Week 35: Big dividend hikes by AFG, CBOE, EGP and HRB in 2024

🚀 16 dividend hikes and 1 big cut from August 15 to August 23 📈

From August 15 to August 23, 2024 (week 34/35) we have registered 20 dividend increases in the United States and 1 big dividend cut. Here is a summary of the most recent dividend increases, along with a brief description of each company's business. Vitus Investment Partners announced the biggest dividend hike, with Medical Properties Trust announcing a big cut for the second consecutive year.

Several stocks announced multiple dividend hikes this year, including Murphy USA, Northrim BanCorp and United Bancorp.

Stocks not displayed in the table below are Altria, Alpine Income Property Trust, Coca-Cola Consolidated and Avnet (these four had already been mentioned earlier on dividendhike.com).

The biggest US dividend hikes from August 15 to 23, 2024 (click for larger image)

1. Virtus Investment Partners Inc (VRTS)

   • 2024 Dividend Hike: 18.4%

   • Dividend Yield: 4.2%

   • Track Record: 7 consecutive years of dividend increases, with a 5-year CAGR of 27.4%.

   • Business: Virtus Investment Partners is a multi-boutique asset management firm that provides investment strategies to institutions and individuals.

2. H & R Block Inc (HRB)

   • 2024 Dividend Hike: 17.2%

   • Dividend Yield: 2.4%

   • Track Record: 9 consecutive years of dividend increases, with a 5-year CAGR of 7.6%.

   • Business: H & R Block is a tax preparation company that offers income tax return services in the United States, Canada, and Australia.

3. Cboe Global Markets Inc (CBOE)

   • 2024 Dividend Hike: 14.5%

   • Dividend Yield: 1.2%

   • Track Record: 14 consecutive years of dividend increases, with a 5-year CAGR of 11.8%.

   • Business: Cboe Global Markets operates financial exchanges worldwide, including options, futures, U.S. and European equities, and foreign exchange markets.

4. American Financial Group Inc (AFG)

   • 2024 Dividend Hike: 12.7% to $0.80 quarterly per share

   • Dividend Yield: 2.2%

   • Track Record: 19 consecutive years of dividend increases, with a 5-year CAGR of 12.2%.

   • Business: American Financial Group is an insurance holding company primarily engaged in property and casualty insurance, focusing on specialized commercial products for businesses.

5. Eastgroup Properties Inc (EGP)

   • 2024 Dividend Hike: 10.2% to $1.40 quarterly

   • Dividend Yield: 3.0%

   • Track Record: 29 consecutive years of dividend increases, with a 5-year CAGR of 13.3%.

   • Business: Eastgroup Properties is a real estate investment trust (REIT) that focuses on the development, acquisition, and operation of industrial properties in major Sunbelt markets throughout the United States.

6. Murphy USA (MUSA)

   • 2024 Dividend Hike: 9.8% (three dividend hikes YTD)

   • Dividend Yield: 0.4%

   • Track Record: 4 consecutive years of dividend increases.

   • Business: Murphy USA operates a chain of retail gas stations primarily located near Walmart stores across the Southern and Midwestern United States.

7. Winnebago Industries Inc (WGO)

   • 2024 Dividend Hike: 9.7%

   • Dividend Yield: 2.2%

   • Track Record: 9 consecutive years of dividend increases, with a 5-year CAGR of 25.3%.

   • Business: Winnebago Industries is a leading manufacturer of recreational vehicles (RVs) and marine products, known for its motorhomes and travel trailers.

8. First Capital Inc (FCAP)

   • 2024 Dividend Hike: 7.4%

   • Dividend Yield: 3.6%

   • Track Record: 2 consecutive years of dividend increases, with a 5-year CAGR of 3.9%.

   • Business: First Capital is a bank holding company that provides a range of financial services, including savings and checking accounts, loans, and mortgages through its subsidiary, First Harrison Bank.

9. Martin Marietta Materials Inc (MLM)

   • 2024 Dividend Hike: 6.8%

   • Dividend Yield: 0.6%

   • Track Record: 9 consecutive years of dividend increases, with a 5-year CAGR of 7.5%.

   • Business: Martin Marietta Materials supplies aggregates and heavy building materials, including crushed stone, sand, gravel, and cement, used in infrastructure projects.

10. MGE Energy (MGEE)

    • 2024 Dividend Hike: 5.3%

    • Dividend Yield: 2.1%

    • Track Record: 49 consecutive years of dividend increases, with a 5-year CAGR of 5.0%.

    • Business: MGE Energy is a public utility holding company that provides electricity and natural gas services to customers in Wisconsin through its subsidiary, Madison Gas and Electric.

11. United Bancorp Inc (UBCP)

    • 2024 Dividend Hike: 4.4% to $0.1775 quarterly (3 increases YTD)

    • Dividend Yield: 5.8%

    • Track Record: 12 consecutive years of dividend increases, with a 5-year CAGR of 4.6%.

    • Business: United Bancorp is a bank holding company that provides commercial and retail banking services through its subsidiary, Unified Bank, serving communities in Ohio and West Virginia.

12. United Community Banks Inc (UCB)

    • 2024 Dividend Hike: 4.3%

    • Dividend Yield: 3.2%

    • Track Record: 10 consecutive years of dividend increases, with a 5-year CAGR of 5.9%.

    • Business: United Community Banks is a regional bank that offers a variety of financial services, including deposit accounts, loans, and wealth management, across the Southeastern United States.

13. SS&C Technologies Holdings Inc (SSNC)

    • 2024 Dividend Hike: 4.2%

    • Dividend Yield: 1.3%

    • Track Record: 8 consecutive years of dividend increases, with a 5-year CAGR of 14.9%.

    • Business: SS&C Technologies provides software and services to the financial services and healthcare industries, including investment management, financial advisory, and insurance.

14. MDU Resources Group Inc (MDU)

    • 2024 Dividend Hike: 4.0%

    • Dividend Yield: 2.1%

    • Track Record: 1 year of dividend increase.

    • Business: MDU Resources is a diversified natural resource company involved in regulated energy delivery, construction materials, and services, primarily operating in the United States.

15. Northrim BanCorp Inc (NRIM)

    • 2024 Dividend Hike: 3.3% to $0.62 quarterly (2 increases YTD)

    • Dividend Yield: 3.7%

    • Track Record: 15 consecutive years of dividend increases, with a 5-year CAGR of 13.4%.

    • Business: Northrim BanCorp operates as the bank holding company for Northrim Bank, offering personal and business banking services in Alaska.

16. Stock Yards Bancorp Inc (SYBT)

    • 2024 Dividend Hike: 3.3%

    • Dividend Yield: 2.1%

    • Track Record: 15 consecutive years of dividend increases, with a 5-year CAGR of 2.8%.

    • Business: Stock Yards Bancorp provides commercial and personal banking services, investment management, and trust services, primarily in Louisville, Kentucky.

17. Medical Properties Trust Inc (MPW)

    • 2024 Dividend Change: -46.7%

    • Dividend Yield: 7.3%

    • Track Record: MPW just announced a massive dividend cut, following a similar sized cut in 2023.

    • Business: Medical Properties Trust is a REIT that invests in healthcare facilities, primarily hospitals, and leases these properties to healthcare operators under long-term net leases.

Disclaimer: The information provided here is for informational purposes only and should not be considered financial advice. Investors should conduct their own research or consult with a financial advisor before making any investment decisions.