Bancorp72.8010.0018.406.7$268 
PLDPrologis92.4012.4056.2026.2$97,077 
PRGSProgress Software51.4041.1432.1023$2,143 
PRKPark National53.102.0046.3015.1$2,169 
PXDPioneer Natural Resources57.90116.5548.0010.5$61,294 
RCKYRocky Brands52.207.1022.1010.2$204 
REXRRexford Industrial Realty91.9016.80116.8068.7$11,147 
RMAXRE/MAX Hldgs63.705.0037.86n/a$470 
RMRRMR Group65.809.9071.3012.8$455 
RVSBRiverview Bancorp83.4021.7029.607.6$161 
SAFESafehold51.70n/a44.3027.4$2,639 
SAHSonic Automotive71.8038.008.006.1$2,137 
SAMGSilvercrest Asset Mgmt53.807.2030.108.4$188 
SBFGSB Finl Gr92.7012.5025.6010.2$124 
SCVLShoe Carnival91.6019.106.104.7$623 
SFStifel Financial51.90n/a13.009.8$6,586 
SFBCSound Financial Bancorp81.7011.2022.7013.8$104 
SFBSServisfirst Bancshares81.0035.7021.3021.2$4,784 
SHENShenandoah90.30-22.500.40n/a$1,152 
SIGISelective Insurance Gr91.4011.8025.4018.8$4,822 
SIMOSilicon Motion Technology72.5020.1028.6012.2$2,621 
SIRISirius XM Holdings61.4045.7626.0020.1$24,378 
SMMFSummit Finl Gr82.5010.4019.507.9$371 
SNDRSchneider National51.30n/a11.509.4$4,344 
SNVSynovus Finl63.2017.8027.708.9$6,160 
SSDSimpson Manufacturing Co81.104.4013.2013$4,282 
SSNCSS&C Technologies Hldgs91.4026.2027.0021.7$14,855 
STAGStag Industrial64.500.70112.8025.2$5,822 
STNStantec91.107.6050.9037.1$5,462 
STORSTORE Capital85.605.80129.4023.2$7,801 
STZConstellation Brands71.209.0046.6039.1$48,346 
SUISun Communities62.205.60123.5057.8$19,710 
SWCHSwitch50.60n/a8.3022.4$5,329 
SWKSSkyworks Solutions82.4014.1028.3013.3$16,764 
TAITTaitron Components64.4012.5027.806.4$23 
TCBKTriCo92.108.0028.6013.5$1,574 
TFIITFI International71.0012.8015.6016.1$9,274 
TFSLTFS Financial87.6017.70491.3064.7$4,160 
TKRTimken91.902.8024.2013.3$4,819 
TMToyota Motor52.902.3025.9010.9$211,472 
TMOThermo Fisher Scientific50.2014.905.9030.5$224,365 
TPBTurning Point Brands51.00n/a10.4011.5$427 
TRTNTriton International64.1021.2624.706.2$3,925 
TTECTTEC Holdings81.9017.8044.7024.9$2,527 
TTEKTetra Tech80.6018.1017.0029.6$7,691 
UBCPUnited Bancorp94.107.1037.609.5$90 
UCBIUnited Community Banks82.6018.5034.0014.3$3,664 
UNFUniFirst50.6051.6018.7031.7$3,494 
UNTYUnity Bancorp91.5012.9011.108.1$302 
UTLUnitil82.901.6060.2021.3$873 
VALUValue Line81.106.8036.4035.4$838 
VICIVICI Properties54.20n/a148.5035.8$32,734 
VMCVulcan Materials90.909.9034.5037.6$22,748 
VRTSVirtus Investment53.2027.2025.5010.2$1,492 
VSECVSE90.907.4016.5018.9$556 
VSHVishay Intertechnology71.909.9016.508.6$2,949 
VVVValvoline51.7059.1320.8012.7$5,375 
WDWalker & Dunlop52.20n/a26.0012.8$3,553 
WEYSWeyco Group83.301.8038.6011.6$275 
WGOWinnebago Industries51.7012.507.105.4$2,004 
WINAWinmark71.2044.8018.1020.6$774 
WINGWingstop50.60n/a50.4093.1$3,686 
WMBWilliams Companies54.807.20129.5027.8$43,354 
WMSAdvanced Drainage Systems80.3011.409.8031.7$12,113 
WSFSWSFS Financial91.2016.5015.6014.9$3,147 
WSOWatsco93.1012.0059.5021.3$11,205 
WTFCWintrust Finl91.6019.4018.5012.5$5,234 
WTWWillis Towers Watson61.609.1011.6015.1$23,063 
WUThe Western Union76.006.1041.807$6,036 
YUMYum Brands52.0013.7042.2023$32,627 
Mean7.02.6215.9544.3119.48 $      16,416 
Median7.02.3011.9028.4014.70 $        3,228 
Sources: Portfolio Insight*Stock Rover* (as of August 25, 2022)

Dividend Calendar for the Dividend Challengers 2022

This list was created using Stock Rover*.

