These 10 Companies Recently Increased Their Dividends

Published July 25, 2022 at 9:11 am EDT Updated September 7, 2026 at 2:19 pm EDT

In this article, we discuss 10 companies that recently raised their dividends.

In 2022, many companies raised their dividends steadily as their financial health recovered after the Covid-19 pandemic. Nearly 81% of the companies that issued payouts in the first quarter of 2022, raised their dividend year-over-year, as reported by Janus Henderson Group. For FY’22, FactSet estimates that dividend per share for the S&P 500 companies could represent an 8% year-over-year growth, compared with an early January forecast of 7% growth.

According to S&P Dow Jones Indices’ latest report, annual dividend payouts achieved new records every year for the past decade, except for a decrease in payments in 2020. In the second quarter of 2022, dividend payments amounted to $140.6 billion, up from $123.4 billion during the same period last year. Dave Sekera, a market strategist at Morningstar, said that investors move towards dividend-paying companies as they offer higher levels of free cash flow, which generate passive income for investors. He further asserted that dividend stocks are valued more by investors this year due to rising interest rates, inflation, and fears of recession. Moreover, stocks that have a solid history of raising dividends like Merck & Co., Inc. (NYSE:MRK), Johnson & Johnson (NYSE:JNJ), and The Coca-Cola Company (NYSE:KO) are gaining ground among investors.

According to Janus Henderson, the growth in dividend payments is expected to continue for the rest of the fiscal year and estimates $1.54 trillion in global dividend payments at the end of the year, a 7.1% increase on an underlying basis. Considering this, we will discuss the companies that have recently increased their dividends.

Photo by Andres Perez on Unsplash

Our Methodology:

For this list, we selected companies that increased their dividends in July 2022. The dividend yields for the below-mentioned stocks were considered as of July 21.

Latest Dividend Hikes to Watch

10. Landstar System, Inc. (NASDAQ:LSTR)

Dividend Yield as of July 21: 0.66%

Landstar System, Inc. (NASDAQ:LSTR) is a Florida-based transport company, that specializes in logistics and provides transportation management solutions.

At the end of Q2 2022, Landstar System, Inc. reported total assets worth over $1.5 billion, down slightly from $1.52 billion in December 2021. The company’s operating cash flow came in at $276.7 million in 2021, up from $210.7 million in 2020. On July 20, Landstar System, Inc. raised its quarterly dividend by 20% to $0.30 per share. The dividend is payable on August 26, to shareholders of record on August 8. As of July 21, the stock’s dividend yield was recorded at 0.66%.

In July, Evercore ISI lowered its price target on Landstar System, Inc. to $161, with an In-Line rating on the shares, expecting a slower economic growth for the transportation sector.

At the end of Q1 2022, 22 hedge funds in Insider Monkey’s database owned stakes in Landstar System, Inc., down from 25 a quarter earlier. The combined value of these stakes is over $235.5 million. Among these hedge funds, AQR Capital Management was the company’s largest shareholder at the end of March 2022.

In addition to famous dividend stocks, such as Merck & Co., Inc., Johnson & Johnson, and The Coca-Cola Company, Landstar System, Inc. also offers stable dividends to shareholders.

Ensemble Capital mentioned Landstar System, Inc. in its Q3 2021 investor letter. Here is what the firm has to say:

“Landstar: The global supply chain has been in the news a lot in the past eighteen months. In 2020, the threat of COVID and related lockdowns shuttered “non-essential” production. While most logistics companies were considered “essential,” they naturally scaled back as well. Layoffs or furloughs were common. Some cargo ships, planes, and trucks were temporarily taken off-line as the world sorted itself out.

And then just like that, the world economy came roaring back – and faster than expected. The American consumer in particular started spending and the global supply chain was not fully prepared for it. Dozens of cargo ships are currently stuck offshore waiting to unload at the port of Los Angeles, warehouses are full, trucks are hard to come by, and freight rates have surged higher due to the supply and demand imbalance. In a recent Financial Times article, the CEO of APM Terminals (a division of Maersk) said, “We need lower [consumer demand] growth to give the supply chain time to catch up, or differently spread out growth.” (Click here to see full text).

9. Greene County Bancorp, Inc. (NASDAQ:GCBC)

Dividend Yield as of July 21: 1.14%

Greene County Bancorp, Inc. (NASDAQ:GCBC) is an American bank holding company that provides full-service banking, including retail, commercial, and investment management.

