2024 Dividend Kings List | Updated Daily | All 56 Analyzed (2024)

Updated on March 4th, 2024 by Bob Ciura
Spreadsheet data updated daily

The Dividend Kings are the best-of-the-best in dividend longevity.

What is a Dividend King? A stock with 50 or more consecutive years of dividend increases.

The downloadable Dividend Kings Spreadsheet List below contains the following for each stock in the index among other important investing metrics:

• Payout ratio
• Dividend yield
• Price-to-earnings ratio

You can see the full downloadable spreadsheet of all 56 Dividend Kings (along with important financial metrics such as dividend yields, payout ratios, and price-to-earnings ratios) by clicking on the link below:

The Dividend Kings list includes recent additions such as Telephone & Data Systems (TDS), Consolidated Edison (ED), Kenvue (KVUE), and Fortis (FTS).

Each Dividend King satisfies the primary requirement to be a Dividend Aristocrat (25 years of consecutive dividend increases) twice over.

Not all Dividend Kings are Dividend Aristocrats.

This unexpected result is because the ‘only’ requirement to be a Dividend Kings is 50+ years of rising dividends.

On the other hand, Dividend Aristocrats must have 25+ years of rising dividends, be a member of the S&P 500 Index, and meet certain minimum size and liquidity requirements.

Table of Contents

• How To Use The Dividend Kings List To Find Dividend Stock Ideas
• The 5 Best Dividend Kings Today
  #5: Gorman-Rupp Co. (GRC)
  #4: SJW Group (SJW)
  
  #2: Archer-Daniels Midland (ADM)
  #1: 3M Company (MMM)
• Analysis Reports On All 56 Dividend Kings
• Performance Of The Dividend Kings
• Final Thoughts

How To Use The Dividend Kings List to Find Dividend Stock Ideas

The Dividend Kings list is a great place to find dividend stock ideas. However, not all the stocks in the Dividend Kings list make a great investment at any given time.

Some stocks might be overvalued. Conversely, some might be undervalued – making great long-term holdings for dividend growth investors.

For those unfamiliar with Microsoft Excel, the following walk-through shows how to filter the Dividend Kings list for the stocks with the most attractive valuation based on the price-to-earnings ratio.

Step 1: Download the Dividend Kings Excel Spreadsheet.

Step 2: Follow the steps in the instructional video below. Note that we screen for price-to-earnings ratios of 15 or below in the video. You can choose any threshold that best defines ‘value’ for you.

Alternatively, following the instructions above and filtering for higher dividend yield Dividend Kings (yields of 2% or 3% or higher) will show stocks with 50+ years of rising dividends and above-average dividend yields.

Looking for businesses that have a long history of dividend increases isn’t a perfect way to identify stocks that will increase their dividends every year in the future, but there is considerable consistency in the Dividend Kings.

The 5 Best Dividend Kings Today

The following 5 stocks are our top-ranked Dividend Kings today, based on expected annual returns over the next 5 years. Stocks are ranked in order of lowest to highest expected annual returns.

Total returns include a combination of future earnings-per-share growth, dividends, and any changes in the P/E multiple.

Dividend King #5: Gorman-Rupp Co. (GRC)

• 5-Year Annual Expected Returns: 13.2%

Gorman-Rupp began manufacturing pumps and pumping systems back in 1933. Since that time, it has grown into an industry leader with annual sales of about $685 million and a market capitalization of $915 million. Today, Gorman-Rupp is a focused, niche manufacturer of critical systems that many industrial clients rely upon for their own success.

Gorman-Rupp posted fourth quarter and full-year earnings on February 2nd, 2024, and results were ahead of expectations on both the top and bottom lines. Adjusted earnings-per-share came to 34 cents, which was nine cents better than estimates.

Revenue was up 10% year-over-year to $161 million, which beat expectations by almost $4 million. The gain in revenue was due to an increase in volume, as well as positive impact of pricing increases taken in early-2023. Domestic sales rose almost 13% and international sales rose about 2%.

