The magic 4: double digit growth in 2024

Stocks with 25+ years of increased dividends and a big hike this year

So far in 2024 only four (let’s make that 5) US listed stocks have the magic combination of 25 or more years of dividend growth and a dividend hike of 10% or more in 2024.

Let’s delve into the world of dividend aristocrats—those steadfast companies that have consistently increased their dividends for decades. In this Substack post, we’ll explore four remarkable stocks and a bonus stock that not only raised their dividends by over 10% in 2024 but have also maintained this impressive streak for at least 25 years. Let’s meet our dividend heroes with stats based on stock prices as of March 25, 2024.

1. Sherwin-Williams (SHW)

   • Dividend Increase in 2024: +18.2%

   • Years of Consecutive Dividend Increases: An impressive 46 years

   • Ticker Symbol: SHW

   • Dividend yield: 0.8% (stock price $341.99)

   • Brief Description: Sherwin-Williams is a global leader in paints, coatings, and related products. Their brands include well-known names like Sherwin-Williams, Valspar, and Dutch Boy.

2. Archer Daniels Midland (ADM)

   • Dividend Increase in 2024: +11.1%

   • Years of Consecutive Dividend Increases: A remarkable 49 years

   • Ticker Symbol: ADM

   • Dividend yield: 3.2% (stock price $62.33)

   • Business: ADM is a major player in agricultural processing, food ingredients, and commodities. They’re involved in everything from grain trading to ethanol production.

3. Franklin Electric (FELE):

   • Dividend Increase in 2024: +11.1%

   • Years of Consecutive Dividend Increases: A commendable 32 years.

   • Ticker Symbol: FELE

   • Dividend yield: 1.0% (stock price $104.56)

   • Business: Franklin Electric specializes in water and energy systems. They provide solutions for moving water efficiently, serving residential, commercial, and industrial markets.

4. NextEra Energy (NEE):

   • Dividend Increase in 2024: +10.2%

   • Years of Consecutive Dividend Increases: A strong 30 years

   • Ticker Symbol: NEE

   • Dividend yield: 3.3% (stock price $62.29)

   • Business: NextEra Energy is a leading clean energy company, primarily focused on renewable energy generation (wind and solar) and electric utility operations.

• BONUS STOCK: Fastenal Corp (FAST)

Fastenal was added to the Dividend Aristocrats earlier this year when the dividend was raised for the 25th consecutive year with a 11.4% hike to $0.39 quarterly per share. The dividend yield for Fastenal is 2.0% at a stock price of $77.28. Fastenal Company is an American supply chain solutions company specializing in industrial and construction supplies. Fastenal operates globally with over 3,300 locations and is the largest fastener distributor in North America.

Four of these five companies, ADM, SHW, NEE and FAST, are part of an elite group known as the S&P500 Dividend Aristocrats, demonstrating their commitment to rewarding shareholders and their resilience over the years. Whether it’s paint, agriculture, water systems, or clean energy, these stocks have stood the test of time. As investors, we can learn valuable lessons from their consistent performance and dedication to shareholders.

Remember, investing involves risks, and past performance doesn’t guarantee future results. Always do your due diligence and consider your own financial goals before making investment decisions.

Disclaimer: The information provided here is for informational purposes only and should not be considered financial advice. Investors should conduct their own research or consult with a financial advisor before making any investment decisions.