At the end of Q1 2022, Greene County Bancorp, Inc. reported $2.5 billion in total assets, up 14.6% from the same period last year. The company’s cash and cash equivalents came in at $150.6 million at the end of the quarter, compared with $149 million in the prior-year period. Greene County Bancorp, Inc. also holds a very strong dividend history, making dividend payments since 2000. The company also maintains an 8-year track record of consistent dividend growth. On July 20, it raised its quarterly payout by 7.7% to $0.14 per share. The dividend is payable on August 31, for shareholders of the company on August 15. As of July 21, the stock’s dividend yield stood at 1.14%.

At the end of Q1 2022, 6 hedge funds held investments in Greene County Bancorp, Inc., up from 1 in the previous quarter. The combined value of these investments stood at roughly $3.5 million.

8. EQT Corporation (NYSE:EQT)

Dividend Yield as of July 21: 1.20%

EQT Corporation (NYSE:EQT) is a Pennsylvania-based energy company that specializes in the exploration of hydrocarbon and pipeline transport.

In Q1 2022, EQT Corporation generated $580 million in free cash flows, up from $259 million during the same period last year. It returned $816 million in shareholder buybacks and dividends during the quarter. For FY22, the company expects its free cash flow to reach $2.35 billion, indicating future dividend payments. EQT Corporation froze its dividends in 2020 due to the pandemic and reinstated its payouts in February 2022. The company raised its quarterly dividend by 20% on July 20 to $0.15 per share. The stock’s dividend yield was recorded at 1.20% on July 21.

In July, Citigroup appreciated the scale and operational efficiency gains of EQT Corporation and assumed its coverage on the stock with a Buy rating and a $48 price target.

Dan Loeb’s Third Point owned nearly 9 million shares in EQT Corporation, becoming the company’s largest shareholder in Q1 2022. Overall, 52 hedge funds in Insider Monkey’s database owned stakes in the company in Q1, up from 46 a quarter earlier. These stakes are collectively valued at over $2.1 billion.

ClearBridge Investments mentioned EQT Corporation in its Q1 2022 investor letter. Here is what the firm has to say:

“In the early days of the invasion, we made two measured changes to the portfolio based on the longer-term fallout we anticipate from Russia’s invasion of Ukraine. First, we initiated small positions in U.S. natural gas producer EQT (NYSE:EQT).

Given its superior environmental profile compared to other fossil fuels, we have long favored natural gas in our energy holdings. Combustion of natural gas releases 50% less CO2 than coal, 25% less CO2 than gasoline and dramatically less particulate and pollution, per the U.S. Energy Information Administration. With the advances in shale production this century, the U.S. has become a natural gas powerhouse with some of the lowest-cost and largest reserves in the world. But because natural gas is difficult to ship across the ocean (it must be liquefied, which requires expensive infrastructure on both ends of the voyage), America’s gas bounty has ironically proved a burden for U.S. producers. (Click here to see full text)

7. Scholastic Corporation (NASDAQ:SCHL)

Dividend Yield as of July 21: 1.65%

Scholastic Corporation (NASDAQ:SCHL) is a New York-based multinational publishing company that publishes and distributes comics, books, and educational materials for institutions. The company’s products are distributed via retail and online sales.

In fiscal Q3 2022, Scholastic Corporation generated $23.4 million in free cash flow, up from $5.5 million in the same period last year. The company distributed $5.2 million in dividends during the quarter, up from $5.1 million in the previous quarter. On July 20, Scholastic Corporation raised its quarterly dividend by 33% to $0.20 per share. This was the company’s first dividend raise since 2013. The dividend is payable on September 15, for shareholders of record on August 31. As of July 21, the stock’s dividend yield came in at 1.65%.

The number of hedge funds tracked by Insider Monkey owning stakes in Scholastic Corporation stood at 16 at the end of March 2022, up from 12 funds in the previous quarter. These stakes hold a consolidated value of $45.8 million.

6. PPG Industries, Inc. (NYSE:PPG)

Dividend Yield as of July 21: 1.94%

PPG Industries, Inc. (NYSE:PPG) manufactures and supplies paints, coatings, and specialty materials. The company operates in over 70 countries around the globe.

