Dividend Challengers List Ranked By Yield: Top 30

Published on January 21, 2024 at 3:27 pm by Vardah Gill in Dividend Stocks, Hedge Funds, News

In this article, we discuss top 30 dividend challengers according to dividend yields. You can skip our detailed analysis of dividend growers and the performance of dividend stocks, and go directly to read Dividend Challengers List Ranked By Yield: Top 10.

The term Dividend Challengers refers to publicly traded companies in the US that have consistently increased their dividend payments to shareholders for a period spanning five to less than 10 consecutive years. This category includes companies that have demonstrated a commitment to distributing a portion of their profits to shareholders in the form of dividends over a moderate timeframe. Investors find dividend growers particularly attractive for several reasons. Historical data indicates that stocks belonging to this category have outperformed the broader market, delivering stronger returns. Moreover, these stocks tend to showcase lower levels of volatility compared to the overall market

T. Rowe Price conducted an analysis revealing that stocks exhibiting dividend growth within the large-cap Russell 1000 Index consistently outperformed the benchmark. This outperformance was observed both during market downturns and in more bullish periods over the 35 years concluding on December 31, 2020. The report also highlighted that, in contrast to securities relying heavily on an above-average yield for their total return, companies with the capacity to increase their cash flows and dividends consistently throughout economic cycles may counteract some of the erosive effects caused by inflation and higher interest rates. This suggests that businesses with the potential for sustained growth in cash flows and dividends may be more resilient in mitigating the impact of economic challenges, contributing to the preservation of the value of future cash flows.

In terms of absolute returns, dividends have historically constituted a significant portion of overall equity returns. Looking back to 1926, more than 40% of the total return of the U.S. stock market, as represented by the S&P 500 Index, has been attributed to dividends. However, dividends offer more than just their cash value. According to findings from a report by Cohen and Steers, companies that pay dividends have shown a considerable outperformance compared to non-payers, and they have achieved this with lower volatility. The report noted that in the last decade leading up to 2010, dividend-paying stocks outpaced non-payers by an annual margin of 620 basis points, while their risk, measured by standard deviation, was notably lower. This advantage of dividend payers over non-payers extends further over a 30-year time frame.

For investors seeking dividend growth stocks, The Procter & Gamble Company (NYSE:PG), Colgate-Palmolive Company (NYSE:CL), and PepsiCo, Inc. (NASDAQ:PEP) emerge as prime selections. These companies are widely recognized for their robust dividend growth track records, making them attractive options for those looking to build a portfolio with a focus on consistent and increasing dividend income. While these companies boast a long history of consistent dividend growth, our focus will now shift to examining dividend challengers. These are companies that have demonstrated the ability to increase their dividends for a period ranging from 5 to 9 consecutive years.

Source: unsplash

Our Methodology:

For this list, we looked at a group of dividend challengers, recognized for consistently increasing dividends for 5 consecutive years but less than 10 years. From this list, we chose companies with the highest dividend yields as of January 19 and arranged them in order from lowest to highest yield.

We also mentioned hedge fund sentiment data for these stocks where available. Hedge funds’ top 10 consensus stock picks outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). That’s why we pay very close attention to this often-ignored indicator.

30. AudioCodes Ltd. (NASDAQ:AUDC)

Dividend Yield as of January 19: 3.08%

AudioCodes Ltd. (NASDAQ:AUDC) is an Israeli company that specializes in providing voice networking and media processing solutions. The company develops and sells advanced Voice over IP (VoIP) and converged VoIP and data networking products and applications to service providers and enterprises.

The company offers a semi-annual dividend of $0.18 per share and has a dividend yield of 3.08%, as of January 19. It is a prominent stock on our dividend challengers list as the company has been growing its dividends for the past five consecutive years.

At the end of Q3 2023, 10 hedge funds tracked by Insider Monkey reported having stakes in AudioCodes Ltd. (NASDAQ:AUDC), compared with 11 in the preceding quarter. These stakes have a total value of nearly $40 million.

29. Heartland Financial USA, Inc. (NASDAQ:HTLF)

Dividend Yield as of January 19: 3.29%

Heartland Financial USA, Inc. (NASDAQ:HTLF) is an American financial services company that provides a range of banking services, including commercial and retail banking, mortgage banking, and consumer finance. On November 10, the company declared a quarterly dividend of $0.30 per share, which was in line with its previous dividend. In 2023, the company stretched its dividend growth streak to seven years. The stock’s dividend yield on January 19 came in at 3.29%.

