dividend kings

The List of Dividend Kings in 2024

This article provides an updated list of the Dividend Kings in 2024, select financial data, and analysis. The list and data are updated monthly and are located at the bottom of the article.

The Dividend Kings in 2024 are stocks on United States stock exchanges that have increased their dividends for at least 50 consecutive years. To attain the 50-year mark is not easy; the list of Dividend Kings is very select. Only 44 New York Stock Exchange (NYSE) and NASDAQ companies have done so. This number is out of nearly 6,000 companies listed on the NYSE and NASDAQ in 2023, indicating a success rate of approximately 0.73%.

The number of Dividend Kings increases slightly to 45 if we include over-the-counter (OTC) stocks. The total universe of U.S. stocks also goes up to about 11,500, indicating an even lower success rate of about 0.38% for companies to achieve Dividend King status. There are a few discrepancies in the Dividend Kings list; we discuss those below.


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Why are the Dividend Kings Important?

The Dividend Kings are successful companies. They have survived periods of inflation, stock market crashes, global crises, and deep recessions. In the past 50 years, their dividends have survived seven recessions: the Vietnam War, the Gulf War, the fall of the Berlin War and the Soviet Union, 9/11 in 2001, the dot-com bust, the Great Recession, and the COVID-19 pandemic.

The 2024 Dividend Kings may not have grown revenue and earnings per share yearly, but they raised the dividend without fail. This length of time points to the durability of their businesses and the sustainability of their dividends. This fact is essential for investors seeking to produce passive income for retirement or build wealth. Moreover, dividends are vital since they are a significant component of total returns.

The Dividend King list is usually persistent. Once a company achieves a 50-year streak, it rarely drops off. However, it does happen. Some companies experience operational or legal challenges resulting in a cut or flat dividend. A few companies have fallen off the list because another company acquired them. Nevertheless, the persistence of the dividend for the Dividend Kings demonstrates these companies’ success and ability to return cash to shareholders through dividends.

Market Update for the 2024 Dividend Kings

The Dividend Kings are currently trading at an elevated valuation of a trailing average price-to-earnings ratio of about 23.63X. This multiple is down from its peak of more than 31X in May 2021 due to declining stock prices and rising earnings.

The current average dividend yield is about 2.60%. The average trailing 10-year dividend growth rate is about 6.30%, and the average past 5-year growth rate is around 5.77%. The mean payout ratio is approximately 54.03%. The average market cap is currently $68,713 million. 

Currently, the Dividend King with the highest yield is Altria Group (MO) at about 8.2%, and the one trading with the lowest earnings multiple is Cincinnatti Financial (CINF) at 8.2X.

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

According to Stock Rover* in the trailing 1-year, the Dividend Kings have returned +9.8% (blue line) compared to +28.3% for the S&P 500 Index benchmark (red line), as seen in the chart below. Over the trailing 5-years, the Dividend Kings have returned +64.4%, and the S&P 500 Index has returned +102.6%.

2024 Dividend Kings 1-Year Returns
Source: Stock Rover

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Additions to the Dividend Kings in 2023

In 2023, Nucor Corporation (NUE), RPM International (RPM), S&P Global (SPGI), and Walmart (WMT) were added to the list of Dividend Kings.

Nucor Corporation is arguably the most successful American steel firm. It makes steel and steel products for numerous industries in the United States, Canada, and Mexico.

RPM International is probably the least well-known company added to the list. The firm is a specialty chemical company.

S&P Global is a giant financial services firm providing credit ratings, index benchmarks, market intelligence, and other solutions. It is well-known as the owner of the S&P 500 Index.

Walmart is likely the most well-known of the four new firms on the list. The giant discount retailer is nearly ubiquitous with its thousands of Walmart and Sam’s Club stores.

Deletions to the Dividend Kings in 2023

No stocks were removed from the Dividend Kings list in 2023.

Other Dividend Stock Lists

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

For Canadian stocks, we have written about

For UK stocks, we have written about

Other dividend stock lists


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Some Details on the 2024 Dividend Kings

Water Utilities Have a Major Presence

The longest track record as a Dividend King is American States Water Company (AWR), with a 69-year history of dividend increases. There were four water utilities on this list at the start of 2019. However, Connecticut Water Service (CTWS) was acquired by SJW Corp (SJW) in 2019. This acquisition reduced the number to three: American States Water, California Water Service Group (CWT), and SJW Group (SJW). In addition, Northwest Natural Holding Company (NWN) is multi-utility with a water subsidiary. 

