Dividend Aristocrat Dover Corporation (DOV) will raise its quarterly dividend by 1.0 percent to 49.5 cents per share in 2020. This follows a 2.1 percent to $0.49 per share in 2019 and will mark 65 consecutive years of dividend increases.

This next dividend will be paid on September 15, 2020, to shareholders of record as of August 31, 2020. A new annual rate of $1.98 yields 1.8% at a stock price of $109.95.

In the press release announcing this dividend hike Dover states sthat this is the 65th consecutive year in which the Company has increased its annual cash dividend, demonstrating Dover's longstanding commitment to returning capital to shareholders.

After this increase Dover will pay its shareholders approximately $285 million in dividends annually. The 1.0 percent dividend hike is the smallest announced by the company in many years. Because of the small increases since 2018 the average 5 year dividend growth rate drops to 3.3 percent. The last time Dover hiked its dividend by double digits was in 2012 with a 11.1 percent dividend increase announced at the time.

Dover Corporation is a global manufacturer and solutions provider. The company delivers equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Fueling Solutions, Imaging & Identification, Pumps & Process Solutions and Refrigeration & Food Equipment. Dover Corporation is a Dividend Aristocrat and has paid a dividend to shareholders every year since at least 1955.