U.S. Dividend Champions: End-Of-Month Update at

U.S. Dividend Champions End-of-month update at: https://www.dividendgrowthinvestor.com/2019/01/2019-dividend-champions-list.
html Fundamental Data

(and American Depository Receipts) Dates in Green (centered) indicate increase (by Ex-Div. Date) expected in next 2 months
Dates in Red (right-aligned) indicate last increase more than a year ago (Ex&=MultiIncThisYr
25 or more Straight Years Higher Dividends Most Recent Dividend Increase Information Disclaimer: Although all figure
SA=Semi-Annual
Company Ticker No. 12/31/19 Div. Quarterly Rate MR% Annual
@=AnnualizedRate EPS%
Name Symbol Industry Yrs Price Yield Old New Inc. Ex-Div Pay Note Dividend Payout
1st Source Corp. SRCE Banking 32 51.88 2.24 0.2700 0.2900 7.41 11/4/19 11/15/19 1.16 32.77
3M Company MMM Conglomerate 61 176.42 2.58 1.3600 1.4400 5.88 2/14/19 3/12/19 5.76 68.33
A.O. Smith Corp. AOS Industrial Equipment 26 47.64 2.02 0.2200 0.2400 9.09 10/30/19 11/15/19 0.96 40.00
ABM Industries Inc. ABM Business Services 53 37.71 1.96 0.1800 0.1850 2.78 12/30/2019 2/2/2020 0.74 38.74
Abbott Laboratories ABT Drugs 48 86.86 1.66 0.3200 0.3600 12.50 1/13/2020 2/13/2020 1.44 78.26
AFLAC Inc. AFL Insurance 37 52.90 2.04 0.2600 0.2700 3.85 2/19/19 3/1/19 1.08 26.67
Air Products & Chem. APD Chemical-Specialty 37 234.99 1.97 1.1000 1.1600 5.45 3/29/19 5/13/19 4.64 58.44
Altria Group Inc. MO Tobacco 50 49.91 6.73 0.8000 0.8400 5.00 9/13/19 10/10/19 3.36 361.29
American States Water AWR Utility-Water 65 86.64 1.41 0.2750 0.3050 10.91 8/14/19 9/3/19 1.22 55.45
AptarGroup Inc. ATR Packaging 26 115.62 1.37 0.3400 0.3600 5.88 4/30/19 5/22/19 1.44 40.56
Aqua America Inc. WTR Utility-Water 27 46.94 2.00 0.2190 0.2343 6.99 8/15/19 9/1/19 0.94 122.08
Archer Daniels Midland ADM Agriculture 44 46.35 3.02 0.3350 0.3500 4.48 2/15/19 3/12/19 1.40 66.67
Arrow Financial Corp. AROW Banking 26 37.80 2.75 0.2500 0.2600 4.00 8/30/18 9/14/18 1.04 48.37
AT&T Inc. T Telecommunications 36 39.08 5.32 0.5100 0.5200 1.96 1/8/2020 2/2/2020 2.08 93.27
Atmos Energy ATO Utility-Gas 36 111.86 2.06 0.5250 0.5750 9.52 11/21/19 12/8/19 2.30 52.87
Automatic Data Proc. ADP Business Services 45 170.50 2.13 0.7900 0.9100 15.19 12/11/19 12/31/19 3.64 67.03
Badger Meter Inc. BMI Industrial Equipment 27 64.93 1.05 0.1500 0.1700 13.33 8/29/19 9/13/19 0.68 43.31
BancFirst Corp. OK BANF Banking 26 62.44 2.05 0.3000 0.3200 6.67 9/27/19 10/15/19 1.28 40.00
Becton Dickinson & Co. BDX Medical Instruments 48 271.97 1.16 0.7700 0.7900 2.60 12/8/19 9/29/19 FY Streak 3.16 80.20
Black Hills Corp. BKH Utility-Electric 49 78.54 2.72 0.5050 0.5350 5.94 11/15/19 12/1/19 2.14 59.28
Brady Corp. BRC Business Services 34 57.26 1.52 0.2125 0.2175 2.35 10/9/19 10/31/19 0.87 33.85
Brown & Brown Inc. BRO Insurance 26 39.48 0.86 0.0800 0.0850 6.25 11/7/19 11/20/19 0.34 24.29
Brown-Forman Class B BF-B Beverages-Alcoholic 36 67.60 1.04 0.1660 0.1743 5.00 12/3/19 1/1/20 0.70 39.55
California Water Service CWT Utility-Water 52 51.56 1.53 0.1875 0.1975 5.33 2/8/19 2/22/19 0.79 56.43
Calvin B. Taylor Bankshares
TYCB Banking 29 36.09 3.44 0.2500 0.3100 24.00 12/29/19 1/14/20 Moved from annual t 1.24 76.54
Carlisle Companies CSL Rubber and Plastics 43 161.84 1.24 0.4000 0.5000 25.00 8/19/19 9/3/19 2.00 25.28
Chesapeake Financial SharCPKF Banking 28 24.00 2.08 0.1208 0.1250 3.45 11/26/19 12/12/19 0.50 21.93
Chevron Corp. CVX Oil&Gas 32 120.51 3.95 1.1200 1.1900 6.25 2/14/19 3/11/19 4.76 68.29
Chubb Limited CB Insurance 26 155.66 1.93 0.7300 0.7500 2.74 6/20/19 7/12/19 Switz.,US$ 3.00 38.02
Cincinnati Financial CINF Insurance 59 105.15 2.13 0.5300 0.5600 5.66 3/19/19 4/15/19 2.24 40.22
Cintas Corp. CTAS Business Services 36 269.08 0.95 2.0500 2.5500 24.39 11/7/19 12/6/19 Annual 2.55 29.96
Clorox Company CLX Cleaning Products 42 153.54 2.76 0.9600 1.0600 10.42 7/30/19 8/16/19 4.24 67.41
Coca-Cola Company KO Beverages-Non-alcoholic 57 55.35 2.89 0.3900 0.4000 2.56 3/14/19 4/1/19 1.60 88.40
Colgate-Palmolive Co. CL Personal Products 56 68.84 2.50 0.4200 0.4300 2.38 4/17/19 5/15/19 1.72 63.70
Commerce Bancshares CBSH Banking 51 67.94 1.46 0.2238 0.2600 16.17 3/7/19 3/25/19 Adj/Stk Div 0.99 27.73
Community Bank System CBU Banking 27 70.94 2.31 0.3800 0.4100 7.89 9/13/19 10/10/19 1.64 51.41
Community Trust Banc. CTBI Banking 39 46.64 3.26 0.3600 0.3800 5.56 9/13/19 10/1/19 1.52 41.87
Computer Services Inc. CSVI Technology-Services 48 44.50 1.89 0.1800 0.2100 16.67 8/30/19 9/25/19 0.84 49.12
Consolidated Edison ED Utility-Electric 45 90.47 3.27 0.7150 0.7400 3.50 2/12/19 3/15/19 2.96 69.81
Cullen/Frost Bankers CFR Banking 26 97.78 2.90 0.6700 0.7100 5.97 5/30/19 6/14/19 2.84 40.11
Donaldson Company DCI Industrial Equipment 32 57.62 1.46 0.1900 0.2100 10.53 6/12/19 6/28/19 0.84 42.00
U.S. Dividend Champions End-of-month update at: https://www.dividendgrowthinvestor.com/2019/01/2019-dividend-champions-list.html Fundamental Data
25 or more Straight Years Higher Dividends Most Recent Dividend Increase Information SA=Semi-AnnualDisclaimer: Although all figure
Company Ticker No. 12/31/19 Div. Quarterly Rate MR% @=AnnualizedRateAnnual EPS%
Dover Corp. DOV Machinery 64 115.26 1.70 0.4800 0.4900 2.08 8/29/19 9/16/19 1.96 44.24
Eagle Financial Services EFSI Banking 33 31.05 3.35 0.2500 0.2600 4.00 10/31/19 11/15/19 1.04 39.85
Eaton Vance Corp. EV Financial Services 39 46.69 3.21 0.3500 0.3750 7.14 10/30/19 11/15/19 1.50 42.86
Ecolab Inc. ECL Cleaning Products 28 192.99 0.97 0.4600 0.4700 2.17 12/15/2019 1/14/2020 1.88 36.08
Emerson Electric EMR Industrial Equipment 63 76.26 2.62 0.4900 0.5000 2.04 11/13/19 12/9/19 2.00 53.91
Erie Indemnity Company ERIE Insurance 29 166.00 2.33 0.9000 0.9650 7.22 1/5/2020 1/21/2020 3.86 63.18
ExxonMobil Corp. XOM Oil&Gas 37 69.78 4.99 0.8200 0.8700 6.10 5/10/19 6/10/19 3.48 101.46
Farmers & Merchants BancFMCB Banking 55 768.10 1.86 7.0500 7.1500 1.42 12/4/19 1/1/20 Semi-Annual 14.30 20.64
Federal Realty Inv. Trust FRT REIT-Shopping Centers 52 128.73 3.26 1.0200 1.0500 2.94 9/20/19 10/15/19 4.20 123.89
First Financial Corp. THFF Banking 31 45.72 2.27 0.5100 0.5200 1.96 6/14/19 7/2/19 Semi-Annual 1.04 28.49
Franklin Electric Co. FELE Industrial Equipment 27 57.32 1.01 0.1200 0.1450 20.83 1/31/19 2/15/19 0.58 27.36
Franklin Resources BEN Financial Services 39 25.98 4.16 0.2600 0.2700 3.85 12/29/2019 1/9/2020 1.08 45.96
General Dynamics GD Aerospace/Defense 28 176.35 #VALUE! 0.9300 1.0200 9.68 4/11/19 5/10/19 - #VALUE!
