Dividend Aristocrats are stocks on the S&P 500 that have raised their dividends every year for 25 years or more. It is a select group of stocks. Of the thousands of companies that trade on the market, only 66 companies have managed to make the list. 

Many investors like to begin their search for stocks to buy among the dividend royalty and it is easy to see why. These are large, successful businesses with consistently profitable operations that have been tested across numerous economic cycles and have come out ahead. They like to share their success with shareholders by distributing a portion of the profits and to grow them over time.

24/7 Wall St. Key Points:

• Dividend Aristocrats are stocks that raised their dividend for 25 years or more.
• They are a select group of 66 stocks out of the thousands that trade on the market.
• All obviously raised their payouts in 2024, but just one dozen did so by double-digit percentages.
• Sit back and let dividends do the heavy lifting for a simple, steady path to serious wealth creation over time. Grab a free copy of “2 Legendary High-Yield Dividend Stocks“ now.

Yet that’s not enough of a reason to buy them. You still need to do your due diligence because the list of Dividend Aristocrats is fluid and changes over time. Just last year, Walgreens Boots Alliance (NASDAQ:WBA) slashed its dividend in half after having raised it for nearly 50 consecutive years and it was booted from the list.

While all the companies on the list raised their payouts in 2024, the following 12 stocks are those that raised them by double-digit percentages.

Archer-Daniels-Midland (ADM)

Grains processor Archer-Daniels-Midland (NYSE:ADM) has raised its dividend for 51 straight years while making payments for 92 consecutive years. Not only is it an Aristocrat, but also a Dividend King, or a stock that has increased its payout for over 50 years. 

Archer-Daniels’ dividend rose 11.11% to $2 per share and currently yields 4% annually. It hiked the payout late last January, so it should increase it again later on this month. The increase, though, was greater than its 10-year compound annual growth rate (CAGR) of 7.6%. With a more difficult environment this past year, which lowered operating profits and cash flows, the next increase might not be as big.

Automatic Data Processing (ADP)

Payroll processor Automatic Data Processing (NASDAQ:ADP) hiked its payout 10% in 2024 to $6.16 per share, the 50th consecutive year of increases. President and CEO Maria Black said “Our dividend is a cornerstone of our long-standing commitment to our shareholders and this 10% increase signifies the Board’s confidence in the financial strength of ADP.” ADP, though, has a 13.4% 10-year CAGR for increases, so this is slightly less than usual, though still a strong performance for a company in business for 75 years. The dividend yields 2.1%.

The payroll processor had a good year last year and started off fiscal 2025 on a strong foot with revenue rising 7% to $4.8 billion while profits jumped 11% to $956 million. The stock responded as well, jumping 25% last year.

Aflac (AFL)

Life and health insurance giant Aflac (NYSE:AFL) had one of the largest dividend hikes amongst Dividend Aristocrats last year, raising its payout 16% to $2.32 per share. It is the 42nd consecutive increase and the dividend yields 2.3% annually.

The increase is ahead of its 11.3% 10-year CAGR, but Aflac has been hiking the payout more aggressively over the past few years and has a 16.5% five-year CAGR. In 2023, the insurer hiked the dividend by 19%.

Chairman and CEO Daniel Amos said the company is proud of its track record in raising its dividend, which is a testament to “the strength of our capital and cash flows.” That was reflected in its stock price, which rose 25% last year.

Brown & Brown (BRO)

Insurance brokerage firm Brown & Brown (NYSE:BRO) raised its dividend 15% last October, increasing the quarterly payout to $0.15 per share. It was the company’s 31st consecutive annual dividend increase. The hike was larger than Brown & Brown’s 10-year and five-year CAGRs of 11% and 13%, respectively. The payout yields 0.6%.

The brokerage had a strong performance in 2024 and shares had been up 60% at the start of December, but began falling as sentiment built that the Federal Reserve might not make as many interest rate cuts as previously expected. The potential for a global economic slowdown also weighed on shares, which closed out the year up 43%.