Not surprisingly, water utilities are highly represented on this list. They provide an essential product for consumers and industries. The business does not grow fast but grows as the population increases. The market and dividend growth investors have broadly recognized this point now, and water utilities often trade at elevated valuations but exhibit low volatility. 

The three remaining water utilities on the Dividend Kings list have been trading at earnings multiples greater than the broader market for many years but have come down slightly in 2023. For instance, American States Water trades at price-to-earnings ratios of over ~29.6X. California Water Service trades at a P/E ratio of ~26.7X. SJW (SJW) trades at a P/E ratio of 27.7X.

Related Articles About Water Utilities on Dividend Power

Only One REIT on the Dividend Kings 2024 List

Only one real estate investment trust (REIT) is on the list, Federal Realty Investment Trust (FRT). The firm is a shopping center REIT that operates in eight metropolitan areas. 

In addition, no master limited partnerships (MLPs) exist on the list.

Related Articles About Federal Realty Investment Trust (FRT) on Dividend Power

Relationship to the Dividend Aristocrats

Many companies from the S&P 500 Dividend Aristocrats list are on the 2024 Dividend Kings list. A Dividend Aristocrat is a company that has raised the dividend for at least 25 consecutive years. However, a company doesn’t need to be on the Dividend Aristocrats list to be a Dividend King.

Market Capitalization of the 2024 Dividend Kings

Interestingly, 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 market capitalization company on the Dividend Kings list is Walmart (WMT), at about $437 billion. It was Johnson & Johnson for many years, but divestment and declining share price have reduced the market capitalization. Conversely, the smallest company on the Dividend Kings list by market capitalization is Northwest Natural Holding (NWN), at about $1.4 billion.

Lastly, one over-the-counter stock could be on the Dividend Kings list: Farmers & Merchants Bancorp (FMCB). It is smaller than NWN.

What Do I Like About the Dividend Kings?

The Dividend King list in 2024 serves as a screen for further investigating a stock for a dividend growth portfolio. It lists companies with stable businesses with competitive advantages and has returned cash to shareholders consistently through dividends for an extended period. As a dividend growth investor, this is a place to start.

Some investors ask, “What’s the big deal about the Dividend Kings?” It measures success and diligence in returning cash to shareholders through dividends. These companies are not the highest-growth ones, but they grow over time. Moreover, the management teams are committed to paying dividends, a significant component of projected investor returns.

In addition, the Dividend Kings list changes only very slowly. Each year, there are a few additions on average. However, the Dividend Kings list exhibits persistence. Once a company is on the list, it tends to stay on it. This fact is probably due to the effort by each company’s management to maintain the dividend.

Are Companies Ever Deleted from the Dividend Kings List?

Sometimes, companies are deleted from the Dividend Kings list due to mergers and acquisitions. For instance, Vectren and Connecticut Water Service were deleted from the list in 2019 because they were acquired. CenterPoint Energy (CNP) acquired Vectren, and SJW Group (SJW), another Dividend King, acquired Connecticut Water Service.

However, some companies do fall off the list for not raising the dividend or, even worse, cutting or suspending the dividend. In the past, this has included Winn-Dixie (WINN), Ohio Casualty Corp (eventually acquired), Aon plc (AON), Integrys Energy Group (TEG), Masco (MAS), and Diebold (DBD, which went into restructuring and emerged in August 2023).

Despite some close calls, no Dividend King cut or suspended its dividend due to the COVID-19 pandemic.

However, 2024 has been less kind to the Kings. Three companies have fallen off the list. Leggett & Platt cut its dividend in April after a 53-year streak because of operational challenges and declining earnings per share. 3M Company conducted a cut because of restructuring and divesting its healthcare business after 66 years of increases. The firm is also facing multiple legal challenges because of PFAS and earplugs. Lastly, Telephone Data Systems (TDS) cut its dividend after several years of operational difficulties, declining earnings per share, and lower cash flow.

Reportedly, the last Dividend King to leave the divided constant and fall off the list before 2024 was Diebold in 2014, now known as Diebold Nixdorf (DDB). Before Diebold, AON plc (AON) fell off the list in 2003.