Genuine Parts Co. GPC Auto Parts 63 106.23 2.87 0.7200 0.7625 5.90 3/7/19 4/1/19 3.05 55.96
Gorman-Rupp Company GRC Machinery 47 37.50 1.55 0.1350 0.1450 7.41 11/14/19 12/10/19 0.58 41.13
H.B. Fuller Company FUL Chemical-Specialty 50 51.57 1.24 0.1550 0.1600 3.23 4/17/19 5/2/19 0.64 23.79
Hormel Foods Corp. HRL Food Processing 54 45.11 2.06 0.2100 0.2325 10.71 1/9/20 11/14/19 0.93 51.67
Illinois Tool Works ITW Machinery 45 179.63 2.38 1.0000 1.0700 7.00 9/27/19 10/9/19 4.28 56.39
Jack Henry & Associates JKHY Business Services 29 145.67 1.10 0.3700 0.4000 8.11 2/28/19 3/18/19 FY Streak 1.60 44.44
Johnson & Johnson JNJ Drugs/Consumer Prod. 57 145.87 2.61 0.9000 0.9500 5.56 5/24/19 6/11/19 3.80 72.52
John Wiley & Sons Inc. JW-A Publishing 26 48.52 2.80 0.3300 0.3400 3.03 7/9/19 7/24/19 Also Class B 1.36 53.13
Kimberly-Clark Corp. KMB Personal Products 47 137.55 3.00 1.0000 1.0300 3.00 3/7/19 4/2/19 4.12 70.67
Lancaster Colony Corp. LANC Food/Consumer Prod. 57 160.10 1.75 0.6500 0.7000 7.69 12/4/19 12/30/19 2.80 50.72
Leggett & Platt Inc. LEG Furniture/Bldg. Prod. 48 50.83 3.15 0.3800 0.4000 5.26 6/13/19 7/15/19 1.60 72.07
Linde LIN Chemical-Specialty 26 212.90 1.64 0.8250 0.8750 6.06 3/7/19 3/22/19 After merger with L 3.50 38.72
Lowe's Companies LOW Retail-Home Improv. 57 119.76 1.84 0.4800 0.5500 14.58 7/23/19 8/7/19 2.20 58.98
McCormick & Co. MKC Food Processing 33 169.73 1.46 0.5700 0.6200 8.77 12/29/19 10/20/19 Also MKCV 2.48 47.33
McDonald's Corp. MCD Restaurants 44 197.61 2.53 1.1600 1.2500 7.76 11/29/19 12/16/19 5.00 65.62
McGrath Rentcorp MGRC Business Services 27 76.54 1.96 0.3400 0.3750 10.29 4/12/19 4/30/19 1.50 38.96
MDU Resources MDU Utility-Gas 29 29.71 2.79 0.2025 0.2075 2.47 12/10/19 12/31/19 0.83 51.23
Medtronic plc MDT Medical Devices 42 113.45 1.90 0.5000 0.5400 8.00 7/5/19 7/25/19 ADR-Ireland,US$ 2.16 61.36
Mercury General Corp. MCY Insurance 33 48.73 5.17 0.6275 0.6300 0.40 12/11/19 12/26/19 2.52 67.56
MGE Energy Inc. MGEE Utility-Electric/Gas 44 78.82 1.79 0.3375 0.3525 4.44 8/30/19 9/15/19 1.41 56.40
Middlesex Water Co. MSEX Utility-Water 47 63.57 1.60 0.2400 0.2563 6.77 11/14/19 12/2/19 1.02 51.78
MSA Safety Inc. MSA Medical/Safety Equip. 49 126.36 1.33 0.3800 0.4200 10.53 5/17/19 6/10/19 1.68 50.60
NACCO Industries NC Machinery/Consumer 33 46.83 1.62 0.1650 0.1900 15.15 5/30/19 6/14/19 Adj/Spin-off 0.76 12.01
National Fuel Gas NFG Utility-Gas 49 46.54 3.74 0.4250 0.4350 2.35 6/27/19 7/15/19 1.74 49.57
National Retail Properties NNN REIT-Retail 30 53.62 3.84 0.5000 0.5150 3.00 7/30/19 8/15/19 2.06 147.14
Nordson Corp. NDSN Machinery 56 162.84 0.93 0.3500 0.3800 8.57 8/26/19 9/10/19 1.52 26.25
Northwest Natural Gas NWN Utility-Gas 64 73.73 2.59 0.4750 0.4775 0.53 10/30/19 11/15/19 1.91 92.72
Nucor Corp. NUE Steel & Iron 47 56.28 2.86 0.4000 0.4025 0.63 12/29/2019 2/10/2020 1.61 27.47
25 or more Straight Years Higher Dividends Most Recent Dividend Increase Information SA=Semi-Annual Disclaimer: Although all figure
Company Ticker No. 12/31/19 Div. Quarterly Rate MR% @=AnnualizedRate Annual EPS%
Old Republic International ORI Insurance 38 22.37 3.58 0.1950 0.2000 2.56 3/4/19 3/15/19 0.80 35.71
Parker-Hannifin Corp. PH Industrial Equipment 63 205.82 1.71 0.7600 0.8800 15.79 5/9/19 6/7/19 FY Streak 3.52 31.18
Pentair Ltd. PNR Industrial Equipment 44 45.87 1.66 0.1800 0.1900 5.56 1/22/2020 2/6/2020 Ireland,US$ 0.76 37.25
People's United Financial PBCT Banking 27 16.90 4.20 0.1750 0.1775 1.43 4/30/19 5/15/19 0.71 54.20
PepsiCo Inc. PEP Beverages/Snack Food 47 136.67 2.80 0.9275 0.9550 2.96 6/6/19 6/28/19 3.82 43.46
PPG Industries Inc. PPG Conglomerate 48 133.49 1.53 0.4800 0.5100 6.25 8/9/19 9/12/19 2.04 40.24
PSB Holdings Inc. PSBQ Banking 25 27.50 1.45 0.1800 0.2000 11.11 7/11/19 7/31/19 Semi-annual 0.40 16.39
Procter & Gamble Co. PG Consumer Products 63 124.90 2.39 0.7172 0.7459 4.00 4/17/19 5/15/19 2.98 188.61
RLI Corp. RLI Insurance 44 90.02 1.02 0.2200 0.2300 4.55 5/30/19 6/20/19 0.92 35.38
Roper Technologies Inc. ROP Industrial Equipment 27 354.23 0.58 0.4625 0.5125 10.81 1/7/20 1/22/20 2.05 18.62
RPM International Inc. RPM Chemical-Specialty 46 76.76 1.88 0.3500 0.3600 2.86 10/11/19 10/31/19 1.44 62.61
S&P Global Inc. SPGI Publishing 46 273.05 0.84 0.5000 0.5700 14.00 2/25/19 3/12/19 2.28 27.05
SEI Investments Company SEIC Financial Services 29 65.48 1.07 0.3300 0.3500 6.06 12/25/2019 1/7/2020 Semi-Annual 0.70 22.36
Sherwin-Williams Co. SHW Paints 41 583.54 0.77 0.8600 1.1300 31.40 2/22/19 3/8/19 4.52 30.42
SJW Corp. SJW Utility-Water 52 71.06 1.69 0.2800 0.3000 7.14 2/8/19 3/1/19 1.20 86.96
Sonoco Products Co. SON Packaging 37 61.72 2.79 0.4100 0.4300 4.88 5/9/19 6/10/19 1.72 53.75
Stanley Black & Decker SWK Tools/Security Products 52 165.74 1.67 0.6600 0.6900 4.55 8/30/19 9/17/19 2.76 63.89
Stepan Company SCL Cleaning Products 52 102.44 1.07 0.2500 0.2750 10.00 11/27/19 12/13/19 1.10 24.07
Stryker Corp. SYK Medical Devices 27 209.94 1.10 0.5200 0.5750 10.58 12/29/2019 1/30/2020 2.30 25.50
Sysco Corp. SYY Food-Wholesale 50 85.54 2.10 0.3900 0.4500 15.38 1/1/20 1/23/20 1.80 55.21
T. Rowe Price Group TROW Financial Services 33 121.84 2.50 0.7000 0.7600 8.57 3/14/19 3/29/19 3.04 38.63
Target Corp. TGT Retail-Discount 48 128.21 2.06 0.6400 0.6600 3.13 8/20/19 9/10/19 2.64 42.24
Telephone & Data Sys. TDS Telecommunications 45 25.43 2.60 0.1600 0.1650 3.13 3/14/19 3/29/19 0.66 61.68
