The list of Dividend Aristocrats 2022 are US stocks that have increased their dividend for 25+ years in a row. However, that one fact alone does not qualify a stock as a Dividend Aristocrat. To be included on the list, a company must meet four criteria:
- Be a member of the S&P 500 Index
- Have raised the regular dividend per share for at least 25 consecutive years
- Have a market capitalization of at least $3 billion
- Average at least $5 million in daily share trading value for the three months before the rebalancing date
- A minimum number of constituents must be 40 at each rebalancing date. In addition, a particular Global Industry Classification Standard or ‘GICS’ should not result in one sector comprising more than 30% of the index weight.
The Index is updated quarterly in January, April, July, and October.
Difference Between Dividend Champions and Aristocrats
For this reason, a Dividend Aristocrat can also be a Dividend Champion but not vice-versa. For instance, Arrow Financial (AROW) does not meet all the criteria listed above; thus, it is not a Dividend Aristocrat. However, Arrow has raised the dividend for 28 years permitting it to be on the Dividend Champion list. Hence, there are more Dividend Champions than Dividend Aristocrats. These stocks can be found in the S&P 500 Dividend Aristocrats Index. There are currently 64 stocks in the Dividend Aristocrats as of November 30, 2022.
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Market Update for the Dividend Aristocrats 2022
The Dividend Aristocrats 2022 yields about 2.4%, and the average forward price-to-earnings ratio is approximately 27.3X (as of November 30, 2022).
The mean market capitalization is roughly $93,243 million, and the median market capitalization is approximately $45,242 million. The market cap ranges between about $7,528 million and $465,377 million. The total market capitalization is roughly $5,815,619 million.
In 2021, the Dividend Aristocrats provided a total return of 25.99%. This return was the highest return since 2019 and the third-highest return in the past decade. The price return was 22.97%. This performance was slightly worse than the performance of the S&P 500 Index in 2021 at 28.71%.
There was only one Dividend Aristocrat whose dividend was cut or suspended. However, AT&T announced a dividend cut that will take effect in 2022. The company did not raise its dividend in 2021 and was dropped from the list of Dividend Aristocrats in early-2022.
You can look at updated, select financial data and the dividend earnings calendar for each stock in the Dividend Aristocrats list in the tables at the end of the article. The most recent dividend increases are also available for you to search.
In the trailing 1-year, the Dividend Aristocrats 2022 has returned +2.5% (blue line) as a group compared to (-11.0%) for the S&P 500 Index (red line), as seen in the chart below from Stock Rover*. Over the trailing 5-years, the Dividend Aristocrats have returned +84.3%, and the S&P 500 Index has returned +88.0%.
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As a group, the S&P 500 Dividend Aristocrats have exhibited solid returns with low volatility. For example, over the past ten years, the Dividend Aristocrats had annualized total returns of 13.7% and a standard deviation of 13.01%, while the benchmark (the S&P 500 Index) had annualized total returns of 13.67% and a standard deviation of 13.6%.
Over the past 5-years, the Dividend Aristocrats had annualized total return of 12.78% with a standard deviation of 15.67%, while the benchmark had annualized total returns of 13.66% and a standard deviation of 16.41%.
The table below the calendar year performance from 2012 to 2021.
Changes to the Dividend Aristocrats in 2022
On March 239, 2022, the S&P Dow Jones Indices announced changes to the Dividend Aristocrats, effective on April 4, 202. One stock was removed from the list, People’s United Financial (PBCT) because it was acquired.
On January 24, 2022, the S&P Dow Jones Indices announced changes to the list of Dividend Aristocrats. The changes were effective on February 1, 2022. The two stocks added to the list were Brown & Brown (BRO) and Church & Dwight (CHD). The one stock removed from the list was AT&T (T). The total number of stocks on the list was 66.
Leggett & Platt (LEG) was dropped from the S&P 500 Index in December 2021 and thus automatically dropped from the Dividend Aristocrats list.
Changes to the Dividend Aristocrats in 2021
On January 22, 2021, the S&P Dow Jones Indices announced that the list would be changed with an effective date of February 1, 2021. As a result, three stocks were added to the list, and three were deleted from the list. The three stocks that were added are International Business Machines (IBM), NextEra Energy (NEE), and West Pharmaceutical Services (WST). The three companies that were deleted were Carrier Global (CARR), Otis Worldwide (OTIS), and Raytheon Technologies (RTX). This change added zero net names to the list for a total of 65 stocks.
