A week of dividend hikes: A recap of 12 increases in the USA

Three double digit hikes and 62 years of growth for JNJ

This week, the USA witnessed a flurry of dividend hikes, with a total of 12 companies announcing increases. Let's take a closer look at these developments with al stats and news based on stock prices of April 18, 2024: The biggest hike was announced by Western Midstream Partners (+52.2%). The strongest dividend track record with 62 years and only Dividend Aristocrat announcing a dividend hike was Johnson & Johnson (JNJ).

·         South Plains Financial (SPFI):

o   7.7% dividend hike to $0.14 quarterly

o   2.2% yield

South Plains Financial, Inc. is a financial holding company headquartered in Lubbock, Texas. South Plains operates primarily through its subsidiary, City Bank, which provides a range of banking products and services to individuals, businesses, and governmental entities.

·         Star Group LP (SGU)

o   6.2% dividend hike to $0.1725 quarterly

o   6.8% yield

Star Group, LP is a provider of home heating oil and propane services in the United States. Founded in 1995 and headquartered in Stamford, Connecticut, Star Group operates through its subsidiaries, including Petro Home Services, Meenan, and other regional brands.

·         Western Midstream Partners LP (WES)

o   52.2% dividend hike to $0.875 quarterly

o   10.1% yield

Western Midstream Partners: A leading energy infrastructure company focused on the transportation, storage, and processing of natural gas and crude oil. Notably, they announced the biggest hike among the 12 companies this week.

·         Donegal Group (DGICA)

o   1.5% dividend hike to $0.1725 quarterly

o   5.1% yield

Donegal Group Inc.: An insurance holding company offering property and casualty insurance products to businesses and individuals. With 22 consecutive years of dividend hikes, Donegal Group Inc. continues to deliver value to its shareholders.

·         KB Home (KBH)

o   25% dividend hike to $0.25 quarterly

o   1.7% dividend yield

KB Home: One of the largest and most recognized homebuilders in the United States, specializing in building single-family homes. Similar to Winmark, they also announced a double-digit increase in their dividend payout.

·        Bar Harbor Bankshares (BHB)

o   7.1% dividend hike to $0.30 quarterly

o   4.7% dividend yield

Bar Harbor Bankshares: A bank holding company operating through its subsidiary, Bar Harbor Bank & Trust, providing banking and financial services to individuals and businesses in Maine and New Hampshire. They boast a strong track record of 21 years of dividend increases.

·         Kinder Morgan (KMI)

o   1.8% dividend hike to $0.2875 quarterly

o   6.3% dividend yield

Kinder Morgan, Inc. is one of the largest energy infrastructure companies in North America. Founded in 1997 and headquartered in Houston, Texas, Kinder Morgan operates pipelines and terminals for the transportation and storage of natural gas, crude oil, refined petroleum products, and other energy-related commodities.

Other dividend hikes this week:

·         Travelers (TRV) +5.0%

·         Sonoco Products (SON) +2.0%

·         Winmark (WINA) +12.5%

·         Johnson & Johnson (JNJ) +4.2%

·         Gladstone Land (LAND) +0.2% (second hike)

Winmark Corporation: A franchisor of five retail store concepts that buy, sell, and trade gently used merchandise. They also reported a double-digit hike in their dividend.

Johnson & Johnson: A multinational corporation engaged in the development, manufacturing, and marketing of healthcare products, including pharmaceuticals, medical devices, and consumer goods. As a Dividend Aristocrat with a remarkable 62-year track record of dividend increases, their recent hike underscores their enduring strength and commitment to shareholders.

Travelers Companies: An insurance company offering a range of property and casualty insurance products and services to businesses, individuals, and organizations. With 20 years of dividend hikes, Travelers Companies Inc. reaffirms its commitment to shareholder value.

Sonoco Products Company: A global provider of consumer packaging, industrial products, protective packaging, and packaging supply chain services. Sonoco has now raised the dividend 42 consecutive years.