TickerCompanyEx-Dividend DateDiv. Record DateDividend Payment DateNext Div. Payment Per ShareDividend Per Share
ABTAbbott Laboratories7/14/227/15/228/15/22$0.47 $1.88 
ACCOACCO Brands8/25/228/26/229/20/22$0.08 $0.30 
ACNBACNB8/31/229/1/229/15/22$0.26 $1.04 
ACREAres Commercial Real9/29/229/30/2210/17/22$0.33 $1.32 
ADCAgree Realty8/30/228/31/229/14/22$0.23 $2.81 
AEEAmeren9/6/229/7/229/30/22$0.59 $2.36 
AEMAgnico Eagle Mines8/31/229/1/229/15/22$0.40 $1.60 
AINAlbany Intl6/6/226/7/227/8/22$0.21 $0.84 
ALGAlamo Group7/15/227/18/228/1/22$0.18 $0.72 
ALLEAllegion6/15/226/16/226/30/22$0.41 $1.64 
ALLYAlly Financial7/29/228/1/228/15/22$0.30 $1.20 
AMATApplied Materials8/24/228/25/229/15/22$0.26 $1.04 
AMNBAmerican National9/1/229/2/229/16/22$0.28 $1.12 
AUDCAudioCodes8/16/228/17/228/31/22$0.18 $0.36 
AVTAvnet6/7/226/8/226/22/22$0.26 $1.04 
AWIArmstrong World Indus8/3/228/4/228/18/22$0.23 $0.92 
AYAtlantica Sustainable8/30/228/31/229/15/22$0.44 $1.78 
BACBank of America9/1/229/2/229/30/22$0.22 $0.88 
BALLBall8/31/229/1/229/15/22$0.20 $0.80 
BAXBaxter Intl9/1/229/2/2210/3/22$0.29 $1.16 
BCCBoise Cascade8/31/229/1/229/15/22$0.12 $0.48 
BFCBank First9/20/229/21/2210/5/22$0.25 $1.00 
BOHBank of Hawaii8/30/228/31/229/15/22$0.70 $2.80 
BPOPPopular9/6/229/7/2210/3/22$0.55 $2.20 
BRKLBrookline Bancorp8/11/228/12/228/26/22$0.13 $0.52 
BRTBRT Apartments6/29/226/30/227/8/22$0.25 $1.00 
BUSEFirst Busey7/21/227/22/227/29/22$0.23 $0.92 
BWFGBankwell Finl Gr8/12/228/15/228/25/22$0.20 $0.80 
BWXTBWX Technologies8/18/228/19/229/8/22$0.22 $0.88 
CABOCable One8/29/228/30/229/16/22$2.85 $11.40 
CBANColony Bankcorp8/4/228/6/228/20/22$0.11 $0.43 
CBTXCBTX6/28/226/29/227/15/22$0.13 $0.52 
CCBGCapital City Bank Group6/3/226/6/226/20/22$0.16 $0.64 
CCICrown Castle9/14/229/15/229/30/22$1.47 $5.88 
CDWCDW8/24/228/25/229/9/22$0.50 $2.00 
CGNXCognex8/18/228/19/229/2/22$0.06 $0.26 
CHCTCommunity Healthcare8/11/228/12/228/26/22$0.44 $1.77 
CMCanadian Imperial Bank6/27/226/28/227/28/22$0.65 $2.59 
CNACNA Financial8/12/228/15/229/1/22$0.40 $1.60 
CPFCentral Pacific Financial8/30/228/31/229/15/22$0.26 $1.04 
CQPCheniere Energy Partners8/3/228/4/228/12/22$1.06 $3.49 
CRAICRA International8/29/228/30/229/9/22$0.31 $1.24 