Readers can learn more on the Dividend Growth Investor blog about the evolution of the Dividend Kings list over the years. But in general, most of these companies had several years of operational difficulties or high leverage. Eventually, this led to a freeze or cut in the dividend and subsequent removal from the list. The bottom line is earnings per share (EPS) and free cash flow (FCF) must grow over time for a company to become a Dividend King.

Dividend Kings Historical Performance

In absolute terms, the Dividend Kings have had a solid performance. The Dividend Kings have performed better than the S&P 500 Index, with lower volatility in the 20 years starting in 1999 and ending in 2019. During this time, the 29 Dividend Kings had a compound annual growth rate or CAGR of approximately 24.7% versus 22.9% for the S&P 500 Index. The internal rate of return or IRR is about 11.6% for the Dividend Kings and roughly 9.2% for the S&P 500.

There are three reasons for this. First, the Dividend Kings have fewer years with negative returns. The Dividend Kings had only two down years during this period, while the S&P 500 had four down years. 

Next, the S&P 500 Index’s worst down years were much worse than that of the Dividend Kings. The worst year for the Dividend Kings was only -17.62%, while the worst year for the S&P 500 Index was a whopping -36.81%, or more than double that of the Dividend Kings. The S&P 500 could not make this up in the best year. 

Lastly, the Dividend Kings outperformed the S&P 500 in 12 out of 20 years. For more details, read the Dividend Kings versus the S&P 500.

Furthermore, the Dividend Kings experienced lower volatility than the S&P 500 Index during the period analyzed. The standard deviation of returns was about 12.5% for the Dividend Kings versus roughly 14.4% for the S&P 500 Index. The combination of higher rates of return and lower standard deviation results in a higher Sharpe ratio of 0.74 for the Dividend Kings versus 0.39 for the S&P 500 Index, based on monthly returns and a 1-month U.S. Treasury bill. This fact indicates that the Dividend Kings have higher risk-adjusted performance than the S&P 500 Index.

In some stretches, the Dividend Kings have underperformed the S&P 500. This fact can be attributed to the long bull market and the outperformance of the S&P 500 Index from 2020 to 2023. However, during down years, the Dividend Kings tend to outperform the S&P 500 Index, as observed during the bear market in 2022.


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Discrepancies in the 2023 Dividend Kings

There are seven discrepancies on the Dividend Kings 2023 list. Target (TGT), Illinois Tool Works (ITW), Altria (MO), Tootsie Roll Industries (TR), Sysco (SYY), and Farmers & Merchants Bancorp (FMBC) regarding the number of years that they have paid a growing dividend or whether they are on the list or not.

Target

According to its website, Target has paid a growing annual dividend for at least 50 years. From 1970 to 1971, Target paid a yearly cash dividend of $0.0104. In 1972, the company raised the dividend to $0.0108. So, based on this information, Target has increased the annual dividend for 50 years. However, some lists and websites show Target raising dividends for 56 years. A stock split may cause this discrepancy. Target initiated a dividend at the end of 1967, paying a dividend for 55 consecutive years. There was a 2:1 stock split in 1969, which may confuse the issue. However, Target is now clearly on the Dividend Kings list.

Illinois Tool Works

The second discrepancy is for Illinois Tool Works (ITW). The company has paid a growing dividend for at least 50 years. However, the company has claimed a more extended period, and some websites also show a 60-year dividend history. I refer to the excellent research by Dividend Growth Investor, who determined that ITW did not raise its dividend in 1971. The company acknowledged this in its 2019 ITW Annual Report, stating, “ITW’s annual dividend payment has increased for more than 56 consecutive years, except during a period of government controls in 1971.” ITW did start increasing its dividend again in 1972. However, ITW is now clearly on the Dividend Kings list.

Altria

Altria Group (MO)is the third stock with a discrepancy. The company was part of Philip Morris (PM) and was separated in 2008. The dividend was cut, but the combined dividend was reportedly the same as before the split. However, due to the divestment and reduction in the dividend, some datasets report Altria with only 15 years of dividend growth instead of 53.

Related Articles About Altria (MO) on Dividend Power

Tootsie Roll

The fourth discrepancy is Tootsie Roll Industries (TR). Tootsie Roll does increase its regular annual cash dividend periodically. However, the stock does not have at least 50 consecutive increases in the yearly dividend. So why do some lists include Tootsie Roll as a Dividend King? The company also pays a 3% stock dividend annually, recorded as a 103-to-100 stock split. This split results in an adjustment to past dividends each year and increases the cash paid to shareholders annually. Again, however, Tootsie Roll is on the Dividend Kings list.