Tennant Company TNC Machinery 48 77.92 1.13 0.2100 0.2200 4.76 11/29/18 12/14/18 0.88 38.10
Tompkins Financial Corp. TMP Banking 33 91.50 2.27 0.5000 0.5200 4.00 10/28/19 11/15/19 2.08 40.00
Tootsie Roll Industries TR Confectioner 53 34.14 1.05 0.0874 0.0900 3.00 3/4/19 3/26/19 Adj/Stock Div 0.36 37.89
Thomson Reuters Corp. TRI Media 26 71.60 2.01 0.3500 0.3600 2.86 3/7/19 3/20/19 Canada,US$ 1.44 22.36
UGI Corp. UGI Utility-Electric/Gas 32 45.16 2.88 0.3000 0.3250 8.33 8/8/19 10/1/19 1.30 92.20
UMB Financial Corp. UMBF Banking 28 68.64 1.81 0.3000 0.3100 3.33 12/9/19 1/2/20 & 1.24 30.02
United Bankshares Inc. UBSI Banking 45 38.66 3.62 0.3400 0.3500 2.94 12/11/19 1/1/20 Rec Date Streak 1.40 54.90
United Technologies UTX Conglomerate 26 149.76 1.96 0.7000 0.7350 5.00 11/15/18 12/10/18 2.94 49.58
Universal Corp. UVV Tobacco 48 57.06 5.33 0.7500 0.7600 1.33 7/5/19 8/5/19 3.04 85.88
Universal Health Realty TruUHT REIT-Health Care 34 117.36 2.33 0.6800 0.6850 0.74 12/16/2019 12/30/2019 2.74 215.75
VF Corp. VFC Apparel 47 99.66 1.93 0.4300 0.4800 11.63 12/9/19 12/20/19 Adj/Spin Off 1.92 59.63
W.W. Grainger Inc. GWW Industrial Supplies 48 338.52 1.70 1.3600 1.4400 5.88 5/10/19 6/1/19 5.76 33.72
Walgreens Boots Alliance I WBA Retail-Drugstores 44 58.96 3.10 0.4400 0.4575 3.98 8/19/19 9/12/19 1.83 42.46
Wal-Mart Inc. WMT Retail-Discount 46 118.84 1.78 0.5200 0.5300 1.92 3/14/19 4/1/19 2.12 42.40
West Pharmaceutical ServiWST Medical Instruments 27 150.33 0.43 0.1500 0.1600 6.67 10/22/19 11/6/19 0.64 20.98
Westamerica Bancorp WABC Banking 29 67.77 2.42 0.4000 0.4100 2.50 5/3/19 5/17/19 1.64 56.16
Weyco Group Inc. WEYS Footwear 38 26.45 3.63 0.2300 0.2400 4.35 5/30/19 6/28/19 0.96 44.65
Albemarle Corp. ALB Chemical-Specialty 25 73.04 2.01 0.3350 0.3675 9.70 3/14/19 4/1/19 1.47 28.32
25 or more Straight Years Higher Dividends Most Recent Dividend Increase Information SA=Semi-Annual Disclaimer: Although all figure
Company Ticker No. 12/31/19 Div. Quarterly Rate MR% @=AnnualizedRate Annual EPS%
Caterpillar Inc. CAT Industrial Equipment 25 147.68 2.79 0.8600 1.0300 19.77 7/19/19 8/20/19 4.12 40.00
Enterprise Bancorp Inc. EBTC Banking 25 33.87 1.89 0.1450 0.1600 10.34 2/8/19 3/4/19 0.64 23.62
Essex Property Trust ESS REIT-Apartment 25 300.86 2.59 1.8600 1.9500 4.84 3/28/19 4/12/19 7.80 120.00
Matthews International MATW Business Equipment 25 38.17 2.20 0.2000 0.2100 5.00 11/21/19 12/8/19 0.84 n/a
Northeast Indiana Bancorp NIDB Banking 25 40.10 2.69 0.2500 0.2700 8.00 11/6/19 11/21/19 1.08 n/a
Realty Income Corp. O REIT-Retail Stores 25 73.63 3.71 0.2270 0.2275 0.22 7/11/19 7/31/19 0.40 n/a
Averages for 134
U.S. DividendFundamental
Champions Data Dividends Paid by Year
Numbers
(and American Depository Receipts) Abbreviations: (excluding Special/Extra Dividends)
EPS=Earni
PEG=P/E *A/D=Acceleration/Deceleration
d (5-year average increase divided by 10-year average increase)
Disclaimer:
25 or more Straight Although
Years Higher all figures are thought to be correct, no (DGR=Dividend Growth Rate)
Dividends
Company Ticker TTM FYE TTM 5/10 DGR DGR DGR DGR Amounts in Red indicate n
Name Symbol P/E Month EPS A/D* 1-yr 3-yr 5-yr 10-yr 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
1st Source Corp. SRCE 14.66 12 3.54 1.640 14.6 15.2 12.2 7.4 1.10 0.96 0.760 0.720 0.671 0.645 0.618 0.600 0.582
3M Company MMM 20.93 12 8.43 1.627 5.9 9.1 17.8 10.9 5.760 5.440 4.700 4.440 4.100 3.420 2.540 2.360 2.200
A.O. Smith Corp. AOS 19.85 12 2.40 1.459 18.4 23.3 31.4 21.5 0.900 0.760 0.560 0.480 0.380 0.300 0.230 0.180 0.150
ABM Industries Inc. ABM 19.74 10 1.91 1.123 2.9 2.9 3.7 3.3 0.720 0.700 0.680 0.660 0.640 0.620 0.600 0.580 0.560
Abbott Laboratories ABT 47.21 12 1.84 3.262 14.3 7.2 18.0 5.5 1.280 1.120 1.060 1.040 0.960 0.880 0.560 0.964 0.902
AFLAC Inc. AFL 13.06 12 4.05 1.289 3.8 9.2 8.8 6.8 1.080 1.040 0.870 0.830 0.790 0.740 0.710 0.670 0.615
Air Products & Chem. APD 29.60 9 7.94 1.074 7.8 10.5 10.6 9.9 4.580 4.250 3.710 3.390 3.200 3.020 2.770 2.500 2.230
Altria Group Inc. MO 53.67 12 0.93 1.315 14.7 12.5 12.8 9.7 3.280 2.860 2.490 2.305 2.125 1.960 1.800 1.670 1.550
American States Water AWR 39.38 12 2.20 1.018 9.4 8.3 8.8 8.7 1.160 1.060 0.994 0.914 0.874 0.830 0.760 0.635 0.550
AptarGroup Inc. ATR 0.10 12 3.55 0.808 7.6 5.2 7.3 9.0 1.420 1.320 1.280 1.220 1.140 1.090 1.000 0.880 0.800
Aqua America Inc. WTR 60.96 12 0.77 1.226 6.9 7.1 9.2 7.5 0.907 0.848 0.792 0.739 0.686 0.634 0.584 0.536 0.504
Archer Daniels Midland ADM 22.07 6 2.10 1.354 4.5 5.3 13.0 9.6 1.400 1.340 1.280 1.200 1.120 0.960 0.760 0.700 0.655
Arrow Financial Corp. AROW 17.67 12 2.44 0.956 2.0 3.1 2.8 2.9 1.040 1.020 0.978 0.950 0.929 0.911 0.906 0.875 0.852
AT&T Inc. T 17.52 12 2.23 1.149 2.0 2.0 2.5 2.2 2.040 2.000 1.960 1.920 1.880 1.840 1.800 1.760 1.720
Atmos Energy ATO 25.71 9 4.35 1.744 8.6 7.9 8.7 5.0 2.150 1.980 1.835 1.710 1.590 1.500 1.420 1.385 1.365
Automatic Data Proc. ADP 31.40 6 5.43 1.486 19.7 14.2 15.8 10.6 3.160 2.640 2.280 2.120 1.960 1.686 1.520 1.380 1.258
Badger Meter Inc. BMI 41.36 12 1.57 1.191 14.3 14.2 12.8 10.8 0.640 0.560 0.490 0.430 0.390 0.370 0.350 0.330 0.300
BancFirst Corp. OK BANF 20.38 12 3.96 1.474 31.2 18.7 15.6 10.6 1.220 0.930 0.780 0.730 0.690 0.635 0.590 0.550 0.510
