In this article, we will take a look at special dividend stocks.
A special dividend is a one-time cash payout that typically follows a significant cash windfall, such as the sale of part of a company or an exceptionally strong financial year. While these dividends are usually one-off events, some companies do issue them more regularly.
According to a report by Janus Henderson, global dividend payments hit a record $1.75 trillion in 2024, reflecting a 6.6% increase on an underlying basis. However, overall (headline) growth stood at 5.2%, partly due to fewer special dividends and the impact of a stronger US dollar. Special dividends dropped to $57.4 billion in 2024, down from $67.8 billion in 2023, which reduced headline growth by 0.7 percentage points. Because these one-time payouts are unpredictable, they are excluded from the underlying growth calculations.
Costco issued the largest special dividend of the year, totaling $6.6 billion. The US retailer typically distributes special dividends when excess cash builds up on its balance sheet. Similarly, Equinor, a Norwegian oil firm, has paid out substantial special dividends— often exceeding its regular dividends over the past three years— reflecting its cautious approach to setting expectations for ongoing dividend payments.
Given this, we will take a look at some of the best special dividend stocks.
Our Methodology
For this list, we selected US companies that have paid special dividends in 2025 so far. Some of these companies do not have regular dividend policies but have distributed special dividends to reward their shareholders this year. We measured hedge fund sentiment around each stock according to Insider Monkey’s database of 1,000 funds as of Q1 2025. The stocks are ranked in ascending order of the number of funds that have stakes in them as of Q1.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
14. Summit Bancshares, Inc. (OTC:SMAL)
Number of Hedge Fund Holders: N/A
Summit Bancshares, Inc. (OTC:SMAL), operating through its subsidiary Summit Bank, delivers a range of commercial lending and banking services across California. Its offerings include checking and savings accounts, along with certificates of deposit. The company also extends various types of loans, such as those for commercial real estate, land development, construction, and both business and personal needs. In addition, it issues letters of credit.
At its meeting on April 16, 2025, the Board of Directors of Summit Bancshares, Inc. (OTC:SMAL) announced a special cash dividend of $0.43 per share to mark the bank’s 43rd anniversary. This special payout replaces the company’s regular quarterly dividend.
Summit Bancshares, Inc. (OTC:SMAL) has a strong track record of returning value to shareholders through special dividends, having issued several of them since 2016.
13. Security Federal Corporation (OTC:SFDL)
Number of Hedge Fund Holders: N/A
Security Federal Corporation (OTC:SFDL) provides a comprehensive range of personal and business banking services, including online and mobile banking, online bill payment, and a wide selection of loan options for consumers, businesses, and mortgages.
In March, Security Federal Corporation (OTC:SFDL) declared a special dividend of $0.10 per share. Chief Executive Officer J. Chris Verenes expressed that the company was pleased to offer shareholders an additional payment due to sustained profitability. He noted that this was a special dividend and mentioned that any future dividends would depend on the Board’s evaluation of the company’s financial health, earnings, and capital needs.
Security Federal Corporation (OTC:SFDL) currently offers a quarterly dividend of $0.15 per share and has a dividend yield of 1.94%, as of July 23. The recent quarterly dividend was the company’s 138th straight quarterly dividend paid to shareholders since the Bank transitioned from a mutual to a stock-owned structure in October 1987.
12. Permianville Royalty Trust (NYSE:PVL)
Number of Hedge Fund Holders: 1
Permianville Royalty Trust (NYSE:PVL), established as a statutory trust in Delaware, holds a net profits interest that entitles it to receive 80% of the net profits from the sale of oil and natural gas. These earnings come mainly from non-operated assets, including conventional properties in Texas, Louisiana, and New Mexico, as well as unconventional sites located in the Permian and Haynesville basins.
Due to the ongoing net profits shortfall— which decreased from around $1.4 million last month to about $1.1 million this month— Permianville Royalty Trust (NYSE:PVL) did not issue a distribution in April 2025 to unitholders of record as of March 31, 2025, based on the monthly net profits interest calculation. However, the company has declared a special dividend of $0.0085 per share instead.
Permianville Royalty Trust (NYSE:PVL) has previously issued special dividends as part of its overall approach to dividend payments.
11. SunLink Health Systems, Inc. (NYSEAMERICAN:SSY)
Number of Hedge Fund Holders: 1
SunLink Health Systems, Inc. (NYSEAMERICAN:SSY) delivers healthcare products and services in the southeastern US through its subsidiaries. Its operations are divided into two main segments: Healthcare Services and Pharmacy.
On July 21, SunLink Health Systems, Inc. (NYSEAMERICAN:SSY) announced that its Board of Directors had approved a special cash dividend ahead of its planned merger with Regional Health Properties, as outlined in the amended merger agreement dated April 14, 2025. The special dividend, set at $0.10 per share, will be paid in cash to shareholders of record as of July 29, 2025. With 7,040,603 shares of SunLink’s common stock outstanding as of June 20, 2025, the total estimated payout is approximately $704,600. The dividend is scheduled to be distributed on July 30, 2025.
