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Companies with a long history of paying dividends and consistently increasing them remain appealing to income-focused investors. MetLife, Spire and Essential Utilities have rewarded their shareholders for decades and have announced dividend hikes not too long ago. Furthermore, these companies offer high dividend yields of around 3-4%.
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MetLife
MetLife, Inc. (NYSE:MET) is one of the largest life insurers in the U.S. by assets and provides various insurance and financial services products.
MetLife has consistently raised its dividends every year since 2011 at an 8.7% compound annual growth rate. According to the company’s most recent dividend announcement on April 23, its Board of Directors raised the quarterly dividend by 4.8% to $0.545 per share, equating to $2.18 annually. The current yield on the dividend stands at 3.21%.
The company’s annual revenue (as of June 30) is $68 billion. According to its most recent earnings announcement on July 31, it posted an EPS of $2.28, better than the consensus of $2.17, and revenues of $18.68 billion, compared to the consensus estimate of $18.24 billion.
“The excellent second quarter results reflect MetLife’s building business momentum, led by our flagship Group Benefits franchise and continuing across our market-leading businesses. Our diversification and ability to generate free cash flow benefits MetLife shareholders and other stakeholders, positioning us to continue to drive sustained long-term value,” said MetLife President and CEO Michel Khalaf.
This piece by Benzinga analyses MetLife’s short interest, hinting at how the market feels about the stock.
Spire
Spire Inc. (NYSE:SR) engages in the purchase, retail distribution and sale of natural gas to residential, commercial, industrial and other end-users of natural gas in the United States. The company operates through three segments: Gas Utility, Gas Marketing and Midstream.
According to Spire’s news release on April 25, it has continuously paid a cash dividend since 1946, with 2024 marking the company’s 21st consecutive year of increasing its common stock dividend on an annualized basis.
Most recently, in November 2023, the company raised its quarterly dividend from $0.72 to $0.755 per share, or $3.02 annualized, with a yield of 4.72%.
Spire’s annual revenue (as of June 30) is $2.6 billion. According to the company’s Q3 2024 earnings report, released on July 31, it generated revenues of $414.10 million and EPS of ($0.14). Both were above the Street estimates.
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Essential Utilities
Essential Utilities, Inc. (NYSE:WTRG) is a Pennsylvania-based holding company for water, wastewater and natural gas distribution utilities. The company’s water business serves three million people in eight states.
According to Essential Utilities’ most recent news release on Monday, its board of directors raised the quarterly dividend by 6% to $0.3255 per share, equal to $1.302 annually. This marks the company’s 34th increase in the last 33 years. The company has paid a consecutive quarterly cash dividend for over 79 years. Currently, the company’s dividend yield is 3.21%.
Essential Utilities’ annual revenue (as of March 31) is $1.9 billion. In its most recent earnings announcement on Aug. 5, the company posted an EPS of $0.28 and revenues of $434.41 million for Q2 2024, compared to the consensus estimates of $0.36 and $440.70 million, respectively.
Check out this article for two more utility stocks with over 3% dividend yields recommended by Wall Street’s most accurate analysts.
In summary, MetLife, Spire and Essential Utilities are solid options for investors seeking reliable passive income. The offered yields of around 3-4%, combined with their long history of consistent dividend increases, make them particularly attractive to income-focused investors.
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This article 3 Stocks With Solid Dividend Yields & Consecutive Hikes: MetLife, Spire, And Essential Utilities originally appeared on Benzinga.com