Investing

Passive Income Investors: These 5 Companies Just Raised Their Dividends

Ian Cooper

Published: September 25, 2024 12:39 pm

One of the best ways to protect your portfolio and earn passive income is with dividend stocks.

Look at Realty Income (NYSE:O), for example. With a yield of 5.06%, the real estate investment trust (REIT) has been paying out a dividend for 29 consecutive years now. In fact, its latest dividend of $0.2630 will be paid on September 13 to shareholders of record as of September 3.

Here are five more stocks with respectable yields and plenty of growth ahead.

Key Points About This Article:

• Protect your portfolio from market volatility with strong dividend stocks.
• With a strong history of dividend growth, these top stocks just raised their payouts.
• Keep your portfolio well-protected with reliably safe stocks with yield. You may also want to grab your free copy of “2 Legendary High-Yield Dividend Stocks“ now.

T-Mobile

Just days ago, T-Mobile (NASDAQ:TMUS) raised its dividend by 35%, which now brings its yield to 1.74%.

According to the company, it will now pay out a cash dividend of 88 cents on December 12 to shareholders of record as of November 27.

Even better, the company just said it’s selling the iPhone 16 at a greater rate than last year’s model. “The first week was better than last year,” CEO Mike Sievert said, as quoted by CNBC. “Not only good, but better than last year, and people are buying Pros, they’re buying Maxs, so they’re buying up the food chain, and they’re buying at a greater rate than last year.”

In addition, the company, which expects to see adjusted free cash flow of between $18 billion and $19 billion in 2027, says it plans to return up to $50 billion to shareholders in 2027 with share buybacks and dividend payouts. Not only can you collect a respectable yield with TMUS, but you can capitalize on TMUS’ stock appreciation.

Altria

Altria (NYSE:MO) just raised its dividend by 4.1% to $1.02 per share, payable October 10 to shareholders of record as of September 16. This marks the company’s 59th consecutive year of increasing its dividend over the last 55 years. The raise also brings Altria’s yield to just under 8% at the moment.

Analysts at Barclays also just raised their price target on the stock to $43 from $37. The firm noted that, “Tobacco stocks had a strong Q2 as market multiples are set not on what is happening now, but on what could happen in the terminal year,” as quoted by TheFly.com.

Idacorp

Electric utility, Idacorp (NYSE:IDA) just raised its dividend to 86 cents per share, or $3.44 annualized. That now brings IDA’s yield to 3.22% at the moment.

“IDACORP’s Board of Directors has approved a dividend increase every year since 2011, resulting in a cumulative dividend increase of 187% and compound annual dividend growth rate of 7.8% since 2011,” said Lisa Grow, IDACORP President and Chief Executive Officer.

Helping, earnings have been strong. In its second quarter, EPS of $1.71 beat by 33 cents. Revenue of $451.04 million, up about 9% year over year, beat by $10.89 million. It also increased the lower end of its full-year 2024 earnings guidance to a new range of $5.30 and $5.45 per diluted share.

Winnebago

Winnebago (NYSE:WGO) just increased its dividend by 10% to 34 cents. That’s payable on September 25 to shareholders of record as of September 11. If you missed this one, more are on the way. The company has paid out dividends for the last 41 consecutive quarters.

“Our healthy balance sheet and strong cash flows allow us to invest in profitable growth while maintaining a balanced approach to capital allocation that consistently benefits our shareholders,” added the company.

Dover Corp.

Dover (NYSE:DOV) also just raised its dividend to 52 cents a share, which was payable on September 16 to shareholders of record as of August 30. If you missed this one, don’t worry. More are likely for the company, which has now increased its dividend for 69 consecutive years.

Recent earnings have been just as impressive. In its second quarter, the company’s EPS of $2.36 beat estimates by 15 cents. Revenue of $2.18 billion, up 3.8% year over year, beat by $30 million. “In 2024, Dover expects to generate GAAP EPS in the range of $10.80 to $10.95 (adjusted EPS of $9.05 to $9.20), based on full-year revenue growth of 3% to 4% (2% to 3% on an organic basis). Full-year 2024 guidance includes the Environmental Solutions Group business unit,” added the company in its earnings release.