At the end of Q1 2022, PPG Industries, Inc. had cash and short-term investments amounting to $1 billion, with total assets standing at $7.6 billion. The company paid $139 million in dividends to shareholders, up from $128 million in the previous quarter. On July 21, PPG Industries, Inc. hiked its quarterly dividend by 5% to $0.62 per share. The company maintains a 51-year track record of dividend growth, falling into the category of Dividend Kings. The stock’s dividend yield stood at 1.94%, as of July 21.

In June, Vertical Research upgraded PPG Industries, Inc. to Buy from Hold, with a $139 price target, appreciating the stock’s compelling value. In addition to this, BofA also has a Buy rating on the stock in July.

At the end of March 2022, 33 hedge funds in Insider Monkey’s database owned stakes in PPG Industries, Inc., valued at $441.3 million. In the previous quarter, 34 hedge funds held positions in the company, with stakes worth nearly $500 million. First Eagle Investment Management was the company’s leading shareholder at the end of Q1.

Like Merck & Co., Inc., Johnson & Johnson, and The Coca-Cola Company, analysts and investors are also favoring PPG in the current market downturn.

ClearBridge Investments mentioned PPG Industries, Inc. in its Q1 2022 investor letter. Here is what the firm has to say:

“While commodities-exposed areas of the materials sector such as mining and steel fared well in the quarter, we tend to have less direct exposure to commodities across our portfolio. Holdings like paint and coating company PPG Industries (NYSE:PPG) that use natural gas and oil related products as feedstock into their products faced sharp input cost escalation, driving meaningful margin compression, which was not well-received by investors. While negative in the short term, we remain confident that the company will be able to adjust pricing accordingly and recover margins over the medium term.”

5. Bank of America Corporation (NYSE:BAC)

Dividend Yield as of July 21: 2.52%

Bank of America Corporation (NYSE:BAC) is a multinational investment bank and financial services holding company headquartered in North Carolina.

In Q2 2022, Bank of America Corporation reported average deposits of $2 trillion, up 7% from the previous quarter. The company returned $2.7 billion to shareholders in dividends and share buybacks during the quarter. On July 20, Bank of America Corporation declared a 5% hike in its quarterly dividend to $0.22 per share. This was the company’s 9th consecutive year of dividend increase. As of July 21, the stock’s dividend yield came in at 2.52%.

In July, Societe Generale upgraded Bank of America Corporation to Buy with a $37.5 price target, highlighting the company’s loan portfolio and sensitivity to rising interest rates.

At the end of Q1 2022, 99 hedge funds in Insider Monkey’s database owned stakes in Bank of America Corporation, up from 84 in the previous quarter. These stakes are collectively valued at over $45.4 billion. Berkshire Hathaway held the largest stake in the company in Q1, worth $41.6 billion.

Miller Value Partners mentioned Bank of America Corporation in its Q1 2022 investor letter. Here is what the firm has to say:

“There are many times when volatility and beta give false signals. Banks outperformed in the post-tech bubble bear market of the early 2000s. At the market peak prior to the financial crisis (when risk was the highest in those names!), Bank of America (NYSE:BAC) had a 0.9x beta (based on the trailing 5 years) suggesting its “risk” was below the market’s. Wrong! It massively underperformed in the financial crisis. Realized beta over the 5 years from the pre-crisis’ 2006 peak measured 2.3x.

A much better indicator of actual risk, both before and after the financial crisis, was the quality of the balance sheet and risk-taking appetite. Beta is backwards looking and non-stationary. Relying on it underestimated risk going into the financial crisis and overestimated coming out of it (its beta has continued to fall over the past decade).

We care greatly about risk. We spend a significant amount of time thinking about the risks to our investments. We measure risk as permanent impairment of capital, which means the prices and values don’t bounce back. Business fundamentals determine risk.”

4. Community Bank System, Inc. (NYSE:CBU)

Dividend Yield as of July 21: 2.63%

Community Bank System, Inc. (NYSE:CBU) is a New York-based commercial bank, that offers a range of commercial and retail banking services.