Becton Dickinson & Co. BDX 69.03 9 3.94 0.991 2.6 4.6 8.8 8.9 3.100 3.020 2.940 2.710 2.460 2.235 2.030 1.845 1.640
Black Hills Corp. BKH 21.76 12 3.61 1.648 6.2 6.9 6.2 3.7 2.050 1.930 1.810 1.680 1.620 1.560 1.520 1.480 1.460
Brady Corp. BRC 22.28 7 2.57 1.004 2.5 1.7 2.2 2.2 0.855 0.834 0.823 0.813 0.803 0.785 0.765 0.745 0.725
Brown & Brown Inc. BRO 28.20 12 1.40 1.501 6.6 9.0 11.9 7.9 0.325 0.305 0.278 0.251 0.226 0.205 0.185 0.173 0.163
Brown-Forman Class B BF-B 38.19 4 1.77 1.182 5.1 6.9 9.5 8.0 0.664 0.632 0.584 0.544 0.514 0.472 0.422 0.382 0.349
California Water Service CWT 36.83 12 1.40 1.452 5.1 4.6 4.3 3.0 0.790 0.752 0.720 0.690 0.670 0.650 0.640 0.630 0.615
TYCB 22.28 12 1.62 1.176 1.0 1.0 1.2 1.1 1.000 0.990 0.980 0.970 0.960 0.950 0.940 0.930 0.920
Carlisle Companies CSL 20.46 12 7.91 1.488 16.9 11.5 16.5 11.1 1.800 1.540 1.440 1.300 1.100 0.940 0.840 0.760 0.700
Chesapeake Financial SharCPKF 10.53 12 2.28 0.528 6.4 -0.2 2.8 5.3 0.488 0.458 0.510 0.490 0.465 0.450 0.425 0.375 0.330
Chevron Corp. CVX 17.29 12 6.97 0.679 6.2 3.5 4.1 6.0 4.760 4.480 4.320 4.290 4.280 4.210 3.900 3.510 3.090
Chubb Limited CB 19.73 12 7.89 0.823 2.8 2.9 8.2 9.9 2.960 2.880 2.800 2.720 2.640 2.560 2.000 1.920 1.360
Cincinnati Financial CINF 18.88 12 5.57 1.742 5.7 5.2 6.1 3.5 2.210 2.090 1.980 1.900 1.820 1.740 1.643 1.615 1.603
Cintas Corp. CTAS 31.62 5 8.51 1.469 24.4 24.2 27.1 18.4 2.550 2.050 1.620 1.330 1.050 0.850 0.770 0.640 0.540
Clorox Company CLX 24.41 6 6.29 1.087 8.6 8.8 8.4 7.7 4.040 3.720 3.280 3.140 3.020 2.900 2.700 2.480 2.300
Coca-Cola Company KO 30.58 12 1.81 1.070 2.6 4.6 7.4 6.9 1.600 1.560 1.460 1.400 1.320 1.220 1.120 1.020 0.940
Colgate-Palmolive Co. CL 25.50 12 2.70 0.725 3.0 3.3 5.2 7.1 1.710 1.660 1.590 1.550 1.500 1.420 1.330 1.220 1.135
Commerce Bancshares CBSH 19.03 12 3.57 1.382 16.2 8.4 8.1 5.8 1.040 0.895 0.857 0.816 0.777 0.740 0.705 0.662 0.630
Community Bank System CBU 22.24 12 3.19 1.219 10.7 7.4 7.1 5.8 1.550 1.400 1.300 1.250 1.220 1.140 1.100 1.060 1.000
Community Trust Banc. CTBI 12.85 12 3.63 1.671 9.6 5.8 5.2 3.1 1.480 1.350 1.290 1.250 1.210 1.173 1.150 1.132 1.118
Computer Services Inc. CSVI 26.02 2 1.71 0.670 16.4 -9.7 5.4 8.0 0.780 0.670 1.180 1.060 0.940 0.760 0.600 0.530 0.470
Consolidated Edison ED 21.34 12 4.24 1.645 3.5 3.4 3.8 2.3 2.960 2.860 2.760 2.680 2.600 2.520 2.460 2.420 2.400
Cullen/Frost Bankers CFR 13.81 12 7.08 1.420 8.5 9.2 7.2 5.1 2.800 2.580 2.250 2.150 2.100 2.030 1.980 1.900 1.830
Donaldson Company DCI 28.81 7 2.00 0.767 9.3 5.7 10.4 13.6 0.820 0.750 0.710 0.695 0.670 0.635 0.500 0.350 0.290
Numbers
EPS=Earni
Disclaimer:
Dividends
Dover Corp. DOV 26.02 12 4.43 1.152 2.1 4.1 9.9 8.6 1.940 1.900 1.820 1.720 1.640 1.550 1.211 1.111 0.986
Eagle Financial Services EFSI 11.90 12 2.61 1.435 6.4 6.8 5.6 3.9 1.000 0.940 0.880 0.820 0.800 0.770 0.760 0.730 0.720
Eaton Vance Corp. EV 13.34 10 3.50 1.360 11.3 9.9 11.7 8.6 1.425 1.280 1.150 1.075 1.015 0.910 0.820 0.780 0.730
Ecolab Inc. ECL 37.04 12 5.21 1.177 12.2 9.5 14.9 12.6 1.840 1.640 1.480 1.400 1.320 1.100 0.920 0.800 0.700
Emerson Electric EMR 20.56 9 3.71 0.861 1.3 1.1 3.5 4.0 1.970 1.945 1.925 1.905 1.885 1.760 1.660 1.610 1.435
Erie Indemnity Company ERIE 27.17 12 6.11 1.215 7.1 7.2 8.7 7.2 3.600 3.360 3.130 2.920 2.724 2.540 2.370 2.210 2.060
ExxonMobil Corp. XOM 20.34 12 3.43 0.913 6.2 4.8 6.9 7.5 3.430 3.230 3.060 2.980 2.880 2.700 2.460 2.180 1.850
Farmers & Merchants BancFMCB 11.09 12 69.28 1.025 2.2 2.9 2.7 2.7 14.200 13.900 13.550 13.050 12.800 12.600 12.400 12.000 11.650
Federal Realty Inv. Trust FRT 37.97 12 3.39 1.445 2.2 2.6 6.7 4.6 4.110 4.020 3.940 3.800 3.550 3.210 2.970 2.800 2.700
First Financial Corp. THFF 12.53 12 3.65 1.044 1.0 1.3 1.4 1.4 1.030 1.020 1.000 0.990 0.980 0.970 0.960 0.940 0.930
Franklin Electric Co. FELE 27.04 12 2.12 1.562 24.1 13.4 13.7 8.8 0.580 0.468 0.423 0.398 0.383 0.348 0.305 0.285 0.268
Franklin Resources BEN 11.06 9 2.35 1.546 13.0 13.0 21.7 14.0 1.040 0.920 0.800 0.720 0.600 0.480 0.390 0.367 0.333
General Dynamics GD 15.28 12 11.54 1.231 9.9 10.3 12.7 10.4 3.990 3.630 3.280 2.970 2.690 2.420 2.190 2.000 1.830
Genuine Parts Co. GPC 19.49 12 5.45 1.055 6.1 5.1 6.9 6.6 3.008 2.835 2.683 2.588 2.420 2.300 2.150 1.935 1.800
Gorman-Rupp Company GRC 26.60 12 1.41 1.377 7.8 8.6 10.8 7.8 0.550 0.510 0.470 0.430 0.405 0.370 0.330 0.312 0.283
H.B. Fuller Company FUL 19.17 11 2.69 1.179 3.3 4.9 10.5 8.9 0.635 0.615 0.590 0.550 0.510 0.460 0.385 0.330 0.295
Hormel Foods Corp. HRL 25.06 10 1.80 1.237 12.0 13.1 19.8 16.0 0.840 0.750 0.680 0.580 0.500 0.400 0.340 0.300 0.255
Illinois Tool Works ITW 23.67 12 7.59 1.675 21.9 21.0 21.1 12.6 4.070 3.340 2.730 2.300 2.005 1.745 1.560 1.460 1.380
Jack Henry & Associates JKHY 40.46 6 3.60 1.014 8.1 12.6 17.0 16.8 1.600 1.480 1.240 1.120 1.000 0.880 0.730 0.460 0.420
Johnson & Johnson JNJ 27.84 12 5.24 1.119 5.9 6.0 7.7 6.9 3.750 3.540 3.320 3.150 2.950 2.760 2.590 2.400 2.250
John Wiley & Sons Inc. JW-A 18.95 4 2.56 0.679 3.1 3.2 6.5 9.5 1.340 1.300 1.260 1.220 1.180 1.080 0.980 0.880 0.720
Kimberly-Clark Corp. KMB 23.59 12 5.83 1.019 3.0 4.0 6.1 6.0 4.090 3.970 3.830 3.640 3.480 3.256 3.038 2.799 2.684
Lancaster Colony Corp. LANC 29.00 6 5.52 1.194 8.2 8.9 10.3 8.7 2.650 2.450 2.250 2.050 1.880 1.780 1.620 1.460 1.350
Leggett & Platt Inc. LEG 22.90 12 2.22 1.333 5.4 5.7 5.9 4.4 1.560 1.480 1.400 1.320 1.250 1.210 1.170 1.130 1.090