CSGSCSG Systems Intl6/15/226/16/226/29/22$0.26 $1.06 
CSWCCapital Southwest9/14/229/15/229/30/22$0.50 $2.00 
CTRACoterra Energy8/12/228/15/228/25/22$0.65 $1.61 
CTRECareTrust REIT6/29/226/30/227/15/22$0.28 $1.10 
CUZCousins Props7/5/227/6/227/15/22$0.32 $1.28 
CVCYCentral Valley Community8/4/228/5/228/20/22$0.12 $0.48 
CVGWCalavo Growers11/10/2111/12/2112/3/21$1.15 $1.15 
CWCurtiss-Wright6/16/226/17/227/1/22$0.19 $0.76 
DGDollar Gen7/1/227/5/227/19/22$0.55 $2.20 
DHID.R. Horton8/3/228/4/228/11/22$0.22 $0.90 
DHILDiamond Hill Investment8/31/229/1/229/16/22$1.50 $6.00 
DHRDanaher6/23/226/24/227/29/22$0.25 $1.00 
DKSDick’s Sporting Goods9/8/229/9/229/30/22$0.49 $1.95 
DLBDolby Laboratories8/22/228/23/228/31/22$0.25 $1.00 
DREDuke Realty5/13/225/16/225/31/22$0.28 $1.12 
DVNDevon Energy9/9/229/12/229/30/22$1.55 $6.20 
EFSCEnterprise Finl Servs9/14/229/15/229/30/22$0.23 $0.92 
EOGEOG Resources9/14/229/15/229/29/22$0.75 $3.00 
EQIXEquinix8/16/228/17/229/21/22$3.10 $12.40 
EQREquity Residential6/24/226/27/227/8/22$0.62 $2.45 
ESSAESSA Bancorp6/15/226/16/226/30/22$0.15 $0.60 
ETREntergy8/10/228/11/229/1/22$1.01 $4.04 
EWBCEast West Bancorp7/29/228/1/228/15/22$0.40 $1.60 
FBMSFirst Bancshares8/5/228/8/228/25/22$0.19 $0.76 
FBNCFirst Bancorp6/29/226/30/227/25/22$0.22 $0.88 
FCAPFirst Cap9/15/229/16/229/30/22$0.26 $1.04 
FCFFirst Commonwealth8/4/228/5/228/19/22$0.12 $0.48 
FCNCAFirst Citizens BancShares8/30/228/31/229/15/22$0.47 $1.88 
FCPTFour Corners Property6/29/226/30/227/15/22$0.33 $1.33 
FDBCFidelity D & D Bancorp8/18/228/19/229/9/22$0.33 $1.32 
FFNWFirst Financial Northwest9/1/229/2/229/16/22$0.12 $0.48 
FGBIFirst Guaranty Bancshares9/22/229/23/229/30/22$0.16 $0.64 
FIBKFirst Interstate BancSys8/8/228/9/228/19/22$0.41 $1.64 
FMCFMC9/29/229/30/2210/20/22$0.53 $2.12 
FMNBFarmers National Banc9/8/229/9/229/30/22$0.16 $0.64 
FNCBFNCB Bancorp8/31/229/1/229/15/22$0.09 $0.36 
FRAFFranklin Financial Servs8/4/228/5/228/24/22$0.32 $1.28 
FRCFirst Republic Bank7/27/227/28/228/11/22$0.27 $1.08 
FSBWFS Bancorp8/10/228/11/228/25/22$0.20 $0.80 
FSVFirstService6/29/226/30/227/7/22$0.20 $0.81 
FWRDForward Air8/17/228/18/229/8/22$0.24 $0.96 
FXNCFirst National8/25/228/26/229/9/22$0.14 $0.56 