Additions to the Dividend Aristocrats in 2020
The list is updated at least annually and was updated on January 24, 2020. As seen in the table below, seven additions and no deletions were effective on February 3, 2020.
On March 31, 2020, the S&P Dow Jones Indices announced that the list would change due to United Technologies Corp. (UTX) merging with Raytheon. The new company is called Raytheon Technologies Corp. (RTX). Otis Worldwide Corporation (OTIS) and Carrier Global Corporation (CARR) were spun off as part of the transaction. All three companies remained in the Index. See the announcement below.
Deletions to the Dividend Aristocrats in 2020
On June 23, 2020, the S&P 500 Dow Jones Indices announced that Ross Stores (ROST) was deleted from the Index. The change was effective July 1, 2020.
Other Dividend Stock Lists
Note that a company can be a Dividend Aristocrat and a Dividend King. Dividend Kings have raised the dividend for at least 50 consecutive years. The other lists of US stocks are below.
- List of Dividend Kings 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 2022
For Canadian stocks, there is an article
For UK stocks, there is an article
Other dividend stock lists
Some Details on the Dividend Aristocrats 2022
The Dividend Aristocrats 2022 is a reasonably select list since there are only 64 companies. This number is out of nearly 6,000 companies listed on New York Stock Exchange (NYSE) and NASDAQ in 2022, indicating a success rate of approximately 1.1%.
Dividend Aristocrats Sector Breakdown
The sector with high representation on the Dividend Aristocrats 2022 is Consumer Staples at approximately 22.7%. This point is likely due to these stocks’ relatively stable earnings and cash flow characteristics. In addition, these companies tend to slowly grow earnings over time, permitting annual dividend increases.
Stocks from the Industrials sector have the second-highest representation on the Dividend Aristocrats 2022 at about 19.6%. This class of stocks tends 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 third sector on the list is the Materials sector at 11.8%. These companies are similar to Industrial stocks in that they are usually volatile but have low payout ratios.
Combined, these three sectors make up the majority of the Dividend Aristocrats at 52.9%.
Only Three REITs
There are only three Real Estate Investment Trusts (REITs) in the Dividend Aristocrats 2022. These are Essex Property Trust (ESS), Federal Realty Investment Trust (FRT), and Realty Income (O). In addition, the list does not include any Master Limited Partnerships (MLPs).
The sector breakdown for the Dividend Aristocrats 2022 is seen in the chart below. The sector composition has changed with time due to the S&P 500 Index composition changes. In addition, the Great Recession caused many previous Dividend Aristocrats to freeze or even cut their dividends. As a result, these primarily financial stocks were dropped from the list of Dividend Aristocrats affecting the sector composition.
A few industrial stocks were also dropped from the list at the time. In fact, between 2009 and 2010, nineteen companies were dropped from the list of Dividend Aristocrats.
The sector ranking for the Dividend Aristocrats 2022 is unlike the Canadian Dividend Aristocrats, which have Financials, Energy, and Real Estate as the top three sectors.
It is also unlike the UK High Yield Dividend Aristocrats that has Financials, Industrials, and Consumer Staples as the top three sectors.
Dividend Aristocrat Sector Weighting as Function of Time
The sector weight as a function of time is seen in the chart below. One can see the drop-off in the percentage of Financials stocks during the Great Recession.
The percentage of utility stocks also dropped off during this time, which may be surprising to some. But one must remember that most utilities have high payout ratios, and many entered the unregulated market before the Great Recession. The economic downturn pressured revenue and earnings leading to dividend cuts for some utilities.
The other interesting point is that Consumers Staples and Industrials sector percentages are growing with time since the end of 2005. Today, they constitute about 41.1% of the Dividend Aristocrats 2022.
Market Size of the S&P 500 Dividend Aristocrats 2022
The largest Dividend Aristocrat by market capitalization is Johnson & Johnson (JNJ), with roughly $463.6 billion market capitalization. The smallest Dividend Aristocrat is Pentair (PNR), with a $7.5 billion market capitalization. Combined, the 64 Dividend Aristocrats have a total market capitalization of over $5.7 trillion.