Linde LIN 23.55 12 9.04 0.963 6.1 5.3 7.8 8.1 3.500 3.300 3.150 3.000 2.860 2.600 2.400 2.200 2.000
Lowe's Companies LOW 32.11 1 3.73 1.280 15.7 17.8 24.8 19.4 2.060 1.780 1.520 1.260 1.020 0.820 0.680 0.600 0.500
McCormick & Co. MKC 32.39 11 5.24 1.205 9.6 9.9 10.9 9.0 2.280 2.080 1.880 1.720 1.600 1.480 1.360 1.240 1.120
McDonald's Corp. MCD 25.93 12 7.62 0.995 12.9 9.4 8.7 8.7 4.730 4.190 3.830 3.610 3.440 3.280 3.120 2.870 2.530
McGrath Rentcorp MGRC 19.88 12 3.85 1.633 14.5 13.0 8.9 5.5 1.465 1.280 1.035 1.015 0.995 0.975 0.955 0.935 0.915
MDU Resources MDU 18.34 12 1.62 1.221 3.2 2.8 3.4 2.8 0.815 0.790 0.770 0.750 0.730 0.710 0.690 0.670 0.650
Medtronic plc MDT 32.23 4 3.52 1.368 8.3 8.7 14.0 10.2 2.080 1.920 1.780 1.620 1.370 1.170 1.080 1.010 0.935
Mercury General Corp. MCY 13.06 12 3.73 0.640 0.4 0.4 0.5 0.8 2.513 2.503 2.493 2.483 2.473 2.463 2.453 2.443 2.410
MGE Energy Inc. MGEE 31.53 12 2.50 1.468 4.5 4.6 5.2 3.6 1.380 1.320 1.260 1.205 1.155 1.108 1.070 1.037 1.010
Middlesex Water Co. MSEX 32.27 12 1.97 1.670 7.1 6.5 5.3 3.2 0.976 0.911 0.858 0.808 0.776 0.763 0.753 0.743 0.733
MSA Safety Inc. MSA 38.06 12 3.32 1.237 10.1 7.8 6.8 5.5 1.640 1.490 1.380 1.310 1.270 1.230 1.180 1.100 1.030
NACCO Industries NC 7.40 12 6.33 1.369 11.4 29.8 18.4 13.5 0.735 0.660 0.421 0.336 0.330 0.322 0.315 0.244 0.213
National Fuel Gas NFG 13.26 9 3.51 1.138 2.4 2.4 3.1 2.7 1.720 1.680 1.640 1.600 1.560 1.520 1.480 1.440 1.400
National Retail Properties NNN 38.30 12 1.40 1.587 4.1 4.5 4.9 3.1 2.030 1.950 1.860 1.780 1.710 1.650 1.600 1.560 1.530
Nordson Corp. NDSN 28.12 10 5.79 1.227 14.4 11.9 17.8 14.5 1.430 1.250 1.140 1.020 0.900 0.760 0.630 0.525 0.440
Northwest Natural Gas NWN 35.79 12 2.06 0.478 0.5 0.5 0.8 1.7 1.903 1.893 1.883 1.873 1.855 1.845 1.825 1.790 1.750
Nucor Corp. NUE 9.60 12 5.86 1.344 5.3 2.2 1.7 1.3 1.600 1.520 1.510 1.500 1.490 1.480 1.470 1.460 1.450
Numbers
EPS=Earni
Disclaimer:
Dividends
Old Republic International ORI 9.99 12 2.24 1.300 2.6 2.2 2.1 1.6 0.800 0.780 0.760 0.750 0.740 0.730 0.720 0.710 0.700
Parker-Hannifin Corp. PH 18.23 6 11.29 1.061 15.6 10.5 13.8 13.0 3.400 2.940 2.640 2.520 2.520 2.070 1.780 1.620 1.430
Pentair Ltd. PNR 22.49 12 2.04 (8.420) -7.3 -17.6 -4.6 0.5 0.760 0.820 1.380 1.360 1.280 1.100 0.960 0.880 0.800
People's United Financial PBCT 12.90 12 1.31 1.165 1.4 1.5 1.8 1.5 0.708 0.698 0.688 0.678 0.663 0.658 0.648 0.638 0.628
PepsiCo Inc. PEP 15.55 12 8.79 1.374 8.7 9.0 10.9 8.0 3.765 3.465 3.168 2.910 2.763 2.533 2.240 2.105 1.990
PPG Industries Inc. PPG 26.33 12 5.07 1.618 6.5 8.3 10.4 6.4 1.980 1.860 1.700 1.560 1.415 1.310 1.210 1.170 1.130
PSB Holdings Inc. PSBQ 11.27 12 2.44 1.321 12.9 10.7 8.2 6.2 0.380 0.337 0.320 0.280 0.273 0.263 0.257 0.227 0.221
Procter & Gamble Co. PG 79.05 6 1.58 0.817 4.0 3.4 4.5 5.6 2.955 2.841 2.738 2.671 2.632 2.532 2.367 2.211 2.057
RLI Corp. RLI 34.62 12 2.60 1.137 4.6 4.8 6.3 5.6 0.910 0.870 0.830 0.790 0.750 0.710 0.670 0.630 0.595
Roper Technologies Inc. ROP 32.17 12 11.01 1.217 12.1 15.5 22.9 18.8 1.850 1.650 1.400 1.200 1.000 0.800 0.660 0.550 0.440
RPM International Inc. RPM 33.37 5 2.30 1.567 7.6 7.8 9.0 5.8 1.410 1.310 1.220 1.125 1.055 0.980 0.915 0.870 0.845
S&P Global Inc. SPGI 32.39 12 8.43 1.568 14.0 16.6 15.3 9.7 2.280 2.000 1.640 1.440 1.320 1.200 1.120 1.020 1.000
SEI Investments Company SEIC 20.92 12 3.13 0.888 10.0 8.3 13.5 15.2 0.660 0.600 0.580 0.520 0.480 0.440 0.350 0.300 0.220
Sherwin-Williams Co. SHW 39.27 12 14.86 1.443 31.4 10.4 17.7 12.3 4.520 3.440 3.400 3.360 2.680 2.200 2.000 1.560 1.460
SJW Corp. SJW 51.49 12 1.38 1.696 7.1 14.0 10.5 6.2 1.200 1.120 0.870 0.810 0.780 0.750 0.730 0.710 0.690
Sonoco Products Co. SON 19.29 12 3.20 1.441 4.9 5.2 6.7 4.6 1.700 1.620 1.540 1.460 1.370 1.270 1.230 1.190 1.150
Stanley Black & Decker SWK 38.37 12 4.32 0.844 4.7 6.1 6.4 7.6 2.700 2.580 2.420 2.260 2.140 2.040 1.980 1.800 1.640
Stepan Company SCL 22.42 12 4.57 1.112 10.8 9.3 9.5 8.6 1.025 0.925 0.840 0.785 0.730 0.690 0.650 0.580 0.530
Stryker Corp. SYK 23.27 12 9.02 0.942 10.6 11.0 14.4 15.3 2.080 1.880 1.700 1.520 1.380 1.220 1.060 0.850 0.720
Sysco Corp. SYY 26.24 6 3.26 1.377 8.3 8.0 6.9 5.0 1.560 1.440 1.320 1.240 1.200 1.160 1.120 1.080 1.040
T. Rowe Price Group TROW 15.48 12 7.87 1.264 8.6 12.1 14.9 11.8 3.040 2.800 2.280 2.160 2.080 1.760 1.520 1.360 1.240
Target Corp. TGT 20.51 1 6.25 0.730 3.2 3.9 10.5 14.4 2.600 2.520 2.440 2.320 2.160 1.900 1.580 1.320 1.100
Telephone & Data Sys. TDS 23.77 12 1.07 1.209 3.1 3.7 5.3 4.4 0.660 0.640 0.620 0.592 0.564 0.536 0.510 0.490 0.470
Tennant Company TNC 33.73 12 2.31 0.787 3.5 2.8 4.1 5.2 0.880 0.850 0.840 0.810 0.800 0.780 0.720 0.690 0.680
Tompkins Financial Corp. TMP 17.60 12 5.20 1.108 4.1 4.5 5.6 5.0 2.020 1.940 1.820 1.770 1.700 1.620 1.540 1.460 1.400
Tootsie Roll Industries TR 35.94 12 0.95 1.467 3.0 2.2 6.1 4.1 0.357 0.347 0.350 0.334 0.307 0.274 0.266 0.258 0.253
Thomson Reuters Corp. TRI 11.12 12 6.44 0.812 4.0 1.9 2.1 2.5 1.440 1.385 1.380 1.360 1.340 1.320 1.300 1.280 1.240
UGI Corp. UGI 32.03 9 1.41 1.132 12.3 7.2 9.2 8.1 1.145 1.020 0.975 0.930 0.888 0.807 0.737 0.707 0.680
UMB Financial Corp. UMBF 16.62 12 4.13 1.244 4.8 7.0 6.9 5.5 1.200 1.145 1.020 0.980 0.940 0.900 0.860 0.820 0.780
United Bankshares Inc. UBSI 15.16 12 2.55 1.061 0.0 1.0 1.7 1.6 1.360 1.360 1.320 1.320 1.280 1.280 1.250 1.240 1.200