The number of hedge funds in Insider Monkey’s database owning stakes in Heartland Financial USA, Inc. (NASDAQ:HTLF) grew to 15 in Q3 2023, from 13 in the previous quarter. These stakes are collectively valued at over $36.8 million.

28. Haverty Furniture Companies, Inc. (NYSE:HVT)

Dividend Yield as of January 19: 3.53%

Haverty Furniture Companies, Inc. (NYSE:HVT) is a retail company specializing in home furnishings and furniture. The company made it to our dividend challengers list as it has raised its payouts every year since 2015. In addition to this, the company also holds a strong history of paying special dividends to shareholders. It offers a quarterly dividend of $0.30 per share and has a dividend yield of 3.53%, as recorded on January 19.

Haverty Furniture Companies, Inc. (NYSE:HVT) was a part of 8 hedge fund portfolios at the end of Q3 2023, down slightly from 9 in the previous quarter, as per Insider Monkey’s data. The stakes owned by these hedge funds have a collective value of over $16.4 million.

27. Colony Bankcorp, Inc. (NASDAQ:CBAN)

Dividend Yield as of January 19: 3.54%

Colony Bankcorp, Inc. (NASDAQ:CBAN) is an American bank holding company, based in Georgia. The company primarily engages in commercial banking activities. This involves providing a range of financial services to businesses, professionals, and individuals in the communities it serves.

Colony Bankcorp, Inc. (NASDAQ:CBAN) offers a quarterly dividend of $0.11 per share and has a dividend yield of 3.54%, as of January 19. It is one of the best dividend stocks on our dividend challengers list as the company holds a 6-year streak of consistent dividend growth.

As of the end of Q3 2023, 8 hedge funds tracked by Insider Monkey reported having stakes in Colony Bankcorp, Inc. (NASDAQ:CBAN), up from 7 in the previous quarter. The overall value of these stakes is more than $18 million. With over 1.1 million shares, Fourthstone LLC was the company’s leading stakeholder in Q3.

26. Independent Bank Corporation (NASDAQ:IBCP)

Dividend Yield as of January 19: 3.68%

An American bank holding company, Independent Bank Corporation (NASDAQ:IBCP) is next on our dividend challengers list. The company’s current quarterly dividend comes in at $0.23 per share for a dividend yield of 3.68%, as of January 19. It has been rewarding shareholders with growing dividends for the past eight consecutive years.

At the end of September 2023, 7 hedge funds owned stakes in Independent Bank Corporation (NASDAQ:IBCP), according to Insider Monkey’s database. These stakes have a total worth of $7.8 million.

25. Ally Financial Inc. (NYSE:ALLY)

Dividend Yield as of January 19: 3.69%

Ally Financial Inc. (NYSE:ALLY) is a financial services company that is well-known for its auto financing services. In addition to this, the company offers a wide range of financial products and services to its consumers. On January 16, the company declared a quarterly dividend of $0.30 per share, which was consistent with its previous dividend. Its dividend growth streak spans over six years, which makes it one of the best dividend stocks on our dividend challengers list. The stock has a dividend yield of 3.69%, as of January 19.

According to Insider Monkey’s database of Q3 2023, 43 hedge funds owned stakes in Ally Financial Inc. (NYSE:ALLY), compared with 46 in the previous quarter. These stakes are collectively valued at over $1.64 billion. Among these hedge funds, Warren Buffett’s Berkshire Hathaway was the company’s leading stakeholder with 29 million shares.

24. Hooker Furnishings Corporation (NASDAQ:HOFT)

Dividend Yield as of January 19: 3.94%

Hooker Furnishings Corporation (NASDAQ:HOFT) is a Virginia-based furniture company that is involved in the manufacturing and design of a wide range of residential furniture. This includes furniture for living rooms, dining rooms, bedrooms, home offices, and other areas of the home. On December 5, the company declared a 4.5% hike in its quarterly dividend to $0.23 per share. Through this increase, the company achieved its eighth consecutive year of dividend growth. As of January 19, the stock has a dividend yield of 3.94%.

At the end of September 2023, 6 hedge funds tracked by Insider Monkey owned stakes in Hooker Furnishings Corporation (NASDAQ:HOFT), compared with 8 in the previous quarter. These stakes have a consolidated value of over $41 million.

23. CNA Financial Corporation (NYSE:CNA)

Dividend Yield as of January 19: 3.95%

CNA Financial Corporation (NYSE:CNA) is next on our dividend challengers list. The insurance company offers a quarterly dividend of $0.42 per share and has raised its payouts for seven consecutive years. The stock’s dividend yield on January 19 came in at 3.95%.