Click here to download our most recent Sure Analysis report on GRC (preview of page 1 of 3 shown below):

Dividend King #4: Farmers & Merchants Bancorp (FMCB)

• 5-Year Annual Expected Returns: 15.1%

Farmers & Merchants Bancorp is a locally owned and operated community bank with 32 locations in California. Due to its small market cap and its low liquidity, it passes under the radar of most investors. F&M Bank has paid uninterrupted dividends for 88 consecutive years and has raised its dividend for 58 consecutive years.

In late January, F&M Bank reported (1/24/24) financial results for the full fiscal 2023. The bank grew its earnings-per-share 21% over the prior year, from $96.55 to a new all-time high of $116.61. It posted 4% growth of loans and a -2% decrease of deposits.

Net interest income grew 11% thanks to an expansion of net interest margin from 3.81% to 4.30% and growth of loans. Management remains optimistic for the foreseeable future, as the 23-year high interest rates are likely to continue to support a wide net interest margin.

Click here to download our most recent Sure Analysis report on FMCB (preview of page 1 of 3 shown below):

Dividend King #3: SJW Group (SJW)

• 5-Year Annual Expected Returns: 15.1%

SJW Group is a water utility company that produces, purchases, stores, purifies and distributes water to consumers and businesses in the Silicon Valley area of California, the area north of San Antonio, Texas, Connecticut, and Maine. SJW Group has a small real estate division that owns and develops properties for residential and warehouse customers in California and Tennessee. The company generates about $670 million in annual revenues.

On January 25th, 2024, SJW Group announced that it was raising its quarterly dividend 5.3% to $0.40, extending the company’s dividend growth streak to 56 consecutive years.

On February 22nd, 2024, SJW Group announced fourth quarter and full year results for the period ending December 31st, 2023. For the quarter, revenue declined slightly by 0.1% to $171.3 million, beating estimates by $10.3 million. Earnings-per-share of $0.59 compared unfavorably to earnings-per-share of $1.09 in the prior year, but this was in-line with expectations.

Click here to download our most recent Sure Analysis report on SJW (preview of page 1 of 3 shown below):

Dividend King #2: Archer-Daniels Midland (ADM)

• 5-Year Annual Expected Returns: 17.6%

Archer-Daniels-Midland is the largest publicly traded farmland product company in the United States. The company, founded in 1902, trades with a market capitalization of $38.6 billion. Archer-Daniels-Midland’s businesses include processing cereal grains, oilseeds, and agricultural storage and transportation.

Archer-Daniels-Midland reported its third-quarter results for Fiscal Year (FY) 2023 on October 24th, 2023. The company delivered robust financial results for Q3 2023 in the face of dynamic market conditions. Juan Luciano, Chair and CEO, highlighted strategic initiatives, including investments in innovation and operational efficiency, to meet evolving customer needs.

The Ag Services & Oilseeds segment excelled, leveraging Brazilian export capabilities and addressing renewable green diesel demand through the Spiritwood production facility. Carbohydrate Solutions posted outstanding results, particularly in ethanol, starches, and sweeteners.

Click here to download our most recent Sure Analysis report on ADM (preview of page 1 of 3 shown below):

Dividend King #1: 3M Company (MMM)

• 5-Year Annual Expected Returns: 21.0%

3M is an industrial manufacturer that sells more than 60,000 products used daily in homes, hospitals, office buildings, and schools worldwide. It has about 95,000 employees and serves customers in more than 200 countries.

On January 23rd, 2024, 3M announced fourth quarter and full year earnings results for the period ending December 31st, 2023. For the quarter, revenue decreased 0.3% to $7.69 billion, which missed estimates by $30 million. Adjusted earnings-per-share of $2.42 compared to $2.28 in the prior year and was $0.11 more than expected.

For 2023, revenue was lower by 4.5% to $32.7 billion while adjusted earnings-per-share of $9.24 compared to $10.10 in the prior year. However, comparable adjusted earnings-per-share totaled $9.88 in 2023.