United Technologies UTX 25.25 12 5.93 0.901 3.7 3.9 6.0 6.7 2.940 2.835 2.720 2.620 2.560 2.360 2.195 2.030 1.865
Universal Corp. UVV 16.12 3 3.54 1.691 16.2 12.5 8.6 5.1 3.020 2.600 2.160 2.120 2.080 2.040 2.000 1.960 1.920
Universal Health Realty TruUHT 92.41 12 1.27 1.326 1.5 1.4 1.8 1.3 2.720 2.680 2.645 2.613 2.560 2.520 2.490 2.450 2.425
VF Corp. VFC 30.95 12 3.22 1.273 6.8 7.5 15.7 12.4 1.900 1.779 1.720 1.530 1.330 1.108 0.915 0.758 0.653
W.W. Grainger Inc. GWW 19.82 12 17.08 0.781 6.0 5.6 9.6 12.3 5.680 5.360 5.060 4.830 4.590 4.170 3.590 3.060 2.520
Walgreens Boots Alliance I WBA 13.68 8 4.31 0.642 6.8 6.9 8.8 13.6 1.795 1.680 1.550 1.470 1.395 1.305 1.180 1.000 0.800
Wal-Mart Inc. WMT 23.77 1 5.00 0.438 1.9 2.0 3.1 7.2 2.110 2.070 2.030 1.990 1.950 1.910 1.808 1.558 1.398
West Pharmaceutical ServiWST 49.29 12 3.05 1.343 7.0 7.6 9.6 7.2 0.610 0.570 0.530 0.490 0.450 0.410 0.385 0.365 0.345
Westamerica Bancorp WABC 23.21 12 2.92 1.241 1.9 1.5 1.8 1.5 1.630 1.600 1.570 1.560 1.530 1.520 1.490 1.480 1.450
Weyco Group Inc. WEYS 12.30 12 2.15 1.228 4.4 4.2 6.1 4.9 0.940 0.900 0.870 0.830 0.790 0.750 0.700 0.660 0.640
Albemarle Corp. ALB 14.07 12 5.19 0.755 8.5 6.1 8.4 11.1 1.438 1.325 1.265 1.205 1.145 1.065 0.960 0.775 0.635
Numbers
EPS=Earni
Disclaimer:
Dividends
Caterpillar Inc. CAT 14.34 12 10.30 1.192 15.2 7.1 10.1 8.4 3.780 3.280 3.100 3.080 2.940 2.600 2.340 1.960 1.800
Enterprise Bancorp Inc. EBTC 12.50 12 2.71 1.276 10.3 7.2 6.8 5.4 0.640 0.580 0.540 0.520 0.500 0.480 0.460 0.440 0.420
Essex Property Trust ESS 46.29 12 6.50 1.581 5.2 7.3 10.3 6.5 7.710 7.330 6.850 6.240 5.620 5.020 4.730 4.340 4.153
Matthews International MATW n/a 9 -1.22 1.234 5.2 9.3 14.6 11.8 0.810 0.770 0.700 0.620 0.540 0.460 0.410 0.370 0.330
Northeast Indiana Bancorp NIDB n/a 12 n/a 1.355 5.2 6.3 5.9 4.4 1.020 0.970 0.900 0.850 0.810 0.785 0.765 0.730 0.705
Realty Income Corp. O n/a 12 n/a 1.019 3.0 4.3 4.8 4.7 2.711 2.631 2.535 2.392 2.271 2.192 2.147 1.772 1.737
Averages for 134
U.S. Dividend Champions Percentage Increase by Year
(and American Depository Receipts)
25 or more Straight Years Higher Dividends 21 yrs 2017 2016 2015 2014 2013 2012 2011 2010
Company Amounts Ticker
in Red indicate no increase during year 99-'19 vs. vs. vs. vs. vs. vs. vs. vs.
Name Symbol 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 RegDivs 2016 2015 2014 2013 2012 2011 2010 2009
1st Source Corp. SRCE 0.555 0.536 0.527 0.509 0.486 0.405 0.347 0.306 0.298 0.294 0.277 0.240 11.435 5.6 7.3 3.9 4.4 3.0 3.1 4.9 3.4
3M Company MMM 2.100 2.040 2.000 1.920 1.840 1.680 1.440 1.320 1.240 1.200 1.160 1.120 54.020 5.9 8.3 19.9 34.6 7.6 7.3 4.8 2.9
A.O. Smith Corp. AOS 0.135 0.128 0.123 0.117 0.110 0.107 0.103 0.097 0.090 0.087 0.083 0.080 5.200 16.7 26.3 26.7 30.4 27.8 20.0 11.1 5.2
ABM Industries Inc. ABM 0.540 0.520 0.500 0.480 0.440 0.420 0.400 0.380 0.360 0.330 0.310 0.280 10.720 3.0 3.1 3.2 3.3 3.4 3.6 3.7 3.8
Abbott Laboratories ABT 0.825 0.748 0.674 0.609 0.557 0.521 0.491 0.440 0.411 0.368 0.332 0.296 15.039 1.9 8.3 9.1 57.1 0.0 6.9 9.3 10.3
AFLAC Inc. AFL 0.570 0.560 0.480 0.400 0.275 0.220 0.190 0.150 0.115 0.096 0.083 0.073 10.556 4.8 5.1 6.8 4.2 6.0 8.9 7.9 1.8
Air Products & Chem. APD 1.920 1.790 1.700 1.480 1.340 1.250 1.040 0.880 0.820 0.780 0.740 0.700 44.090 9.4 5.9 6.0 9.0 10.8 12.1 16.1 7.3
Altria Group Inc. MO 1.420 1.300 1.159 0.857 0.771 0.711 0.655 0.613 0.567 0.516 0.469 0.427 29.505 8.0 8.5 8.4 8.9 7.8 7.7 9.2 9.2
American States Water AWR 0.520 0.505 0.500 0.478 0.465 0.450 0.443 0.440 0.436 0.433 0.428 0.427 13.301 8.8 4.6 5.3 9.2 19.7 15.5 5.8 3.0
AptarGroup Inc. ATR 0.660 0.600 0.560 0.500 0.420 0.350 0.220 0.125 0.120 0.110 0.100 0.090 14.005 4.9 7.0 4.6 9.0 13.6 10.0 21.2 10.0
Aqua America Inc. WTR 0.472 0.440 0.408 0.384 0.355 0.320 0.294 0.274 0.258 0.242 0.225 0.204 10.105 7.2 7.7 8.2 8.6 9.0 6.3 6.8 7.3
Archer Daniels Midland ADM 0.600 0.560 0.520 0.460 0.400 0.340 0.300 0.240 0.220 0.193 0.184 0.175 13.606 6.7 7.1 16.7 26.3 8.6 6.9 9.2 7.1
Arrow Financial Corp. AROW 0.803 0.780 0.766 0.727 0.705 0.671 0.630 0.575 0.520 0.455 0.399 0.353 15.842 3.0 2.3 2.0 0.5 3.5 2.7 6.1 3.0
AT&T Inc. T 1.680 1.640 1.600 1.420 1.330 1.290 1.250 1.118 1.063 1.023 1.005 0.965 32.303 2.1 2.1 2.2 2.2 2.3 2.3 2.4 2.4
Atmos Energy ATO 1.345 1.325 1.305 1.285 1.265 1.245 1.225 1.205 1.185 1.165 1.145 1.110 29.740 7.3 7.5 6.0 5.6 2.5 1.5 1.5 1.5
Automatic Data Proc. ADP 1.188 1.153 1.013 0.804 0.646 0.542 0.489 0.419 0.402 0.358 0.306 0.266 25.591 7.5 8.2 16.3 10.9 10.1 9.7 5.9 3.0
Badger Meter Inc. BMI 0.260 0.230 0.200 0.170 0.155 0.145 0.138 0.133 0.128 0.125 0.108 0.090 5.740 14.0 10.3 5.4 5.7 6.1 10.0 15.4 13.0
BancFirst Corp. OK BANF 0.470 0.445 0.410 0.370 0.330 0.290 0.258 0.228 0.190 0.180 0.160 0.125 10.090 6.8 5.8 8.7 7.6 7.3 7.8 8.5 5.6
Becton Dickinson & Co. BDX 1.480 1.320 1.140 0.980 0.860 0.720 0.600 0.400 0.390 0.380 0.370 0.340 30.960 8.5 10.2 10.1 10.1 10.0 12.5 10.8 12.1
Black Hills Corp. BKH 1.440 1.420 1.400 1.370 1.320 1.280 1.240 1.200 1.160 1.120 1.080 1.040 30.180 7.7 3.7 3.8 2.6 2.7 1.4 1.4 1.4
Brady Corp. BRC 0.705 0.685 0.620 0.570 0.530 0.460 0.425 0.405 0.385 0.365 0.345 0.325 12.967 1.2 1.2 2.2 2.6 2.7 2.8 2.8 2.9
Brown & Brown Inc. BRO 0.156 0.151 0.143 0.125 0.105 0.085 0.073 0.058 0.045 0.040 0.034 0.029 3.153 10.4 11.0 10.4 10.8 7.2 6.2 4.0 3.3
