In this article we are going to list the 5 fastest growing dividend stocks. For a detailed coverage of this topic and a more comprehensive list please head on over to the 15 fastest growing dividend stocks.
At Insider Monkey we leave no stone unturned when looking for the next great investment idea. For example, lithium mining is one of the fastest growing industries right now, so we are checking out stock pitches like this emerging lithium stock. We go through lists like the 10 best hydrogen fuel cell stocks to pick the next Tesla that will deliver a 10x return. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. You can subscribe to our free daily newsletter on our homepage. Keeping this in mind let’s take a look at the 5 fastest growing dividend stocks:
5. Manpower Group Inc. (NYSE: MAN)
Manpower Group is a multinational organization founded in 1948 by Elmer Winter and Aaron Scheinfeld. It is the world’s 3rd largest staffing firm and operates across 80 countries with 2700 office locations globally. Manpower has four primary brands which offer various administrative and business services. With the rising demand for skilled talent globally, Manpower Group has a newfound relevance in the business world and consequently the company has experienced a 7% increase in its revenues. The dividend CAGR of Manpower is 19.5% with a dividend yield of 2.4%.
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4. Assurant Inc. (NYSE: AIZ)
Assurant is a multinational organization headquartered in New York, that provides risk management and insurance products in numerous countries. The company offers homeowner insurance, renter insurance, automobile insurance and insurance on mobiles phones, electronics, and many other devices. In lieu of the rising trend of getting insurance and a recent acquisition, Assurant has managed to increase its year over year income by 34%. The company has been recently increasing its dividend payout ratio and bringing a shift in its business mix and as a result has achieved as CAGR of 23.5% and a dividend yield of 2.1%.
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3. Lear Corporation (NYSE: LEA)
Lear is another American organization founded in 1917 and based in Detroit, Michigan. The company manufactures products related to the automotive industry such as car seats and electrical system. Lear is the market leader in seat manufacturing in many major countries such as India and South America. The company has climbed up to the 147th rank in the fortune 500 list and continues to grow rapidly with an annual growth in sales of about 7%. Lear’s constant geographic expansion and sales growth has ensured growth for its dividend stock. The organization has a dividend yield of 1.9% and dividend CAGR of 26.7%.
2. Marine Products (NYSE: MPX)
Marine Products is a US based powerboats manufacturer. The company is rapidly acquiring more and more market share and overtaking many of its competitors. This revenue growth brought about by market penetration and product development has helped Marine Products’ stocks to grow at a very fast pace. Moreover, there has been a rising trend of an increased interest in water sports and activities and an overall increase in sales of powerboats. All these reasons combined have helped the organization achieve a revenue growth of 10.8% and a dividend CAGR of 28% with a 1.7% dividend yield.
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1. Broadcom Inc. (NASDAQ: AVGO)
Broadcom is our top dividend stock-paying company for our list of 15 fastest growing dividend stocks. It focuses on manufacturing and designing various semiconductor and infrastructure software products. With the company’s most recent acquisition of one of the main industry competitors, growth is guaranteed both in terms of revenue and sales and with that a dividend hike is expected which has resulted in its stock growing with a very fast pace. Broadcom has gained a monopoly in the industry and has achieved a CAGR in revenue of about 37%. The company has a dividend CAGR of 44.6% with a dividend yield of 2.8%
See also: 15 Biggest Companies That Don’t Pay Dividends and 15 Biggest Companies That Aren’t Profitable