GGenpact9/8/229/9/229/23/22$0.12 $0.50 
GBXGreenbrier Companies7/27/227/28/228/18/22$0.27 $1.08 
GCBCGreene County Bancorp8/12/228/15/228/31/22$0.14 $0.56 
GHCGraham Hldgs7/18/227/19/228/5/22$1.58 $6.32 
GICGlobal Industrial8/12/228/15/228/22/22$0.18 $0.72 
GILDGilead Sciences9/14/229/15/229/29/22$0.73 $2.92 
GLPIGaming and Leisure Props6/9/226/10/226/24/22$0.70 $2.82 
GNTYGuaranty Bancshares6/24/226/27/227/13/22$0.22 $0.88 
GRMNGarmin9/14/229/15/229/30/22$0.73 $2.92 
GSBCGreat Southern Bancorp6/24/226/27/227/12/22$0.40 $1.60 
GWRSGlobal Water Resources8/16/228/17/228/31/22$0.02 $0.29 
HBBHamilton Beach Brands8/31/229/1/229/15/22$0.10 $0.42 
HBCPHome Bancorp8/5/228/8/228/19/22$0.23 $0.92 
HCKTThe Hackett Group9/22/229/23/2210/7/22$0.11 $0.44 
HESMHess Midstream8/3/228/4/228/12/22$0.56 $2.13 
HFBLHome Federal Bancorp7/29/228/1/228/15/22$0.12 $0.48 
HLIHoulihan Lokey9/1/229/2/229/15/22$0.53 $2.12 
HLNEHamilton Lane9/14/229/15/2210/6/22$0.40 $1.60 
HOFTHooker Furnishings6/16/226/17/226/30/22$0.20 $0.80 
HRBH&R Block9/7/229/8/2210/3/22$0.29 $1.16 
HTHHilltop Holdings8/11/228/12/228/26/22$0.15 $0.60 
HTLFHeartland Financial USA8/11/228/12/228/26/22$0.27 $1.08 
HURCHurco Companies6/24/226/27/227/11/22$0.15 $0.60 
HVTHaverty Furniture Cos8/19/228/22/229/7/22$0.28 $1.12 
IBCPIndependent Bank8/4/228/5/228/16/22$0.22 $0.88 
IBTXIndependent Bank Gr8/3/228/4/228/18/22$0.38 $1.52 
ICEIntercontinental Exchange9/15/229/16/229/30/22$0.38 $1.52 
IIPRInnovative Ind Props6/29/226/30/227/15/22$1.75 $7.00 
INTCIntel8/4/228/7/229/1/22$0.37 $1.46 
INVHInvitation Homes8/8/228/9/228/26/22$0.22 $0.88 
IOSPInnospec5/16/225/17/225/26/22$0.63 $1.26 
IROQIF Bancorp9/22/229/23/2210/14/22$0.20 $0.40 
ISTRInvestar Holding6/29/226/30/227/29/22$0.09 $0.34 
IXORIX3/29/213/30/216/14/21$1.96 – 
JBSSJohn B Sanfilippo & Son8/11/228/12/228/31/22$0.75 $0.75 
JEFJefferies Financial Group8/12/228/15/228/26/22$0.30 $1.20 
JOUTJohnson Outdoors7/13/227/14/227/28/22$0.30 $1.20 
KFRCKforce9/15/229/16/229/30/22$0.30 $1.20 
KMIKinder Morgan7/29/228/1/228/15/22$0.28 $1.11 
KNSLKinsale Capital Gr8/26/228/29/229/13/22$0.13 $0.52 
KRCKilroy Realty6/29/226/30/227/13/22$0.52 $2.08 
KRNYKearny Financial8/9/228/10/228/24/22$0.11 $0.44 