Brown-Forman Class B BF-B 0.320 0.307 0.290 0.258 0.239 0.209 0.181 0.160 0.149 0.141 0.132 0.126 7.076 7.4 5.8 8.9 11.8 10.5 9.4 9.2 4.3
California Water Service CWT 0.595 0.590 0.585 0.580 0.575 0.570 0.565 0.563 0.560 0.558 0.550 0.543 12.990 4.3 3.0 3.1 1.6 1.6 2.4 3.4 0.8
Calvin B. Taylor BanksharesTYCB 0.910 0.900 0.850 0.800 0.750 0.700 0.650 0.600 0.400 0.370 0.340 0.300 16.210 1.0 1.0 1.1 1.1 1.1 1.1 1.1 1.1
Carlisle Companies CSL 0.660 0.630 0.600 0.560 0.520 0.480 0.470 0.435 0.425 0.415 0.380 0.340 16.335 10.8 18.2 17.0 11.9 10.5 8.6 6.1 4.8
Chesapeake Financial SharCPKF 0.299 0.292 0.281 0.243 0.223 0.211 0.197 0.165 0.142 0.131 0.116 0.096 6.385 4.1 5.4 3.3 5.9 13.3 13.7 10.4 2.4
Chevron Corp. CVX 2.840 2.660 2.530 2.260 2.010 1.750 1.530 1.430 1.400 1.325 1.300 1.240 59.115 0.7 0.2 1.7 7.9 11.1 13.6 8.8 6.8
Chubb Limited CB 1.280 1.150 1.090 1.040 0.960 0.880 0.800 0.740 0.680 0.560 0.480 0.400 31.900 2.9 3.0 3.1 28.0 4.2 41.2 6.3 11.3
Cincinnati Financial CINF 1.585 1.565 1.525 1.400 1.310 1.162 1.000 0.883 0.797 0.744 0.671 0.600 29.843 4.2 4.4 4.6 5.9 1.7 0.8 1.1 1.3
Cintas Corp. CTAS 0.480 0.470 0.460 0.390 0.350 0.320 0.290 0.270 0.250 0.220 0.187 0.037 15.123 21.8 26.7 23.5 10.4 20.3 18.5 12.5 2.1
Clorox Company CLX 2.100 1.920 1.720 1.520 1.160 1.120 1.080 0.980 0.850 0.840 0.820 0.760 42.450 4.5 4.0 4.1 7.4 8.9 7.8 9.5 9.4
Coca-Cola Company KO 0.880 0.820 0.760 0.680 0.620 0.560 0.500 0.440 0.400 0.360 0.340 0.320 18.320 4.3 6.1 8.2 8.9 9.8 8.5 6.8 7.3
Colgate-Palmolive Co. CL 1.015 0.860 0.780 0.700 0.625 0.555 0.480 0.450 0.360 0.338 0.315 0.295 19.888 2.6 3.3 5.6 6.8 9.0 7.5 11.8 18.0
Commerce Bancshares CBSH 0.606 0.589 0.585 0.557 0.520 0.485 0.443 0.357 0.284 0.266 0.245 0.226 12.287 5.0 5.0 5.0 5.0 6.5 5.0 4.0 2.8
Community Bank System CBU 0.920 0.880 0.850 0.810 0.770 0.730 0.660 0.595 0.550 0.540 0.510 0.470 19.305 4.0 2.5 7.0 3.6 3.8 6.0 8.7 4.5
Community Trust Banc. CTBI 1.100 1.091 1.055 0.982 0.945 0.873 0.760 0.646 0.574 0.546 0.508 0.485 20.718 3.2 3.3 3.2 2.0 1.6 1.2 1.7 0.8
Computer Services Inc. CSVI 0.410 0.360 0.330 0.290 0.250 0.210 0.160 0.125 0.110 0.100 0.095 0.075 9.505 11.3 12.8 23.7 26.7 13.2 12.8 14.6 13.9
Consolidated Edison ED 2.380 2.360 2.340 2.320 2.300 2.280 2.260 2.240 2.220 2.200 2.180 2.140 50.880 3.0 3.1 3.2 2.4 1.7 0.8 0.8 0.8
Cullen/Frost Bankers CFR 1.780 1.710 1.660 1.540 1.320 1.165 1.035 0.940 0.875 0.840 0.760 0.675 33.920 4.7 2.4 3.4 2.5 4.2 3.8 2.8 4.1
Donaldson Company DCI 0.248 0.230 0.223 0.190 0.170 0.140 0.113 0.093 0.083 0.075 0.071 0.063 7.116 2.2 3.7 5.5 27.0 42.9 20.7 17.2 7.6
Dover Corp. DOV 0.894 0.852 0.752 0.643 0.593 0.551 0.510 0.476 0.451 0.434 0.401 0.368 20.802 5.8 4.9 5.8 28.0 9.0 12.7 10.3 4.9
Eagle Financial Services EFSI 0.690 0.680 0.670 0.640 0.600 0.500 0.415 0.375 0.320 0.275 0.230 0.190 13.005 7.3 2.5 3.9 1.3 4.1 1.4 4.3 1.5
Eaton Vance Corp. EV 0.660 0.625 0.605 0.510 0.420 0.340 0.275 0.200 0.150 0.127 0.101 0.080 13.277 7.0 5.9 11.5 11.0 5.1 6.8 10.6 5.6
Ecolab Inc. ECL 0.620 0.560 0.520 0.460 0.400 0.350 0.320 0.290 0.270 0.260 0.240 0.210 15.700 5.7 6.1 20.0 19.6 15.0 14.3 12.9 10.7
Emerson Electric EMR 1.350 1.325 1.230 1.088 0.930 0.845 0.808 0.790 0.779 0.769 0.729 0.667 27.402 1.0 1.1 7.1 6.0 3.1 12.2 6.3 1.9
Erie Indemnity Company ERIE 1.920 1.800 1.760 1.600 1.440 1.300 0.860 0.760 0.680 0.610 0.540 0.480 38.664 7.2 7.2 7.2 7.2 7.2 7.3 7.3 6.7
ExxonMobil Corp. XOM 1.740 1.660 1.550 1.370 1.280 1.140 1.060 0.980 0.920 0.910 0.880 0.835 39.095 2.7 3.5 6.7 9.8 12.8 17.8 6.3 4.8
Farmers & Merchants BancFMCB 11.250 10.900 10.200 9.150 8.250 7.600 6.900 6.100 5.500 5.350 5.100 4.900 207.350 3.8 2.0 1.6 1.6 3.3 3.0 3.6 3.2
Federal Realty Inv. Trust FRT 2.650 2.610 2.480 2.335 2.240 2.120 1.975 1.945 1.925 1.890 1.820 1.770 56.860 3.7 7.0 10.6 8.1 6.1 3.7 1.9 1.5
First Financial Corp. THFF 0.910 0.900 0.880 0.860 0.840 0.800 0.750 0.650 0.600 0.560 0.510 0.195 17.275 1.0 1.0 1.0 1.0 2.1 1.1 2.2 1.1
Franklin Electric Co. FELE 0.258 0.250 0.248 0.235 0.215 0.190 0.155 0.138 0.128 0.118 0.108 0.096 5.591 6.3 3.9 10.1 13.9 7.0 6.5 3.9 3.0
Franklin Resources BEN 0.293 0.280 0.267 0.200 0.160 0.133 0.113 0.100 0.093 0.087 0.080 0.073 7.530 11.1 20.0 25.0 23.1 6.4 10.0 13.6 4.8
General Dynamics GD 1.640 1.490 1.340 1.100 0.890 0.780 0.700 0.630 0.590 0.550 0.510 0.470 35.690 10.4 10.4 11.2 10.5 9.5 9.3 11.6 10.1
Genuine Parts Co. GPC 1.630 1.590 1.535 1.433 1.325 1.238 1.195 1.175 1.155 1.130 1.085 1.030 37.238 3.7 6.9 5.2 7.0 11.1 7.5 10.4 2.5
Gorman-Rupp Company GRC 0.269 0.259 0.256 0.199 0.187 0.184 0.181 0.178 0.170 0.168 0.163 0.157 6.030 9.3 6.2 9.5 12.1 5.8 10.2 5.4 3.7
H.B. Fuller Company FUL 0.278 0.270 0.263 0.256 0.249 0.241 0.229 0.224 0.219 0.214 0.209 0.204 7.224 7.3 7.8 10.9 19.5 16.7 11.9 6.3 2.8
Hormel Foods Corp. HRL 0.210 0.190 0.185 0.150 0.140 0.130 0.113 0.105 0.098 0.093 0.088 0.083 6.228 17.2 16.0 25.0 17.6 13.3 17.6 21.4 10.5
Illinois Tool Works ITW 1.270 1.240 1.150 0.910 0.705 0.585 0.500 0.465 0.445 0.410 0.370 0.315 28.955 18.7 14.7 14.9 11.9 6.8 5.8 8.7 2.4
Jack Henry & Associates JKHY 0.380 0.340 0.300 0.260 0.220 0.180 0.160 0.140 0.140 0.120 0.100 0.080 11.350 10.7 12.0 13.6 20.5 58.7 9.5 10.5 11.8
Johnson & Johnson JNJ 2.110 1.930 1.795 1.620 1.455 1.275 1.095 0.925 0.795 0.700 0.620 0.545 41.575 5.4 6.8 6.9 6.6 7.9 6.7 6.6 9.3