Sysco

The fifth discrepancy is Sysco (SYY). In its press releases, Sysco claims to have raised dividends for over 50 consecutive years. In addition, several datasets state that Sysco has increased the dividend for 50 years. However, their investor relations website shows the dividend was held constant from 1975 to 1976. Sysco is retained on the list until further clarification.

Abbott

The following discrepancy is Abbott Laboratories (ABT). AbbVie was divested from Abbott in 2013 because of patent expirations and the capital required for a large R&D pharma company. The total dividend never declined, but each company had a lower dividend than before the separation. However, due to the divestment and reduction in the dividend, some datasets report Abbott with only 11 years of dividend growth instead of 52. The quantitative rules used by Portfolio Insight* make this a dividend cut. Hence, we have not included Abbott in the Dividend Kings list.

Related Articles About Abbott and AbbVie on Dividend Power

Farmers & Merchants Bancorp

The following discrepancy is Farmers & Merchants Bancorp (FMBC). The bank has raised the dividend for more than 50 years in a row. However, the bank trades over the counter and is only very thinly traded. This fact means more significant risks for small investors. It also means the stock is not in some datasets based on the NYSE and NASDAQ. Hence, we have omitted this bank from the Dividend Kings list.

Who’s On Deck?

Multiple Dividend Champions have raised their dividend for 49 years. This list includes Automatic Data Processing (ADP), Consolidated Edison (ED), Telephone and Data Systems (TDS), and United Bancshares (UBSI).

List of Dividend Kings in 2024

Stock Rover* and Portfolio Insight* were used to create this table.

TickerCompany NameNo. YearsDividend Yield (%)10-yr Dividend Growth Rate (%)Payout Ratio (%)TTM P/E RatioMarket Cap (millions)
ABMABM Indus571.803.8023.1013.4$3,217
AWRAmerican States Water702.207.8055.2025.4$2,886
BDXBecton Dickinson521.705.7081.9049$66,214
BKHBlack Hills544.505.2062.2014.1$3,948
CBSHCommerce Bancshares561.906.9029.3016.2$7,529
CINFCincinnati Financial642.706.3020.208.2$19,152
CLColgate-Palmolive612.003.3060.8031.2$80,460
CWTCalifornia Water Servs Gr572.205.6042.1020.7$3,007
DOVDover691.103.1019.4017.7$25,358
EDConsolidated Edison503.602.8061.9017.6$31,882
EMREmerson Electric671.802.0011.2034.1$65,556
FRTFederal Realty Investment574.103.40154.8037.8$8,818
FULH.B. Fuller551.106.4027.7028.4$4,519
GPCGenuine Parts682.905.7042.7015.4$19,262
GWWW.W. Grainger530.906.6020.5025.3$45,067
HRLHormel Foods583.7010.9079.6022.1$16,980
ITWIllinois Tool Works612.3012.8054.2024.3$73,384
JNJJohnson & Johnson623.305.9031.2022.3$360,712
KMBKimberly-Clark523.503.8087.2026$47,653
KOCoca-Cola623.104.7074.6025.6$274,415
LANCLancaster Colony621.907.4072.5038.6$5,129
LOWLowe's Companies622.0019.8035.2018.7$133,386
MOAltria Group548.207.4081.2010$81,981
MSAMSA Safety531.105.1027.7028.4$7,602
NDSNNordson611.2014.2031.7028.2$13,580
NFGNational Fuel Gas543.603.0039.1011.3$5,221
NUENucor511.303.9012.309.5$38,625
NWNNorthwest Natural Hldg685.200.6085.7016.7$1,439
PEPPepsiCo523.307.5075.8024.2$228,534
PGProcter & Gamble682.404.6059.8027.2$393,221
PHParker Hannifin681.2013.0027.5025.3$69,141
PPGPPG Indus532.006.9043.1022$30,629
RPMRPM Intl501.706.7040.3025.5$14,237
SCLStepan561.708.2088.6052.9$1,969
SJWSJW Gr572.707.9057.5021.8$1,879
SPGIS&P Global510.8011.7040.4053.8$149,665
SWKStanley Black & Decker573.704.90222.07n/a$13,603
SYYSysco542.805.6048.5017.6$35,939
TGTTarget572.909.8049.0017.1$70,713
TNCTennant521.103.4017.8016.9$1,931
TRTootsie Roll Industries581.204.2026.7022.7$2,169
UBSIUnited Bankshares504.301.5055.5013$4,608
UVVUniversal536.604.7066.5010.3$1,207
WMTWalmart511.202.6033.2029.7$556,934

Dividend Calendar for the Dividend Kings 2024

Stock Rover* was used to create this table.