LANDGladstone Land9/21/229/22/229/30/22$0.05 $0.55 
LCIILCI Indus9/1/229/2/229/16/22$1.05 $4.20 
LCNBLCNB8/31/229/1/229/15/22$0.20 $0.80 
LKFNLakeland Financial7/22/227/25/228/5/22$0.40 $1.60 
LLYEli Lilly8/12/228/15/229/9/22$0.98 $3.92 
LOGILogitech International9/26/229/27/229/28/22$0.99 $0.98 
LPXLouisiana-Pacific8/17/228/18/229/1/22$0.22 $0.88 
LRCXLam Research6/14/226/15/227/6/22$1.50 $6.00 
LSBKLake Shore Bancorp8/1/228/2/228/19/22$0.18 $0.72 
LSTRLandstar System8/5/228/8/228/26/22$0.30 $1.20 
LWLamb Weston Hldgs8/4/228/5/229/2/22$0.25 $0.98 
MANTMantech Intl6/9/226/10/226/24/22$0.41 $1.64 
MASMasco8/11/228/12/228/29/22$0.28 $1.12 
MATXMatson8/3/228/4/229/1/22$0.31 $1.24 
MBCNMiddlefield Banc9/1/229/2/229/15/22$0.17 $0.68 
MBINMerchants Bancorp9/14/229/15/2210/3/22$0.07 $0.28 
MDCM.D.C. Holdings8/9/228/10/228/24/22$0.50 $2.00 
MDLZMondelez International9/29/229/30/2210/14/22$0.38 $1.54 
MEDMedifast6/27/226/28/228/8/22$1.64 $6.56 
MLMMartin Marietta Materials8/31/229/1/229/30/22$0.66 $2.64 
MNROMonro8/22/228/23/229/6/22$0.28 $1.12 
MORNMorningstar10/17/2210/18/2210/31/22$0.36 $1.44 
MPBMid Penn Bancorp8/9/228/10/228/22/22$0.20 $0.80 
MPWRMonolithic Power Systems6/29/226/30/227/15/22$0.75 $3.00 
MRTNMarten Transport9/15/229/16/229/30/22$0.06 $0.24 
MSMorgan Stanley7/28/227/29/228/15/22$0.77 $3.10 
MSBIMidland States Bancorp8/18/228/19/228/26/22$0.29 $1.16 
MSCIMSCI8/11/228/12/228/31/22$1.25 $5.00 
MTBM&T Bank8/31/229/1/229/30/22$1.20 $4.80 
MVBFMVB Financial8/31/229/1/229/15/22$0.17 $0.68 
MWAMueller Water Products8/9/228/10/228/22/22$0.06 $0.23 
NATINational Instruments8/5/228/8/228/29/22$0.28 $1.12 
NBHCNational Bank Holdings8/25/228/26/229/15/22$0.23 $0.92 
NEPNextEra Energy Partners8/3/228/4/228/12/22$0.76 $3.05 
NEUNewMarket9/14/229/15/2210/3/22$2.10 $8.40 
NINiSource10/28/2210/31/2211/18/22$0.23 $0.94 
NNINelnet8/31/229/1/229/15/22$0.24 $0.96 
NPOEnPro Indus8/30/228/31/229/14/22$0.28 $1.12 
NSANational Storage6/14/226/15/226/30/22$0.55 $2.20 
NSCNorfolk Southern8/5/228/8/228/20/22$1.24 $4.96 
NTAPNetApp7/7/227/8/227/27/22$0.50 $2.00 
NXRTNexPoint Residential9/14/229/15/229/30/22$0.38 $1.52 
OCOwens-Corning7/15/227/18/228/4/22$0.35 $1.40 
