5 Dividend Growth Stocks with Highest Growth Rates

3. Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

3-Year Average Annual Dividend Growth Rate: 38.4%

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) is a North Carolina-based transport company that offers premium logistics and household moving services to both domestic and international markets. On January 31, the company declared a 30% hike in its quarterly dividend to $0.52 per share. This marked the company’s sixth consecutive year of dividend growth, which makes ODFL one of the best dividend stocks on our list. In the past three years, it has raised its payouts at an annual average rate of 38.4%. The stock supports a dividend yield of 0.47%, as of April 23.

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) was a part of 43 hedge fund portfolios at the end of Q4 2023, jumping from 36 in the previous quarter, as per Insider Monkey’s database. The stakes held by these hedge funds have a total value of over $533 million.