The one with the highest forward yield is V.F. Corporation (VFC), and the one with the lowest dividend yield is West Pharmaceuticals (WST).
Dover Corp (DOV), Procter & Gamble (PG), and Genuine Parts Company (GPC)are the Dividend Aristocrats with the longest streak of consecutively increasing the dividend at 66 years.
List of Dividend Aristocrat Stocks in 2022 – Updated November 30, 2022
The Dividend Aristocrat 2022 list serves as a screen for further investigating a stock for a dividend growth portfolio. It is a list of companies with stable businesses that have competitive advantages and have returned cash to shareowners consistently through dividends and, in some cases, buybacks.
|Ticker||Company Name||No. Years||Dividend Yield (%)||Payout Ratio (%)||10-yr Dividend Growth Rate (%)||P/E Ratio||Market Cap|
|ADP||Automatic Data Processing||47||1.9%||57.3%||10.2%||36.6||$109,670|
|APD||Air Products & Chemicals||40||2.1%||62.6%||9.7%||30.7||$68,813|
|BRO||Brown & Brown||28||0.8%||18.5%||9.8%||27||$16,876|
|CHD||Church & Dwight Co||26||1.3%||34.3%||8.1%||27.4||$19,972|
|ESS||Essex Property Trust||28||4.0%||157.4%||7.2%||40||$14,264|
|FRT||Federal Realty Investment||55||3.9%||90.1%||4.0%||23.4||$9,021|
|ITW||Illinois Tool Works||59||2.3%||56.5%||13.2%||26||$69,875|
|JNJ||Johnson & Johnson||60||2.5%||60.1%||6.4%||24.8||$465,377|
|MKC||McCormick & Co||23||1.7%||56.0%||9.1%||33.2||$22,876|
|PG||Procter & Gamble||66||2.5%||59.8%||5.0%||25.8||$353,463|
|SWK||Stanley Black & Decker||55||3.9%||n/a||5.0%||22.3||$12,089|
|TROW||T. Rowe Price Gr||36||3.8%||53.3%||13.4%||14.3||$27,912|
|WBA||Walgreens Boots Alliance||47||4.6%||38.1%||5.7%||8.3||$35,889|
|WST||West Pharmaceutical Servs||29||0.3%||8.5%||7.2%||28.5||$17,372|
This table was created using StockRover*.
|Ticker||Company||Ex-Dividend Date||Div. Record Date||Dividend Payment Date||Dividend Frequency||Next Div. Payment Per Share||Dividend Per Share|
|ADP||Automatic Data Processing||12/8/22||12/9/22||1/1/23||4||$1.25||$5.00|
|APD||Air Products & Chemicals||12/30/22||1/3/23||2/13/23||4||$1.62||$6.48|
|BRO||Brown & Brown||11/1/22||11/2/22||11/16/22||4||$0.12||$0.46|
|CHD||Church & Dwight Co||11/14/22||11/15/22||12/1/22||4||$0.26||$1.05|
|ESS||Essex Property Trust||9/29/22||9/30/22||10/14/22||4||$2.20||$8.80|
|FRT||Federal Realty Investment||12/30/22||1/3/23||1/17/23||4||$1.08||$4.32|
|ITW||Illinois Tool Works||12/29/22||12/30/22||1/12/23||4||$1.31||$5.24|
|JNJ||Johnson & Johnson||11/21/22||11/22/22||12/6/22||4||$1.13||$4.52|
|MKC||McCormick & Co||10/7/22||10/11/22||10/25/22||4||$0.37||$1.48|
|PG||Procter & Gamble||10/20/22||10/21/22||11/15/22||4||$0.91||$3.65|
|SWK||Stanley Black & Decker||11/30/22||12/1/22||12/20/22||4||$0.80||$3.20|
|TROW||T. Rowe Price Gr||12/15/22||12/16/22||12/29/22||4||$1.20||$4.80|
|WBA||Walgreens Boots Alliance||11/14/22||11/15/22||12/12/22||4||$0.48||$1.92|
|WST||West Pharmaceutical Servs||11/8/22||11/9/22||11/16/22||4||$0.19||$0.76|
Prior Year Lists and Articles
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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.