At the end of Q1 2022, Community Bank System, Inc. reported cash and cash equivalents of over $1.02 billion, with total assets amounting to $15.6 billion, up from $15.4 billion in the previous quarter. On July 20, the company raised its quarterly dividend by 2.3% to $0.44 per share. The dividend is payable on October 10, for shareholders of record on September 15. The company has been raising its dividends consistently for the past 30 years. As of July 21, the stock’s dividend yield came in at 2.63%.

At the end of March 2022, 14 hedge funds held stakes in Community Bank System, Inc., the same as in the previous quarter, according to Insider Monkey’s database. The stakes owned by these hedge funds are collectively valued at $36.6 million. GLG Partners was the company’s leading shareholder in the first quarter of 2022.

3. Stanley Black & Decker, Inc. (NYSE:SWK)

Dividend Yield as of July 21: 2.75%

An American manufacturing company, Stanley Black & Decker, Inc. has been making dividend payments since 1876 and maintains a 54-year streak of dividend growth. In the first quarter of 2022, the company’s free cash flow was recorded at $246.1 million, and expects the number to fall between $1 billion to $1.5 billion in FY22. Stanley Black & Decker, Inc. paid over $116 million in dividends to shareholders during the quarter, up from $110.1 million paid during the same period last year.

On July 20, Stanley Black & Decker, Inc. declared a quarterly dividend of $0.80 per share, up 1.3% from the previous dividend. The dividend is payable on September 20, for shareholders of the company on September 6. As of July 21, the stock’s dividend yield came in at 2.75%.

In July, Deutsche Bank lowered its price target on Stanley Black & Decker, Inc. to $128, highlighting a challenging Q2 earnings season. However, the firm has a Buy rating on the stock due to expected growth in the demand for industrial products.

According to Insider Monkey’s data, Stanley Black & Decker, Inc. was a part of 38 hedge fund portfolios in Q1, down from 42 in the previous quarter. These hedge funds owned stakes worth over $922 million in the company. Gates Capital Management was the company’s largest stakeholder in Q1, owning nearly 1.5 million SWK shares.

Saturna Capital mentioned Stanley Black & Decker, Inc. in its Q3 2021 investor letter. Here is what the firm has to say:

“Stanley Black &Decker performed well through the first part of the year but struggled over the summer. China accounts for much of its production, and their zero-tolerance approach to pandemic safety measures has led to disruption, compounded by shipping difficulties and rising materials expenses. We still believe one outcome of the pandemic will be a buoyant home improvement market, given that one never knows when the next pandemic lockdown may occur.”

2. Regions Financial Corporation (NYSE:RF)

Dividend Yield as of July 21: 3.35%

Regions Financial Corporation (NYSE:RF) is an American bank holding company that provides services related to saving, mortgages, and investing.

Regions Financial Corporation has been a dividend-payer for the past 32 years and has raised its payouts consecutively for 9 years. In 2017, the company grew its dividends twice, when the Feds raised the interest rates. In Q2 2022, it paid $159 million in dividends to shareholders and also repurchased 1 million shares of common stock, valued at over $15 million. On July 20, Regions Financial Corporation hiked its quarterly dividend by 18% to $0.20 per share. As of July 21, the stock’s dividend yield stood at 3.35%.

In July upgraded Regions Financial Corporation to Buy with a $23 price target, due to the company’s maintenance of its portfolio and balance sheet.

At the end of Q1 2022, 30 hedge funds tracked by Insider Monkey reported owning stakes in Regions Financial Corporation, worth $221.6 million. In the previous quarter, 32 hedge funds held stakes in the company, valued at $202.6 million.

1. Lake Shore Bancorp, Inc. (NASDAQ:LSBK)

Dividend Yield as of July 21: 4.60%

Lake Shore Bancorp, Inc. (NASDAQ:LSBK) is a New York-based bank holding company that has been serving its consumers for the past 130 years.

In Q2 2022, Lake Shore Bancorp, Inc. paid $625,000 in dividends to shareholders, up 14.1% from the same period last year. On July 21, the company raised its quarterly dividend by 12.5% to $0.18 per share. The dividend is payable on August 19, to shareholders of record on August 2. As of July 21, the stock’s dividend yield came in at 4.60%.

At the end of Q1 2022, Minerva Advisors was the only stakeholder of Lake Shore Bancorp, Inc., owning a stake worth $293,000.

You can also take a look at 10 Dividend Aristocrats to Buy for 2022 and 10 Cheap Value Stocks to Buy for 2022

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