April's 5 Dividend Growth Stocks With 4.67%+ Yields

seekingalpha04-17

Dividend growth stocks can provide reliable cash flows and help to build long-term wealth for income investors.Every month, we look at screening dividend stocks based on safety, growth, and ...

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PM Images Written by Nick Ackerman. For some background on this monthly publication, here is my view on dividend growth stocks:  Dividend growth stocks aren't always the most exciting investments out there. They often aren't grabbing the headlines, and they aren't the stocks running up hundreds of percentages in a year. In fact, they are often some of the least exciting stocks. And that is precisely their strongest selling point. With such a vast world of dividend growth stocks available out there, it is important to screen through to see if there are any worthwhile investments to explore. They are stocks that provide growing wealth over time to income investors. Dividend growers are often larger (not always), more financially stable companies that can pay out reliable cash flows to investors. Some are slower growers than others. Some are going to be cyclical that require a strong economy. Some are going to be secular, which doesn't generally rely on a more robust economy. Dividend growth can promote share price appreciation. Of course, that is if these companies are growing their earnings to support such dividend growth in the first place. Trust me. There are yield traps out there - I've owned a few that I'm not particularly proud of. I like to think of investing in dividend stocks as a perpetual loan of sorts. Essentially, every dividend is a repayment of your original capital. Eventually, holding long enough, you have the position \"paid off.\" It is all returned back into your pocket from that point forward. All of this being said, it is important to understand my approach to dividend stocks and why screening dividend stocks can be important for income investors. As with any initial screening, this is just an initial dive - more due diligence would be necessary before pulling the trigger.  The Parameters For Screening I'll be using some handy features that Seeking Alpha provides right here on their website for this screen. In particular, I will be screening utilizing their quant grades in dividend safety, dividend growth and dividend consistency. Dividend Safety is relatively self-explanatory. These will be stocks that SA quants show reasonable safety compared to the rest of their various sectors. The grade considers many different factors, but earnings payout ratios, debt and free cash flow are among these. This category will be stocks with A+ to B- ratings. For the dividend growth category, we have factors such as the CAGR of various periods relative to other stocks in the same sector. Additionally, the quants also look at earnings, revenue and EBITDA growth. As we will see, this doesn't mean that every stock with a higher grade has the growth we are looking for. This just factors in that the dividend has grown or earnings are growing to support possible dividend growth. For these, the grades will also be A+ through B- ratings. Finally, for dividend consistency, we want stocks that will be paying reliable dividends for us for a very long time. In particular, hopefully, they are raising yearly, though that isn't an explicit requirement. We will also include stocks with a general uptrend in dividend payments, which means there could have been periods where they paused increases for a year or two. After looking at those factors alone, we are left with 384 stocks at this time from the 399 listed last month. I'll link the screen here, though it is a dynamic list that constantly updates regularly. When viewing this article, there could be more or less when going to the link. From there, I wanted to narrow down the list a lot more. I then sorted the list by forward dividend yield, from highest to lowest. Since these will be safer dividend stocks in the first place, screening for those among the higher payers shouldn't hurt. I will share the top 25 that showed up as of 04/03/2024.   Top 25 Screening (Seeking Alpha) We recently covered Philip Morris (PM), VICI Properties (VICI), NNN REIT (NNN) and ONEOK (OKE), so we will wait to provide our quick updates on those names until at least a quarter goes by. This month we will be giving a quick look at Innovative Industrial Properties (IIPR), Kimco Realty (KIM), LyondellBasell Industries N.V. (LYB), Evergy (EVRG) and Conagra (CAG). Innovative Industrial Properties 7.29% Yield IIPR is a name we are quite familiar with that comes up regularly on this list. This is also a more speculative REIT name that I hold myself, so it is one that I am personally keeping a closer eye on than usual. The last time we took a look at this cannabis-related industrial REIT was January of this year. At that time, its smaller peer, NewLake Capital Partners (NLCP had also shown up on our list for discussion. During our last update, the REIT declared another dividend and held it steady compared to the previous level, which was completely expected.   IIPR Dividend History (Seeking Alpha) (The chart above showing dividend cuts is an error. This REIT has never cut its dividend, even while they've been facing some tougher headwinds with tenant issues popping up.) Also, since our last update, the yield has inched a bit lower, but that was specifically because the share price has risen a bit since then. Further, we also saw them release their earnings in February, where they reported $2.07 FFO and $2.28 AFFO for the quarter. AFFO from 2022 to 2023 rose 7% and came in at $9.08 for last year. This is a lightly covered stock in terms of analyst coverage. That said, those few that do cover it are expecting the REIT to eke out a bit of growth. Based on the forward FFO estimate, we would see a payout ratio of 86.8%. That's quite elevated, but not completely unheard of for a REIT.   