ODFLOld Dominion Freight Line9/6/229/7/229/21/22$0.30 $1.20 
OFLXOmega Flex6/23/226/24/227/5/22$0.32 $1.28 
OGSONE Gas8/12/228/15/229/1/22$0.62 $2.48 
OLEDUniversal Display9/15/229/16/229/30/22$0.30 $1.20 
OMCOmnicom Group9/20/229/21/2210/12/22$0.70 $2.80 
ORRFOrrstown Finl Servs7/29/228/1/228/8/22$0.19 $0.76 
OSKOshkosh8/12/228/15/228/29/22$0.37 $1.48 
OTTROtter Tail8/12/228/15/229/9/22$0.41 $1.65 
OTTWOttawa Bancorp8/30/228/31/229/14/22$0.11 $0.44 
OVLYOak Valley7/29/228/1/228/12/22$0.15 $0.30 
PEBOPeoples Bancorp8/5/228/8/228/22/22$0.38 $1.52 
PFISPeoples Financial Servs8/30/228/31/229/15/22$0.40 $1.60 
PHMPulteGroup6/9/226/10/227/5/22$0.15 $0.60 
PKBKParke Bancorp7/1/227/5/227/19/22$0.16 $0.64 
PLDPrologis6/15/226/16/226/30/22$0.79 $3.16 
PRGSProgress Software8/31/229/1/229/15/22$0.17 $0.70 
PRKPark National8/18/228/19/229/9/22$1.04 $4.16 
PXDPioneer Natural Resources9/2/229/6/229/16/22$8.57 $20.35 
RCKYRocky Brands8/31/229/1/229/15/22$0.16 $0.62 
REXRRexford Industrial Realty9/29/229/30/2210/15/22$0.31 $1.26 
RMAXRE/MAX Hldgs8/15/228/16/228/30/22$0.23 $0.92 
RMRRMR Group7/22/227/25/228/18/22$0.40 $1.60 
RVSBRiverview Bancorp7/7/227/8/227/21/22$0.06 $0.24 
SAFESafehold6/29/226/30/227/15/22$0.18 $0.71 
SAHSonic Automotive9/14/229/15/2210/14/22$0.25 $1.00 
SAMGSilvercrest Asset Mgmt9/15/229/16/229/23/22$0.18 $0.72 
SBFGSB Finl Gr8/11/228/12/228/26/22$0.12 $0.48 
SCVLShoe Carnival7/8/227/11/227/25/22$0.09 $0.36 
SFStifel Financial8/31/229/1/229/15/22$0.30 $1.20 
SFBCSound Financial Bancorp8/8/228/9/228/23/22$0.17 $0.68 
SFBSServisfirst Bancshares6/30/227/1/227/8/22$0.23 $0.92 
SHENShenandoah11/5/2111/8/2112/1/21$0.07 $0.07 
SIGISelective Insurance Gr8/12/228/15/229/1/22$0.28 $1.12 
SIMOSilicon Motion Technology8/10/228/11/228/25/22$0.50 $2.00 
SIRISirius XM Holdings8/4/228/5/228/31/22$0.02 $0.09 
SMMFSummit Finl Gr6/14/226/15/226/30/22$0.18 $0.72 
SNDRSchneider National9/8/229/9/2210/10/22$0.08 $0.32 
SNVSynovus Finl6/15/226/16/227/1/22$0.34 $1.36 
SSDSimpson Manufacturing Co10/5/2210/6/2210/27/22$0.26 $1.04 
SSNCSS&C Technologies Hldgs8/31/229/1/229/15/22$0.20 $0.80 
STAGStag Industrial8/30/228/31/229/15/22$0.12 $1.46 
STNStantec9/28/229/29/2210/17/22$0.14 $0.56 