Click here to download our most recent Sure Analysis report on 3M Company (preview of page 1 of 3 shown below):

Analysis Reports On All 56 Dividend Kings

All the Dividend Kings are listed below by sector. You can access detailed coverage of each by clicking on the name of each Dividend King.

Additionally, you can download our newest Sure Analysis Research Database report for each Dividend King as well.

Basic Materials

• Stepan (SCL) – [See newest Sure Analysis report]
• H.B. Fuller (FUL) – [See newest Sure Analysis report]
• PPG Industries (PPG) – [See newest Sure Analysis report]
• Nucor Corp. (NUE) – [See newest Sure Analysis report]
• RPM International (RPM) – [See newest Sure Analysis report]

Communication Services

• – [See newest Sure Analysis report]

Consumer Discretionary

• Genuine Parts Company (GPC) – [See newest Sure Analysis report]
• – [See newest Sure Analysis report]
• Lowe’s Companies (LOW) – [See newest Sure Analysis report]

Consumer Staples

• Archer Daniels Midland (ADM) – [See newest Sure Analysis report]
• The Colgate-Palmolive Company (CL) – [See newest Sure Analysis report]
• Hormel Foods Corporation (HRL) – [See newest Sure Analysis report]
• Kimberly-Clark Corporation (KMB) – [See newest Sure Analysis report]
• The Coca-Cola Company (KO) – [See newest Sure Analysis report]
• Lancaster Colony (LANC) – [See newest Sure Analysis report]
• Altria Group (MO) – [See newest Sure Analysis report]
• PepsiCo (PEP) – [See newest Sure Analysis report]
• – [See newest Sure Analysis report]
• Sysco Corporation (SYY) – [See newest Sure Analysis report]
• Target Corporation (TGT) – [See newest Sure Analysis report]
• Tootsie Roll Industries (TR) – [See newest Sure Analysis report]
• Universal Corporation (UVV) – [See newest Sure Analysis report]
• Walmart Inc. (WMT) – [See newest Sure Analysis report]

Energy

• National Fuel Gas (NFG) – [See newest Sure Analysis report]

Financial Services

• Cincinnati Financial (CINF) – [See newest Sure Analysis report]
• – [See newest Sure Analysis report]
• Commerce Bancshares (CBSH) – [See newest Sure Analysis report]
• – [See newest Sure Analysis report]
• United Bankshares (UBSI) – [See newest Sure Analysis report]

Healthcare

• AbbVie (ABBV) – [See newest Sure Analysis report]
• Abbott Laboratories (ABT) – [See newest Sure Analysis report]
• – [See newest Sure Analysis report]
• – [See newest Sure Analysis report]
• Kenvue Inc. (KVUE) – [See newest Sure Analysis report]

Industrial

• ABM Industries (ABM) – [See newest Sure Analysis report]
• Dover Corporation (DOV) – [See newest Sure Analysis report]
• Emerson Electric (EMR) – [See newest Sure Analysis report]
• Gorman-Rupp Company (GRC) – [See newest Sure Analysis report]
• W.W. Grainger (GWW) – [See newest Sure Analysis report]
• Illinois Tool Works (ITW) – [See newest Sure Analysis report]
• 3M Company (MMM) – [See newest Sure Analysis report]
• MSA Safety (MSA) – [See newest Sure Analysis report]
• Nordson (NDSN) – [See newest Sure Analysis report]
• Parker Hannifin (PH) – [See newest Sure Analysis report]
• – [See newest Sure Analysis report]
• Tennant Company (TNC) – [See newest Sure Analysis report]

Real Estate

• Federal Realty Investment Trust (FRT) – [See newest Sure Analysis report]

