I review the list of dividend increases each week, as part of my monitoring process. I follow this process in order to monitor existing investments and to potentially identify companies for further research. I focus on quality companies with consistent cashflows, which can be purchased at attractive valuations, which I can then buy and hold forever. These are the types of long-term investments that can deliver rising dividends for decades, while also delivering dependable returns in the process.
This exercise also shows the data points I use in my quick evaluation of a company. This helps me determine if I want to proceed in analyzing a company for potential investment or not. Typically, a promising fundamental development, such as increasing earnings, a sustainable payout ratio and a track record of consistent dividend increases would place a company on my list for further research. I review the growth in earnings and dividends over the past decade, in order to evaluate the likelihood of them continuing their steady march upwards. I also look at valuation together with fundamental performance.
If a company is attractively valued, that's definitely great and increases the chances of it becoming a part of my portfolio, if my analysis doesn't raise any red flags. Even if the company seems overvalued today, I would still review it, in order to be ready to act if it ever becomes cheaper.
Over the past week, there were seven companies that have managed to increase dividends for at least a decade, AND also increased dividends last week. The companies include:
Casey's General Stores, Inc. (CASY) operates convenience stores under the Casey's and Casey’s General Store names. Its stores offer pizza, donuts, breakfast items, and sandwiches; and tobacco and nicotine products.
The company increased quarterly dividends by 14% to $0.57/share. This is the 26th consecutive annual dividend increase for this dividend champion. Over the past decade the company has managed to increase dividends at an annualized rate of 9.60%.
The company managed to grow earnings from $5.79/share in 2016 to $14.72/share in 2025.
The company is expected to earn $15.93/share in 2026.
The stock sells for 31.80 times forward earnings and yields 0.40%.
Caterpillar Inc. (CAT) manufactures and sells construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives in the United States and internationally.
The company raised quarterly dividend by 7.10% to $1.51/share. This is the 31st consecutive annual dividend increase for this dividend aristocrat. Over the past decade, the company has managed to increase dividends at an annualized rate of 7.25%.
Between 2015 and 2024, the company managed to grow earnings from $4.23/share to $22.17/share.
The company is expected to earn $18.70/share in 2025.
The stock sells for 19.30 times forward earnings and yields 1.56%.
HEICO Corporation (HEI) designs, manufactures, and sells aerospace, defense, and electronic related products and services in the United States and internationally. It operates in two segments Flight Support Group (FSG) and Electronic Technologies Group (ETG).
The company raised its semi-annual dividend by 9.10% to $0.12/share. This is the 18th consecutive annual dividend increase for this dividend achiever. Over the past decade, the company has managed to grow dividends at an annualized rate of 13.10%.
Between 2015 and 2024, the company managed to grow earnings from $1.02/share to $3.71/share.
The company is expected to earn $4.58/share in 2025.
The stock sells for 66.40 times forward earnings and yields 0.08%
National Fuel Gas Company (NFG) operates as a diversified energy company. It operates through four segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility.
The company raised quarterly dividends by 3.90% to $0.535/share. This dividend king has increased its annual dividend for 55 straight years. During the past decade the company has managed to increase dividends at an annualized rate of 2.95%.
Between 2015 and 2024 the company managed to grow earnings from a loss of $4.50 to a profit of $0.84/share.
The company is expected to earn $6.90/share in 2025. It's trend in earnings per share is not very consistent, but a little volatile.
The stock sells for 12.19 times forward earnings and yields 2.45%.
Target Corporation (TGT) operates as a general merchandise retailer in the United States.
The company raised quarterly dividends by 1.80% to $1.14/share. This is the 54th consecutive year of annual dividend increases for this dividend king. Over the past decade it has managed to grow dividends at an annualized rate of 7.97%.
Between 2015 and 2024, the company has managed to grow earnings from $5.36/share to $8.89/share.
The company is expected to earn $7.36/share in 2025.
The stock sells for 13.50 times forward earnings and yields 4.51%.
Realty Income (O) is a Real Estate Investment Trust which invests in triple-net properties in the US and Europe.
The REIT raised its monthly dividends to $0.2690/share. This is a 2.28% increase over the dividend paid during the same time last year. Realty Income is a dividend aristocrat which has increased dividends every single years since its IPO in 1994. Over the past decade, Realty Income has managed to grow dividends at an annualized rate of 3.96%.
The company managed to grow FFO from $2.77/share in 2015 to $4.01/share in 2024.
Realty Income is expected to generate $4.26/share in FFO in 2025.
The REIT sells for 13.60 times forward FFO and yields 5.50%.