SunLink Health Systems, Inc. (NYSEAMERICAN:SSY) does not typically issue dividends, and this marked its first announcement of a special dividend.
10. Viomi Technology Co., Ltd (NASDAQ:VIOT)
Number of Hedge Fund Holders: 3
Viomi Technology Co., Ltd (NASDAQ:VIOT) , a prominent provider of home water solutions in China, revealed on July 14 that its board of directors has approved a special dividend of $0.0293 per ordinary share, or $0.0880 per American depositary share (ADS). The total value of this special dividend is expected to be around $6 million.
Mr. Xiaoping Chen, Founder and CEO of Viomi Technology Co., Ltd (NASDAQ:VIOT), shared that after successfully completing a strategic business restructuring in 2024, the company had intensified its focus on home water solutions and moved forward with its “Global Water” strategy. He noted that the launch of the Kunlun 4 Pro Alkaline Mineral Water Purifier marked a significant step, introducing mildly alkaline mineral water to customers and aiming to shift household standards from purified water to purified mineral water.
Alongside this, Viomi Technology Co., Ltd (NASDAQ:VIOT) had been improving operational efficiency within China while expanding internationally, which contributed to notable progress. He also mentioned that with consistent business growth, the company had managed to turn its operations around, marking an important achievement in its journey.
9. GDEV Inc. (NASDAQ:GDEV)
Number of Hedge Fund Holders: 5
GDEV Inc. (NASDAQ:GDEV) is a gaming and entertainment holding company dedicated to expanding and developing its portfolio of game franchises across multiple genres and platforms. Through its subsidiaries— such as Nexters and Cubic Games— it aims to produce games that captivate and entertain millions of players over the long term. Its popular titles, including Hero Wars, Island Hoppers, and Pixel Gun 3D, have collectively surpassed 550 million downloads and generated $2.5 billion in global bookings.
On February 21, GDEV Inc. (NASDAQ:GDEV) announced that its Board of Directors had approved a one-time special cash dividend of $3.31 per share. This payout represents roughly a 20% yield, based on the volume-weighted average share price over the previous 30 trading days.
The special dividend, amounting to around $60 million in total, will be funded using profits the company has accumulated in recent years. It represents part of GDEV’s total cash holdings, which stood at approximately $153 million as of the third quarter of 2024.
8. International General Insurance Holdings Ltd. (NASDAQ:IGIC)
Number of Hedge Fund Holders: 7
International General Insurance Holdings Ltd. (NASDAQ:IGIC) is a specialty insurance provider that offers coverage for both long-tail and short-tail risks, along with reinsurance services. By focusing on niche and complex markets with limited competition, IGI is able to maintain a strong position in underwriting. The company follows a careful and disciplined risk selection strategy, which has consistently led to performance that exceeds industry standards. Its combined ratio has remained well under 100%, supporting sustained profitability over the long term.
In March, International General Insurance Holdings Ltd. (NASDAQ:IGIC) declared a special dividend of $0.025 per share, in addition to the company’s regular dividend. On May 15, the company declared a 100% hike in its quarterly dividend to $0.05 per share. It remained committed to its shareholder obligation, returning $43.5 million to investors through regular and supplemental dividends in the first quarter of 2025.
International General Insurance Holdings Ltd. (NASDAQ:IGIC) has a dividend yield of 0.83%, as recorded on July 23.
7. Crescent Capital BDC, Inc. (NASDAQ:CCAP)
Number of Hedge Fund Holders: 8
In February, Crescent Capital BDC, Inc. (NASDAQ:CCAP) announced a regular first-quarter 2025 dividend of $0.42 per share, along with three special cash dividends of $0.05 per share each, scheduled for distribution in March, June, and September 2025. However, no supplemental dividend was declared for the fourth quarter due to constraints related to measurement test limits.
Crescent Capital BDC, Inc. (NASDAQ:CCAP) closed the year with a diversified portfolio valued at $1.6 billion, spread across 185 companies. The firm kept 90% of its investments in first-lien loans. Non-accruals remained low, accounting for just 0.9% of total debt investments at fair value, below the industry average.
Crescent Capital BDC, Inc. (NASDAQ:CCAP) currently offers a quarterly dividend of $0.42 per share and has an attractive dividend yield of 12.27%, as of July 23. It is a specialty finance firm that provides loans to middle-market businesses. Its main goal is to deliver strong overall returns to shareholders by generating steady income and potential capital gains through a mix of debt and related equity investments.
6. CuriosityStream Inc. (NASDAQ:CURI)
Number of Hedge Fund Holders: 13
CuriosityStream Inc. (NASDAQ:CURI), previously known as CuriosityStream, is an American media company that provides a subscription-based streaming service focused on documentaries. Its content includes films, series, and television programs. With millions of subscribers globally and a vast library of titles, the company runs its main streaming platform, Curiosity Stream, which is accessible in over 175 countries.
