This article provides an updated list of the Dividend Champions in 2022, select financial data, and analysis. The list and data are updated monthly.
The Dividend Champions 2022 companies on US stock exchanges have raised their dividend for 25+ consecutive years. This list is a select list of only 129 companies as of January 21, 2022. This number is out of nearly 6,000 companies listed on New York Stock Exchange (NYSE) and NASDAQ in 2022, indicating a success rate of approximately 2.15%.
The number of Dividend Champions goes up if we include over-the-counter (OTC) stocks. The total universe of US stocks goes up to about 11,500. Several small banks and other stocks are not traded on the NYSE or NASDAQ and are thus not included in this list. For example, Computer Services (CSVI) has raised the dividend for 50 years in a row. However, the stock is thinly traded OTC. Another example is Eagle Financial Services (EFSI), which has raised the dividend for 35 years but is also thinly traded OTC. There are higher risks with thinly traded stocks, and we do not include them in this list.
This list is not a list of the best Dividend Champions or the top Dividend Champions. Instead, it is an informational source to assist in making investment decisions. Lastly, the Dividend Champions list was first created in 2008 by David Fish (deceased in 2018). He originally started the list in the Dividend Investing Resource Center.
Difference Between Dividend Champions and Dividend Aristocrats
The Dividend Champion 2022 list is broader than the Dividend Aristocrat list. A stock must only meet the requirement for raising the dividend 25+ years to be added to the Dividend Champions List. However, the criteria for inclusion as a Dividend Aristocrat is stricter. In addition to the 25+ years of dividend increases, a stock must be a part of the S&P 500 Index, have a minimum market capitalization of $3 billion, and meet trading volume and sector weighting requirements.
Hence, a stock can be a Dividend Champion but not a Dividend Aristocrat for this reason. Currently, there are only 64 Dividend Aristocrats as of this writing.
Difference Between Dividend Champions and Dividend Kings
The Dividend Kings are more exclusive than the Dividend Champions. A stock must raise its dividend for 50+ consecutive years to become a Dividend King, a much harder achievement. There are only 35 Dividend Kings as of this writing. However, a company can be a Dividend King, a Dividend Champion, and a Dividend Aristocrat. For instance, The Coca-Cola Company (KO) is found on all three lists.
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Market Update for the Dividend Champions 2022
The Dividend Champions 2022 are currently (as of January 21, 2022) trading at an elevated valuation of a trailing average price-to-earnings ratio of about 24.8X. This multiple is down from its peak of more than 31X in May 2021 due to declining stock prices and rising earnings.
The current average dividend yield is about 2.33%. The average trailing 10-year dividend growth rate is about 7.44%, and the average past 5-year dividend growth rate is around 6.18%. The average payout ratio is approximately 59.8%. The average market cap is currently $46,776 million.
Currently, the Dividend Champion with the highest yield is Universal (UVV), and the one trading with the lowest earnings multiple is Cincinnati Financial (CINF).
You can look at updated, select financial data and the dividend earnings calendar for each stock in the Dividend Kings list in the tables at the end of the article. The most recent dividend increases are also available for you to search.
In the trailing 1-year, the Dividend Champions 2022 has returned +20.1% (blue line) as a group compared to +19.7% for the S&P 500 Index (red line), as seen in the chart below. Again, I used Stock Rover* for this chart. Over the trailing 5-years, the Dividend Champions have returned +81.3%, and the S&P 500 has returned +110.9%.
In 2021, five Dividend Champions were promoted to the Dividend Kings list. These stocks achieved a 50-year mark for consecutive annual dividend increases. The companies were Universal Corp (UVV), Grainger (GWW), Leggett & Platt (LEG), MSA Safety (MSA), and PPG Industries (PPG).
Additions to the Dividend Champions in 2021
In 2021, The Andersons (ANDE), Enterprise Products Partners LP (EPD), and Church & Dwight (CHD) were added to the list of Dividend Champions.
The Andersons is an agricultural company operating in three segments: Trade, Ethanol, Plant Nutrient, and Rail. Andersons has a wide array of operations from marketing, grain elevators, seed, fertilizers, rail car management, etc. Enterprise Products is an oil and natural gas pipeline company. The company also operates petrochemical plants. Finally, Church & Dwight is a household products company selling brands like Arm & Hammer, Trojan, Orajel, Spinbrush, Oxiclean, Xtra, etc.
Deletion to the Dividend Champions in 2021
The first stock to be deleted in 2021 is Eaton Vance (EV), acquired by Morgan Stanley (MS).
Weyco Group (WEYS) was removed from the list of Dividend Champions since the dividend was held constant in 2021. The company had a long streak of 39 years, but the COVID-19 pandemic was difficult since sales dropped precipitously. Nevertheless, the company’s fortress balance sheet helped maintain the dividend. In addition, Weyco is focusing on share repurchases.
The third company deleted from the list was AT&T (T). AT&T is transforming and focusing again on cellular and broadband. The company has divested DirecTV and will spinoff WarnerMedia. An analysis of AT&T’s dividend cut is in the article below.
Several long-time members of the Dividend Champions were promoted to the Dividend Kings list. These stocks reached the 50-year mark for consecutive annual dividend increases. This small number of stocks includes Sysco Corp (SYY), National Fuel Gas (NFG), and Black Hills Corporation (BKH).