Utilities

• American States Water (AWR) – [See newest Sure Analysis report]
• Black Hills Corp. (BKH) – [See newest Sure Analysis report]
• California Water Service (CWT) – [See newest Sure Analysis report]
• Canadian Utilities (CDUAF) – [See newest Sure Analysis report]
• Consolidated Edison (ED) – [See newest Sure Analysis report]
• Fortis Inc. (FTS) – [See newest Sure Analysis report]
• Middlesex Water Company (MSEX) – [See newest Sure Analysis report]
• Northwest Natural Gas Holding Co. (NWN) – [See newest Sure Analysis report]
• SJW Group (SJW) – [See newest Sure Analysis report]

Performance Of The Dividend Kings

The Dividend Kings under-performed the S&P 500 ETF (SPY) in February 2024. Return data for the month is shown below:

• Dividend Kings February 2024 total return: 3.9%
• SPY February 2024 total return: 5.2%

Stable dividend growers like the Dividend Kings tend to underperform in bull markets and outperform on a relative basis during bear markets.

The Dividend Kings are not officially regulated and monitored by any one company. There’s no Dividend King ETF. This means that tracking the historical performance of the Dividend Kings can be difficult. More specifically, performance tracking of the Dividend Kings often introduces significant survivorship bias.

Survivorship bias occurs when one looks at only the companies that ‘survived’ the time period in question. In the case of Dividend Kings, this means that the performance study does not include ex-Kings that reduced their dividend, were acquired, etc.

But with that said, there is something to be gained from investigating the historical performance of the Dividend Kings. Specifically, the performance of the Dividend Kings shows that ‘boring’ established blue-chip stocks that increase their dividend year-after-year can significantly outperform over long periods of time.

Notes: S&P 500 performance is measured using the S&P 500 ETF (SPY). The Dividend Kings performance is calculated using an equal weighted portfolio of today’s Dividend Kings, rebalanced annually. Due to insufficient data, Farmers & Merchants Bancorp (FMCB) returns are from 2000 onward. Performance excludes previous Dividend Kings that ended their streak of dividend increases which creates notable lookback/survivorship bias. The data for this study is from Ycharts.

In the next section of this article, we will provide an overview of the sector and market capitalization characteristics of the Dividend Kings.

Sector & Market Capitalization Overview

The sector and market capitalization characteristics of the Dividend Kings are very different from the characteristics of the broader stock market.

The following bullet points show the number of Dividend Kings in each sector of the stock market.

• Consumer Staples: 14
• Industrials: 12
• Utilities: 9
• Consumer Discretionary: 3
• Health Care: 5
• Financials: 5
• Materials: 5
• Real Estate: 1
• Energy: 1
• Communication Services: 1

The Dividend Kings are overweight in the Industrials, Consumer Staples, and Utilities sectors. Interestingly, The Dividend Kings have zero stocks from the Information Technology sector, which is the largest component of the S&P 500 index.

The Dividend Kings also have some interesting characteristics with respect to market capitalization. These trends are illustrated below.

• 6 Mega caps ($200 billion+ market cap; ABBV, JNJ, PEP, PG, KO, WMT)
• 26 Large caps ($10 billion to $200 billion market cap)
• 15 Mid caps ($2 billion to $10 billion)
• 9 Small caps ($300 million to $2 billion)

Interestingly, 24 out of the 56 Dividend Kings have market capitalizations below $10 billion. This shows that corporate longevity doesn’t have to be accompanied by massive size.

Final Thoughts

Screening to find the best Dividend Kings is not the only way to find high-quality dividend growth stock ideas.

Sure Dividend maintains similar databases on the following useful universes of stocks:

• The High Yield Dividend Kings List is comprised of the 20 Dividend Kings with the highest current yields.
• The Dividend Aristocrats: S&P 500 stocks with 25+ years of consecutive dividend increases.
• The Complete List of High Dividend Stocks: Stocks with 5%+ dividend yields.
• The Complete List of Monthly Dividend Stocks: our database currently contains more than 30 stocks that pay dividends every month.

There is nothing magical about investing in the Dividend Kings. They are simply a group of high-quality businesses with shareholder-friendly management teams that have strong competitive advantages.

Purchasing businesses with these characteristics at fair or better prices and holding them for long periods of time will likely result in strong long-term investment performance.