On June 13, CuriosityStream Inc. (NASDAQ:CURI) declared a special dividend of $0.10 per share. This one-time special dividend is in addition to the company’s regular quarterly dividends, which were first introduced in April 2024. Since then, the company has raised its annual dividend from the initial rate of $0.10 per share to the current level of $0.32 per share. The stock has a dividend yield of 6.88%, as of July 23.
5. CNA Financial Corporation (NYSE:CNA)
Number of Hedge Fund Holders: 18
CNA ranks among the largest commercial property and casualty insurers in the US. With over 125 years of industry experience, the company offers a wide selection of both standard and specialized insurance solutions for businesses and professionals across the US, Canada, and Europe.
CNA Financial Corporation (NYSE:CNA) announced a special dividend of $2.00 per share in February this year. The company has a strong track record of dividend payments, having issued special dividends regularly since 2014. In addition, it has been growing its payouts for eight consecutive years. Currently, it offers a quarterly dividend of $0.46 per share, having raised it 5% earlier this year. As of July 23, the stock has a dividend yield of 4.13%.
4. SITE Centers Corp. (NYSE:SITC)
Number of Hedge Fund Holders: 19
In June, SITE Centers Corp. (NYSE:SITC) announced that it has completed the sale of The Promenade at Brentwood in Missouri for $71.6 million and Chapel Hills West in Colorado Springs for $23.7 million, before accounting for closing costs, prorations, and other adjustments. Part of the net proceeds was used to pay down $13.9 million in mortgage debt.
In addition, SITE Centers Corp. (NYSE:SITC)’s Board of Directors declared a special cash distribution of $1.50 per common share. The company stopped paying regular dividends in 2024.
SITE Centers Corp. (NYSE:SITC) owns and manages open-air shopping centers mainly situated in suburban areas with high household incomes. The company operates as a fully integrated real estate investment trust (REIT) that is both self-managed and self-administered.
3. American Financial Group, Inc. (NYSE:AFG)
Number of Hedge Fund Holders: 23
In February 2025, American Financial Group, Inc. (NYSE:AFG) declared a special dividend of $2.00 per share. The company stated that the total special dividend would amount to approximately $170 million. Since the start of 2021, the company has declared special dividends totaling $52.00 per share, including $6.50 per share in 2024.
AFG’s Co-Chief Executive Officers, S. Craig Lindner and Carl H. Lindner III, explained that returning capital to shareholders through regular and special cash dividends, as well as opportunistic share buybacks, is a key part of the company’s capital management approach. They also noted that the company plans to invest its capital in its core businesses to pursue healthy, profitable organic growth and to expand its specialty niche businesses through acquisitions and start-ups that meet its targeted return goals.
American Financial Group, Inc. (NYSE:AFG) headquartered in Cincinnati, Ohio, is an insurance holding company. Its main business, conducted through Great American Insurance Group, centers on property and casualty insurance, with a focus on specialized commercial insurance products for businesses.
American Financial Group, Inc. (NYSE:AFG) currently offers a quarterly dividend of $0.80 per share and has a dividend yield of 2.49%, as of July 23.
2. Sun Communities, Inc. (NYSE:SUI)
Number of Hedge Fund Holders: 27
Founded in 1975, Sun Communities, Inc. (NYSE:SUI) became a publicly traded company in December 1993. It operates as a fully integrated real estate investment trust (REIT). As of March 31, 2025, the company owned, managed, or held interests in a portfolio of 502 developed properties for manufactured housing (MH), recreational vehicles (RV), and communities in the UK, totaling around 174,850 developed sites across the US, Canada, and the United Kingdom.
On May 6, Sun Communities, Inc. (NYSE:SUI) declared a 10.6% hike in its quarterly dividend to $1.04 per share. This marked the company’s ninth consecutive year of dividend growth. The Board of Directors also approved a one-time special cash payout of $4.00 for each common share and unit, totaling around $520 million. SUI offers a quarterly dividend of 3.44%, as of July 23.
1. Clear Secure, Inc. (NYSE:YOU)
Number of Hedge Fund Holders: 28
Clear Secure, Inc. (NYSE:YOU), commonly known as CLEAR, is a subscription-based service that speeds up identity verification and security screening at airports and other locations by using biometric data such as fingerprints and iris scans.
On February 21, Clear Secure, Inc. (NYSE:YOU) declared a special cash dividend of $0.27 per share, in addition to its regular quarterly dividend. The company highlighted that it would cover the dividend payments using its share of cash distributions from Alclear Holdings, LLC, which will be made to all its members. These distributions include both a required tax-related payment and an optional, discretionary payout.
Clear Secure, Inc. (NYSE:YOU) has a strong cash position as the company reported an operating cash flow of $98.3 million in the first quarter of 2025. Its free cash flow amounted to $91.3 million. The company started paying dividends in 2022 and has raised its payout by 54.6% during this period. In addition, it also announced special dividends three times. Currently, the company pays a quarterly dividend of $0.125 per share and has a dividend yield of 1.67%, as of July 23.
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