Additions to the Dividend Champions in 2020
In 2020, International Business Machines (IBM), Polaris Inc (PII), RenaissanceRe Holdings (RNR), New Jersey Resources (NJR), Canadian National Railways (CNI), First of Long Island Corp (FLIC), and Enbridge (ENB) were all added to the list of Dividend Champions.
IBM is a global provider of enterprise IT services and hardware. Polaris designs and manufactures powered sports vehicles. RenaissanceRe is a global reinsurer and insurance firm. New Jersey Resources is a regulated wholesale utility. First Long Island is a small regional bank that operates in the New York City area. Enbridge is a Canadian pipeline company that focuses on oil and natural gas distribution and transmission.
Deletions to the Dividend Champions in 2020
In 2020, several Dividend Champions cut or suspended their dividends primarily due to COVID-19. A detailed article on the Coronavirus Dividend Cuts or Suspensions discusses these companies. This list is currently updated monthly.
Five companies that have been removed from the list of Dividend Champions include Urstadt-Biddle Properties (UBA), Tanger Factory Outlet Centers (SKT), Meredith Corporation (MDP), Ross Stores (ROST), and Helmerich & Payne (HP). An in-depth discussion of these companies is in the articles below.
United Technologies (UTX) was removed from the list of Dividend Champions since it merged with Raytheon (RTN) and formed Raytheon Technologies Corp. (RTX). After the merger, RTX was on the List of Dividend Champions as the successor organization. In addition, Otis Worldwide Corporation (OTIS) and Carrier Global Corporation (CARR) were spun off as part of the transaction. As a result, neither OTIS nor CARR are on the Dividend Champions List. However, RTX was removed from the Dividend Champions list as of November 30, 2020, since the dividend was held constant.
Other Dividend Stock Lists
The other US stock lists are:
For Canadian stock, I have recently updated my article on
For UK stocks, I have an article on
Other dividend stock lists
Some Details on the Dividend Champions 2022
Two MLPs and Five REITs on the Dividend Champions 2022 List
The 2022 Dividend Champions list contains quite a few banks, utilities, consumer defensive, and industrial companies.
The list now includes two Master Limited Partnerships (MLPs): Enbridge (ENB) and Enterprise Products Partners (EPD). These two companies are relatively new additions.
The Dividend Champions list has five Real Estate Investment Trusts (REITs), including Essex Property Trust (ESS), Federal Realty Investment (FRT), National Retail Properties (NNN), Realty Income (O), and Universal Health Realty (UHT).
There were seven REITs at the start of 2020, but Urstadt-Biddle Properties (UBA) and Tanger Factory Outlets (SKT) cut their dividends due to the impact of the coronavirus pandemic and thus were removed from the list.
Dividend Champions Sector Breakdown
Companies from the Industrial and Financial Sectors have the most significant representation on the Dividend Champions 2022 list with 30 companies. Consumer Defensive has 18, and Utilities has 13 Companies. The lowest representation is from the Technology and Communication Sectors with two companies each.
Financials tend to have stable and generally rising earnings over time. There are 17 regional banks, four insurance companies, and three asset managers on the list of Dividend Champions. Regional banks are often conservatively, and further, they have room to expand, allowing for earnings per share and dividend growth. Insurance and asset manager companies have sticky customers and grow with time.
Industrial companies tend to have somewhat more volatile earnings and cash flows, but many have conservative payout ratios allowing them to grow the dividends during recessions and economic downturns. There are ten specialty industrial machinery and three conglomerates on the list.
Consumer Defensive companies tend to have predictable earnings and cash flows that grow slowly with time. Many did well during the COVID-19 pandemic. Larger companies in this sector tend to acquire smaller ones leading to industry consolidation. There are five household & personal products companies on the list, including several well-known ones.
Market Size of the Dividend Champions 2022
The list is not dominated by large-cap companies but includes quite a few mid-cap companies ($2 billion – $10 billion) and small-cap companies ($300 million – $2 billion).
The largest Dividend Champion by market capitalization is Johnson & Johnson (JNJ), and the smallest Dividend Champion by market capitalization is Universal Health Realty (UHT). As mentioned before, the list does not include some small OTC stocks.
What do I like About the Dividend Champions 2022?
The Dividend Champions 2022 list is a screen for further investigating stock for a dividend growth portfolio. It is a list of companies with a stable business that have competitive advantages and have returned cash to shareholders consistently through dividends and, in some cases, buybacks over an extended period.
The Dividend Champions List is not as exclusive as the Dividend Kings list. Still, 129 companies out of about 6,000 total companies in the NYSE and NASDAQ is roughly 2.15%. This percentage points to the success of these companies.
The Dividend Champions list changes slowly. However, even during extreme economic duress, such as the COVID-19 pandemic, only a handful of companies dropped off the list each year. This fact points to the resiliency of the businesses on the Dividend Champions 2022 list and management’s commitment to the dividend.
Who’s On Deck?
At the start of the year, several companies on the Dividend Contender List have raised the dividend for 24 years. This number includes Graco (GGG), Prosperity Bancshares (PB), The J. M. Smucker Company (SJM), W. P Carey (WPC), and York Water (YORW). These stocks will become Dividend Champions assuming they raise their dividend in 2022
List of Dividend Champions 2022 – Updated 01/21/22
Dividend Calendar for the Dividend Champions 2022
Source: Stock Rover* (as of January 21, 2022)
Prior Year Lists and Articles
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