With a collective stake value of nearly $40 million, 15 hedge funds in Insider Monkey’s database owned positions in CNA Financial Corporation (NYSE:CNA) at the end of Q3 2023. In the previous quarter, 18 hedge funds held stakes in the company, worth collectively over $57.8 million.

22. M&T Bank Corporation (NYSE:MTB)

Dividend Yield as of January 19: 3.97%

M&T Bank Corporation (NYSE:MTB) is a New York-based bank holding company that provides wealth management and investment services to individuals, families, and businesses. The company was a part of 32 hedge fund portfolios at the end of Q3 2023, according to Insider Monkey’s database. The collective value of stakes owned by these hedge funds is roughly $400 million.

M&T Bank Corporation (NYSE:MTB), one of the prominent stocks on our dividend challengers list, has been growing its dividends consistently for the past six years. The company pays a quarterly dividend of $1.30 per share and has a dividend yield of 3.97%, as of January 19. In its most recent quarter, it returned £217 million to shareholders through common stock dividends.

21. M.D.C. Holdings, Inc. (NYSE:MDC)

Dividend Yield as of January 19: 4.14%

M.D.C. Holdings, Inc. (NYSE:MDC) is an American company that is primarily engaged in the construction and sale of residential homes. In addition to this, the company is also engaged in land development activities. On January 18, the company declared a quarterly dividend of $0.55 per share, having raised it by 10% in July 2023. This marked the company’s fifth consecutive year of dividend growth. The stock offers a dividend yield of 4.14%, as of January 19.

The number of hedge funds in Insider Monkey’s database owning stakes in M.D.C. Holdings, Inc. (NYSE:MDC) grew to 19 in Q3 2023, from 17 a quarter earlier. These stakes are worth over $64.4 million in total. Among these hedge funds, Millennium Management was the company’s leading stakeholder in Q3.

20. ONE Gas, Inc. (NYSE:OGS)

Dividend Yield as of January 19: 4.42%

ONE Gas, Inc. (NYSE:OGS) is a natural gas distribution company that operates as a regulated utility, providing natural gas distribution services to residential, commercial, and industrial customers. The company currently offers a quarterly dividend of $0.65 per share for a dividend yield of 4.42%, as of January 19. It is one of the best stocks on our dividend challengers list as the company has raised its dividends for eight consecutive years.

As per Insider Monkey’s database of Q3 2023, 16 hedge funds in Insider Monkey’s database owned stakes in ONE Gas, Inc. (NYSE:OGS), up from 13 in the preceding quarter. These stakes have a total value of nearly $93 million.

19. Entergy Corporation (NYSE:ETR)

Dividend Yield as of January 19: 4.49%

Entergy Corporation (NYSE:ETR) is an American integrated energy company that is involved in the generation of electric power. The company owns and operates power plants that produce electricity using various sources, including nuclear, natural gas, coal, and renewable energy. In October 2023, the company announced a 5.6% increase in its quarterly dividend and now offers a quarterly dividend of $1.13 per share. Through this hike, the company stretched its dividend growth streak to nine years. The stock has a dividend yield of 4.49%, as of January 19.

At the end of the third quarter of 2023, 33 hedge funds tracked by Insider Monkey owned stakes in Entergy Corporation (NYSE:ETR), which remained unchanged from the previous quarter. The total value of these stakes is over $747.5 million.

18. Silvercrest Asset Management Group Inc. (NASDAQ:SAMG)

Dividend Yield as of January 19: 4.60%

Silvercrest Asset Management Group Inc. (NASDAQ:SAMG) is an independent, publicly traded investment advisory and wealth management firm. The company is also known for providing customized investment strategies tailored to the specific needs and preferences of its clients.

Silvercrest Asset Management Group Inc. (NASDAQ:SAMG) is one of the best dividend stocks on our dividend challengers list as the company has raised its dividends every year since 2018. It currently pays a quarterly dividend of $0.19 per share and has a dividend yield of 4.60%, as of January 19.

At the end of September 2023, 12 hedge funds owned stakes in Silvercrest Asset Management Group Inc. (NASDAQ:SAMG), which remained unchanged from the previous quarter, as per Insider Monkey’s database. The overall value of these stakes is over $55.3 million.

17. Bank of Montreal (NYSE:BMO)

Dividend Yield as of January 19: 4.78%

Bank of Montreal (NYSE:BMO) is next on our dividend challengers list. The Canadian bank has been making regular dividend payments to shareholders since 1829 and has also raised its payouts for eight consecutive years. It offers a quarterly dividend of C$1.51 per share and has a dividend yield of 4.78%, as of January 19.

