Dividend Aristocrat Dover Corporation (DOV) will raise its quarterly dividend by another 1 percent to 50 cents per share in 2021. This comes after a dividend hike of 1.0 percent to 49.5 cents per share in 2020 and a 2.1 percent hike to $0.49 per share in 2019. This new hike will mark 66 consecutive years of dividend increases.
This next dividend will be paid on September 15, 2021, to shareholders of record as of August 31, 2021. A new annual rate of $2.00 yields 1.2% at a stock price of $169.49.
After this increase Dover will pay its shareholders approximately $288 million in dividends annually. The 1.0 percent dividend hike matches 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.