Cintas (CTAS)

Uniform provider Cintas (NASDAQ:CTAS) was also among those offering investors heavy dividend hikes. It raised its quarterly payout 15.6% last July to $1.56 per share. It was the 41st straight increase, which began when it went public in 1983. The dividend yields 0.9%.

President and CEO Todd Schneider said the increase was due to another strong year of growth where it “grew sales and profit again, which is now 53 out of the last 55 years.” The company also completed a 4-for-1 stock split in September.

Ecolab (ECL)

Industrial sanitation and cleaning solutions provider Ecolab (NYSE:ECL) offered a 14% increase in its quarterly dividend to $0.65 per share last month. It was its 33rd straight hike and was well-ahead of its 8.5% 10-year CAGR.

Chairman and CEO Christophe Beck attributed the double-digit increase to Ecolab’s “excellent cash flows, robust balance sheet, and strong business momentum heading into 2025.” Business is growing smartly and Beck guided towards a 12% to 15% increase in adjusted earnings for 2025 and beyond.

Fastenal (FAST)

Industrial and construction supplies distributor Fastenal (NASDAQ:FAST) is a relative newcomer to the Dividend Aristocrat list. When it hiked its dividend 11.4% a year ago, it marked the 25th consecutive time it had done so and allowed it to be included amongst the dividend royalty. The quarterly dividend of $0.39 per share yields 2.2% annually. 

Fastenal also has a history of making special dividend payments. It has issued such one-time dividends in 2008, 2012, 2020, and 2023.

W.W. Grainger (GWW)

W.W. Grainger (NYSE:GWW) is another industrial parts supplier regularly raising its payout. Last April, Grainger increased the quarterly dividend 10% to $2.05 per share, which is its 53rd year of payout hikes, making it a Dividend King as well.

Not only has Grainger routinely raised its dividend, but its stock has been an excellent buy as well. While it had been up as much as 45% last year through the end of November, it closed out the year 27% higher than where it started, beating the performance of the S&P 500. That’s familiar territory for the industrial toolmaker, which has a total return of 383% over the past 10 years versus the index’s 242% return. GWW stock goes for more than $1,041 per share.

Nordson (NDSN)

Nordson (NASDAQ:NDSN) isn’t exactly a household name, but it is a leading manufacturer of equipment used for dispensing adhesives, coatings, sealants, and other materials. It also holds significant market share across its business lines. Nordson raised its quarterly dividend 15% last August to $0.78 per share, marking its 61st straight annual increase, one of the longest streaks of any stock.

CFO Daniel Hopgood said it has been able to run the table on increases because Nordson is “a high quality growth compounder…with a long and rich history of profitability and cash flow.” The dividend yields 1.5% annually.

NextEra Energy (NEE)

Utility operator NextEra Energy (NYSE:NEE) hiked its dividend 10% last February to $0.515 per share, its 28th consecutive increase. The dividend yields 2.9%.

NextEra is the world’s largest generator of renewable energy from wind and solar and is also a top-tier stock in battery storage. In 2022, it set a target of increasing its payout by at least 10% a year through at least 2026 when it expects its dividend will be $2.06 per share.

Roper Technologies (ROP)

Roper Technologies (NASDAQ:ROP) is a diversified software and technology-enabled products company. It has increased its dividend for 32 years in a row, last increasing it by 10% this past November to $0.30 per share on an annual basis. It yields 0.6%.

It maintains a “proven, long-term track record of compounding cash flow and shareholder value” that has supported its payout over the years. Its latest increase, though, was below its 10-year CAGR of more than 15%.

Sherwin-Williams (SHW)

Paint and coatings giant Sherwin-Williams (NYSE:SHW) had the distinction of having the largest dividend increase last year, hiking its payout by 18.2%. It raised its dividend last February to $0.715 per share, marking its 45th consecutive increase.

Like many of the other stocks on the list, Sherwin-Williams was riding high until December when things quickly soured and the stock tumbled. It ended up 9% for the year. However, over the long haul, SHW stock has handily outstripped the performance of the S&P 500, generating total returns of 318%. 

There have been notable dips lower, such as in 2022 after the pandemic boom, but it quickly recovered and went on to rebound higher once again. Expect Sherwin-Williams to rise going forward.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.