IIPR Earnings Estimates (Seeking Alpha) Kimco Realty 4.98% Yield KIM is a new name this month, and Retail Opportunity Investment Corp. (ROIC) was another name that appeared, but I've decided to include KIM and not ROIC. That is despite both having cut their dividends in Covid. What I liked to see out of KIM over ROIC is a seemingly higher commitment to getting KIM's dividend back up to the pre-COVID level, with a couple of quick raises shortly after and raising more steadily since. They were also able to pay a special dividend last year. ROIC may be a worthwhile investment, but we will just skip over it for this piece. Overall, KIM's dividend history is pretty inconsistent, so I even considered not including this name as well. With that said, it could be more of a speculative dividend name as it clearly gets hit hard in any market downturn.   KIM Dividend History (Seeking Alpha) Of course, as a shopping center-focused REIT, that does seem to make sense as well. Their malls and the shops within them are going to be fairly sensitive to economic conditions. In their own words, they describe themselves as \"the largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, and a growing portfolio of mixed-use assets.\" Trying to gain exposure to mixed-use assets seems to be a positive way to help provide a bit more stable earnings, even in economic downturns. Analysts are expecting KIM's FFO to rise, albeit quite slowly, over the coming years. Based on the FFO estimate of $1.58 against the latest quarterly $0.24, KIM's FFO payout ratio comes to around 60%. That should leave them in a more comfortable spot going forward to continue to raise, but also have some cushion should the economy start to slow down.   KIM Earnings Estimates (Seeking Alpha) LyondellBasell Industries N.V. 4.80% Yield LYB is another name that regularly appears on our list thanks to its generous but consistently growing yield. The last time we took a look at this name was in December 2023. This is a company that is in the materials sector as a chemicals company. It's also a name that I've had on my watch list for quite some time. LYB has crossed over the threshold to become a dividend champion now with 10 years of consecutive dividend growth. They were able to even payout quite a hefty special back in 2022, though that is not really a consistent occurrence.   LYB Dividend History (Seeking Alpha) In fact, we are due for the next raise to be announced with their Q2 payout if they maintain their historical schedule. They are looking to see earnings dip a touch this year, but then resume back to a growth trend after that. With a low payout ratio of around 59%, I don't see it being a problem for them to be able to raise their dividend.   LYB Earnings Estimates (Seeking Alpha) Evergy, Inc. 4.73% Yield EVRG is another new name for our monthly article. It is an electric utility company based out of Missouri. Like most utility companies, they've been under pressure based on the higher rate environment. The higher rates are causing borrowing costs to rise, but also the fact that risk-free rates are higher puts pressure on share prices as well. When one can earn 5%+ risk-free, it can make equity positions look a little less appealing. Of course, the big benefit of holding an equity position is the possibility of dividend growth. This utility company has been able to deliver on that front as well, with achieving over 20 years of consecutive dividend growth now.   EVRG Dividend History (Seeking Alpha) Their earnings estimates show further growth despite the headwinds that utilities and this company face. That being said, they did see a hit to their earnings for 2023. A payout ratio based on the forward EPS estimates coming in at 67% also makes this look similar to its peers, which is a positive.   EVRG Earnings History and Estimates (Portfolio Insight) Conagra 4.67% Yield CAG is another name that I'm quite familiar with and regularly cover, as it is one of my Core Portfolio holdings. While this name has come up in the monthly screening article in the past, it's not actually come up as one that we've touched on before. This consumer staple company provides packaged foods and has a large market share in the frozen department. Packaged food companies were having a tough time with the incredibly high inflation we had been seeing, seeing their cost of goods skyrocket while trying to pass those costs on to consumers. That has resulted in volume declines in terms of the number of items they are selling for a large portion of companies in this category. The decline in volume has been moderating, and we should now start seeing some easier year-over-year compares.   CAG Volume Per Category (Conagra) Earnings are expected to dip this year before returning to some growth again.   CAG Earnings Estimates (Seeking Alpha) They had previously been rather inconsistent with their dividend increases, but this has become more predictable in the last several years, which I view as a positive. The fact that it has been trending higher over most of the last decade is also appealing. Given that it comes with a relatively higher yield currently, that helps even if they need to revert back to growing it slower.   CAG Dividend History (Seeking Alpha)  Despite the decline in earnings expected for this year, the stock is looking like an attractive valuation. Further, the dividend payout ratio comes out to around 54% based on next year's earnings. That should provide plenty of room for further dividend growth or potential protection to hold the dividend flat should earnings remain weak.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2428336770"}