STORSTORE Capital6/29/226/30/227/15/22$0.38 $1.54 
STZConstellation Brands8/9/228/10/228/24/22$0.80 $3.20 
SUISun Communities6/29/226/30/227/15/22$0.88 $3.52 
SWCHSwitch8/19/228/22/229/1/22$0.05 $0.21 
SWKSSkyworks Solutions8/24/228/25/229/15/22$0.62 $2.48 
TAITTaitron Components8/11/228/12/228/31/22$0.05 $0.18 
TCBKTriCo6/9/226/10/226/24/22$0.25 $1.00 
TFIITFI International6/29/226/30/227/15/22$0.27 $1.08 
TFSLTFS Financial6/6/226/7/226/21/22$0.28 $1.13 
TKRTimken8/12/228/15/229/2/22$0.31 $1.24 
TMToyota Motor3/30/223/31/226/6/22$2.20 $4.41 
TMOThermo Fisher Scientific9/14/229/15/2210/14/22$0.30 $1.20 
TPBTurning Point Brands9/15/229/16/2210/7/22$0.06 $0.24 
TRTNTriton International9/7/229/8/229/22/22$0.65 $2.60 
TTECTTEC Holdings3/30/223/31/224/20/22$0.50 $1.00 
TTEKTetra Tech8/11/228/12/228/26/22$0.23 $0.92 
UBCPUnited Bancorp9/8/229/9/229/20/22$0.16 $0.63 
UCBIUnited Community Banks9/14/229/15/2210/5/22$0.22 $0.88 
UNFUniFirst9/6/229/7/229/28/22$0.30 $1.20 
UNTYUnity Bancorp6/9/226/10/226/24/22$0.11 $0.44 
UTLUnitil8/11/228/12/228/26/22$0.39 $1.56 
VALUValue Line7/29/228/1/228/11/22$0.25 $1.00 
VICIVICI Properties6/22/226/23/227/7/22$0.36 $1.44 
VMCVulcan Materials8/16/228/17/229/2/22$0.40 $1.60 
VRTSVirtus Investment10/28/2210/31/2211/15/22$1.65 $6.60 
VSECVSE11/1/2211/2/2211/16/22$0.10 $0.40 
VSHVishay Intertechnology9/8/229/9/229/28/22$0.10 $0.40 
VVVValvoline8/30/228/31/229/15/22$0.12 $0.50 
WDWalker & Dunlop8/17/228/18/229/2/22$0.60 $2.40 
WEYSWeyco Group8/25/228/26/229/30/22$0.24 $0.96 
WGOWinnebago Industries9/13/229/14/229/28/22$0.27 $1.08 
WINAWinmark8/9/228/10/229/1/22$0.70 $2.80 
WINGWingstop8/11/228/12/229/2/22$0.19 $0.76 
WMBWilliams Companies9/8/229/9/229/26/22$0.43 $1.70 
WMSAdvanced Drainage Systems8/31/229/1/229/15/22$0.12 $0.48 
WSFSWSFS Financial8/4/228/5/228/19/22$0.15 $0.60 
WSOWatsco7/14/227/15/227/29/22$2.20 $8.80 
WTFCWintrust Finl8/10/228/11/228/25/22$0.34 $1.36 
WTWWillis Towers Watson6/29/226/30/227/15/22$0.82 $3.28 
WUThe Western Union9/15/229/16/229/30/22$0.23 $0.94 
YUMYum Brands8/26/228/29/229/9/22$0.57 $2.28 
Source: Stock Rover* (as of August 25, 2022)

Thanks for reading about the Dividend Challengers 2022!

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