TickerCompanyEx-Dividend DateDividend Record DateDividend Payment DateDividend FrequencyNext Dividend Payment Per ShareDividend Per Share
ABMABM Indus7/5/247/5/248/5/244$0.22 $0.90
AWRAmerican States Water5/17/245/20/246/3/244$0.43 $1.72
BDXBecton Dickinson6/10/246/10/246/28/244$0.95 $3.80
BKHBlack Hills5/16/245/17/246/1/244$0.65 $2.60
CBSHCommerce Bancshares6/5/246/5/246/18/244$0.27 $1.08
CINFCincinnati Financial6/18/246/18/247/15/244$0.81 $3.24
CLColgate-Palmolive7/19/247/19/248/15/244$0.50 $2.00
CWTCalifornia Water Servs Gr5/3/245/6/245/17/244$0.28 $1.12
DOVDover5/31/245/31/246/14/244$0.51 $2.04
EDConsolidated Edison5/14/245/15/246/14/244$0.83 $3.32
EMREmerson Electric5/16/245/17/246/10/244$0.52 $2.10
FRTFederal Realty Investment6/21/246/21/247/15/244$1.09 $4.36
FULH.B. Fuller4/24/244/25/245/9/244$0.22 $0.89
GPCGenuine Parts6/7/246/7/247/1/244$1.00 $4.00
GWWW.W. Grainger5/10/245/13/246/1/244$2.05 $8.20
HRLHormel Foods7/15/247/15/248/15/244$0.28 $1.13
ITWIllinois Tool Works6/28/246/28/247/11/244$1.40 $5.60
JNJJohnson & Johnson5/20/245/21/246/4/244$1.24 $4.96
KMBKimberly-Clark6/7/246/7/247/2/244$1.22 $4.88
KOCoca-Cola6/14/246/14/247/1/244$0.49 $1.94
LANCLancaster Colony6/7/246/7/246/28/244$0.90 $3.60
LOWLowe's Companies7/24/247/24/248/7/244$1.15 $4.60
MOAltria Group6/14/246/14/247/10/244$0.98 $3.92
MSAMSA Safety5/14/245/15/246/10/244$0.51 $2.04
NDSNNordson5/20/245/21/246/4/244$0.68 $2.72
NFGNational Fuel Gas6/28/246/28/247/15/244$0.51 $2.06
NUENucor6/28/246/28/248/9/244$0.54 $2.16
NWNNorthwest Natural Hldg4/29/244/30/245/15/244$0.49 $1.95
PEPPepsiCo6/7/246/7/246/28/244$1.36 $5.42
PGProcter & Gamble7/19/247/19/248/15/244$1.01 $4.03
PHParker Hannifin5/9/245/10/246/7/244$1.63 $6.52
PPGPPG Indus5/9/245/10/246/12/244$0.65 $2.60
RPMRPM Intl7/17/247/17/247/31/244$0.46 $1.84
SCLStepan5/31/245/31/246/14/244$0.38 $1.50
SJWSJW Gr5/3/245/6/246/3/244$0.40 $1.60
SPGIS&P Global8/27/248/27/249/11/244$0.91 $3.64
SWKStanley Black & Decker6/4/246/4/246/18/244$0.81 $3.24
SYYSysco7/5/247/5/247/26/244$0.51 $2.04
TGTTarget8/21/248/21/249/10/244$1.12 $4.48
TNCTennant5/31/245/31/246/14/244$0.28 $1.12
TRTootsie Roll Industries6/20/246/20/247/8/244$0.09 $0.36
UBSIUnited Bankshares6/14/246/14/247/1/244$0.37 $1.48
UVVUniversal7/8/247/8/248/5/244$0.81 $3.24
WMTWalmart8/16/248/16/249/3/244$0.21 $0.83

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.

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