Insider Monkey’s database of Q3 2023 indicated that 10 hedge funds owned stakes in Bank of Montreal (NYSE:BMO), compared with 14 in the previous quarter. These stakes have a total value of nearly $55 million. Among these hedge funds, Waratah Capital Advisors was the company’s leading stakeholder in Q3.

16. Manulife Financial Corporation (NYSE:MFC)

Dividend Yield as of January 19: 5.07%

Manulife Financial Corporation (NYSE:MFC) is a leading Canadian international financial services company. It is a major provider of life insurance, health insurance, and other insurance products. The company pays a quarterly dividend of C$0.365 per share and has a dividend yield of 5.07%, as of January 19.

As of the close of Q3 2023, 13 hedge funds tracked by Insider Monkey reported having stakes in Manulife Financial Corporation (NYSE:MFC), compared with 18 in the preceding quarter. These stakes are worth over $106.4 million.

15. Peoples Bancorp Inc. (NASDAQ:PEBO)

Dividend Yield as of January 19: 5.09%

An American financial holding company, Peoples Bancorp Inc. (NASDAQ:PEBO) offers a variety of retail banking services to its consumers. The company’s dividend growth streak spans over nine years and it pays a quarterly dividend of $0.39 per share. With a dividend yield of 5.09% as of January 19, PEBO is one of the highest-yielding stocks on our dividend challengers list.

At the end of the September quarter of 2023, 11 hedge funds tracked by Insider Monkey held stakes in Peoples Bancorp Inc. (NASDAQ:PEBO), up from 10 in the previous quarter. These stakes have a total value of over $10 million.

14. CareTrust REIT, Inc. (NYSE:CTRE)

Dividend Yield as of January 19: 5.15%

CareTrust REIT, Inc. (NYSE:CTRE) is a California-based real estate investment trust company that is focused on the acquisition, ownership, and leasing of healthcare-related properties. The company pays a quarterly dividend of $0.28 per share and has a dividend yield of 5.15%, as of January 19. It is one of the best stocks on our dividend challengers list as the company has raised its payouts for nine consecutive years.

CareTrust REIT, Inc. (NYSE:CTRE) was a popular stock among elite funds as the company ended the third quarter of 2023 with 23 hedge fund positions, up from 15 in the previous quarter, according to Insider Monkey’s database. The stakes owned by these hedge funds have a total value of over $226.8 million.

13. TTEC Holdings, Inc. (NASDAQ:TTEC)

Dividend Yield as of January 19: 5.25%

TTEC Holdings, Inc. (NASDAQ:TTEC) is a global customer experience technology and services company. It offers a range of customer experience solutions to help companies improve interactions with their customers. The company pays a quarterly dividend of $0.52 per share with a dividend yield of 5.25%, as recorded on January 19. With a dividend growth streak of eight years, TTEC is one of the best stocks on our dividend challengers list.

At the end of Q3 2023, 14 hedge funds in Insider Monkey’s database reported having stakes in TTEC Holdings, Inc. (NASDAQ:TTEC), the same as in the previous quarter. The collective value of these stakes is over $41.4 million. Among these hedge funds, Royce & Associates was the company’s leading stakeholder in Q3.

12. VICI Properties Inc. (NYSE:VICI)

Dividend Yield as of January 19: 5.43%

VICI Properties Inc. (NYSE:VICI) is an American real estate investment trust company that specializes in the ownership of gaming, hospitality, and entertainment properties. On December 7, the company declared a quarterly dividend of $0.415 per share, which fell in line with its previous dividend. In 2023, the company achieved a sixth consecutive year of dividend growth. The stock has a dividend yield of 5.43%, as of January 19.

Insider Monkey’s database of Q3 2023 showed that 33 hedge funds owned stakes in VICI Properties Inc. (NYSE:VICI), worth collectively roughly $890 million.

11. The Williams Companies, Inc. (NYSE:WMB)

Dividend Yield as of January 19: 5.92%

The Williams Companies, Inc. (NYSE:WMB) is an energy infrastructure company that operates a significant natural gas transportation business. The company has been growing its dividends for the past seven consecutive years and offers a quarterly dividend of $0.4475 per share. As of January 19, the stock has a dividend yield of 5.92%.

The number of hedge funds tracked by Insider Monkey owning stakes in The Williams Companies, Inc. (NYSE:WMB) grew to 27 in Q3 2023, from 22 in the previous quarter. The consolidated value of these stakes is over $200 million. With over 1.2 million shares, Polaris Capital Management was the company’s leading stakeholder.

Click to continue reading and see Dividend Challengers List Ranked By Yield: Top 10.

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Published on November 16, 2024 at by Insider Monkey Staff

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