John Wiley & Sons Inc. JW-A 0.600 0.540 0.480 0.420 0.380 0.330 0.280 0.230 0.190 0.170 0.152 0.137 13.869 3.3 3.4 9.3 10.2 11.4 22.2 20.0 11.1
Kimberly-Clark Corp. KMB 2.473 2.281 2.176 1.994 1.840 1.677 1.476 1.265 1.131 1.064 1.026 0.987 50.177 5.2 4.6 6.9 7.2 8.6 4.3 8.5 8.4
Lancaster Colony Corp. LANC 1.230 1.155 1.125 1.090 1.050 1.010 0.940 0.830 0.760 0.690 0.650 0.610 28.630 9.8 9.0 5.6 9.9 11.0 8.1 9.8 6.5
Leggett & Platt Inc. LEG 1.050 1.010 1.000 0.700 0.680 0.620 0.570 0.530 0.490 0.470 0.400 0.350 19.480 6.1 5.6 3.3 3.4 3.5 3.7 3.8 4.0
Linde LIN 1.800 1.600 1.500 1.200 1.000 0.720 0.600 0.458 0.380 0.340 0.310 0.280 35.198 5.0 4.9 10.0 8.3 9.1 10.0 11.1 12.5
Lowe's Companies LOW 0.400 0.350 0.330 0.260 0.160 0.100 0.070 0.053 0.040 0.038 0.035 0.030 12.105 20.6 23.5 24.4 20.6 13.3 20.0 25.0 14.3
McCormick & Co. MKC 1.040 0.960 0.880 0.800 0.720 0.640 0.560 0.460 0.420 0.400 0.380 0.340 22.360 9.3 7.5 8.1 8.8 9.7 10.7 7.7 8.3
McDonald's Corp. MCD 2.260 2.050 1.625 1.500 1.000 0.670 0.550 0.400 0.235 0.225 0.215 0.195 42.525 6.1 4.9 4.9 5.1 8.7 13.4 11.9 10.2
McGrath Rentcorp MGRC 0.895 0.860 0.780 0.700 0.620 0.530 0.430 0.390 0.340 0.310 0.270 0.230 15.925 2.0 2.0 2.1 2.1 2.1 2.2 2.2 4.1
MDU Resources MDU 0.630 0.620 0.590 0.550 0.515 0.487 0.460 0.433 0.413 0.396 0.378 0.360 12.407 2.7 2.7 2.8 2.9 3.0 3.1 3.2 1.6
Medtronic plc MDT 0.860 0.785 0.625 0.470 0.413 0.360 0.313 0.270 0.240 0.215 0.180 0.145 17.840 9.9 18.2 17.1 8.3 6.9 8.0 8.7 9.6
Mercury General Corp. MCY 2.370 2.330 2.320 2.080 1.920 1.720 1.480 1.320 1.200 1.060 0.960 0.840 41.830 0.4 0.4 0.4 0.4 0.4 1.3 1.7 1.7
MGE Energy Inc. MGEE 0.990 0.973 0.956 0.938 0.924 0.916 0.907 0.899 0.892 0.885 0.877 0.867 21.569 4.6 4.3 4.2 3.6 3.2 2.6 2.0 1.7
Middlesex Water Co. MSEX 0.723 0.713 0.703 0.693 0.683 0.673 0.663 0.649 0.634 0.623 0.613 0.595 15.279 6.2 4.0 1.8 1.3 1.3 1.4 1.4 1.4
MSA Safety Inc. MSA 0.990 0.960 0.940 0.840 0.680 0.520 0.370 0.257 0.217 0.180 0.158 0.151 17.892 5.3 3.1 3.3 4.2 7.3 6.8 4.0 3.1
NACCO Industries NC 0.209 0.208 0.205 0.199 0.191 0.186 0.168 0.127 0.097 0.093 0.089 0.085 5.435 25.4 1.9 2.2 2.3 29.3 14.5 1.7 0.8
National Fuel Gas NFG 1.360 1.320 1.270 1.220 1.180 1.140 1.100 1.060 1.025 0.985 0.945 0.915 27.560 2.5 2.6 2.6 2.7 2.8 2.9 2.9 3.0
National Retail Properties NNN 1.510 1.500 1.480 1.400 1.320 1.300 1.290 1.280 1.270 1.260 1.245 1.240 31.765 4.5 4.1 3.6 3.1 2.6 2.0 1.3 0.7
Nordson Corp. NDSN 0.390 0.369 0.365 0.350 0.335 0.323 0.313 0.303 0.285 0.280 0.260 0.240 11.906 11.8 13.3 18.4 20.6 20.0 19.3 12.8 5.8
Northwest Natural Gas NWN 1.680 1.600 1.520 1.440 1.390 1.320 1.300 1.270 1.260 1.245 1.240 1.220 33.100 0.5 0.9 0.5 1.1 2.0 2.3 4.2 5.0
Nucor Corp. NUE 1.440 1.410 1.310 0.630 0.400 0.300 0.235 0.200 0.190 0.170 0.150 0.130 20.045 0.7 0.7 0.7 0.7 0.7 0.7 0.7 2.1
Old Republic International ORI 0.690 0.680 0.670 0.630 0.590 0.512 0.403 0.357 0.336 0.315 0.293 0.261 12.427 1.3 1.4 1.4 1.4 1.4 1.4 1.4 1.5
Parker-Hannifin Corp. PH 1.070 1.000 0.920 0.763 0.653 0.573 0.507 0.507 0.480 0.480 0.453 0.453 28.780 4.8 0.0 21.7 16.3 9.9 13.3 33.6 7.0
Pentair Ltd. PNR 0.760 0.720 0.680 0.600 0.560 0.520 0.430 0.400 0.375 0.350 0.325 0.320 15.380 1.5 6.3 16.4 14.6 9.1 10.0 5.3 5.6
People's United Financial PBCT 0.618 0.608 0.583 0.519 0.462 0.406 0.358 0.323 0.301 0.283 0.254 0.218 10.935 1.5 2.3 0.8 1.5 1.6 1.6 1.6 1.6
PepsiCo Inc. PEP 1.860 1.750 1.600 1.350 1.120 0.980 0.780 0.620 0.590 0.570 0.550 0.530 37.238 8.8 5.3 9.1 13.1 6.4 5.8 7.0 6.3
PPG Industries Inc. PPG 1.090 1.065 1.045 1.020 0.955 0.930 0.895 0.865 0.845 0.840 0.800 0.760 24.445 9.0 10.2 8.0 8.3 3.4 3.5 3.7 2.3
PSB Holdings Inc. PSBQ 0.215 0.209 0.203 0.197 0.190 0.184 0.177 0.194 0.155 0.148 0.144 0.138 4.712 14.3 2.4 3.8 2.6 13.2 2.7 2.8 2.9
Procter & Gamble Co. PG 1.885 1.720 1.550 1.360 1.210 1.090 0.978 0.865 0.790 0.730 0.670 0.625 36.478 2.5 1.5 3.9 7.0 7.0 7.5 9.1 9.6
RLI Corp. RLI 0.570 0.530 0.480 0.420 0.360 0.300 0.240 0.190 0.168 0.155 0.145 0.135 10.448 5.1 5.3 5.6 6.0 6.3 5.9 4.4 7.5
Roper Technologies Inc. ROP 0.380 0.330 0.290 0.260 0.235 0.210 0.196 0.176 0.166 0.150 0.140 0.130 12.213 16.7 20.0 25.0 21.2 20.0 25.0 15.8 15.2
RPM International Inc. RPM 0.825 0.805 0.770 0.715 0.655 0.610 0.570 0.530 0.505 0.500 0.493 0.475 17.183 8.4 6.6 7.7 7.1 5.2 3.0 2.4 2.5
S&P Global Inc. SPGI 0.940 0.900 0.880 0.820 0.726 0.660 0.600 0.540 0.510 0.490 0.470 0.430 20.986 13.9 9.1 10.0 7.1 9.8 2.0 6.4 4.4
SEI Investments Company SEIC 0.190 0.160 0.150 0.130 0.115 0.105 0.095 0.065 0.055 0.045 0.037 0.015 5.312 11.5 8.3 9.1 25.7 16.7 36.4 15.8 18.8
Sherwin-Williams Co. SHW 1.440 1.420 1.400 1.260 1.000 0.820 0.680 0.620 0.595 0.580 0.540 0.480 35.455 1.2 25.4 21.8 10.0 28.2 6.8 1.4 1.4
SJW Corp. SJW 0.680 0.660 0.644 0.604 0.566 0.536 0.510 0.485 0.460 0.429 0.410 0.400 14.044 7.4 3.8 4.0 2.7 2.8 2.9 1.5 3.0
Sonoco Products Co. SON 1.110 1.080 1.070 1.020 0.960 0.920 0.880 0.840 0.830 0.800 0.790 0.750 23.580 5.5 6.6 7.9 3.3 3.4 3.5 3.6 2.8
Stanley Black & Decker SWK 1.340 1.300 1.260 1.220 1.180 1.140 1.080 1.030 0.990 0.940 0.900 0.870 32.810 7.1 5.6 4.9 3.0 10.0 9.8 22.4 3.1
Stepan Company SCL 0.490 0.450 0.425 0.413 0.403 0.393 0.386 0.381 0.369 0.354 0.326 0.306 11.450 7.0 7.5 5.8 6.2 12.1 9.4 8.2 8.9
Stryker Corp. SYK 0.600 0.500 0.330 0.220 0.110 0.090 0.070 0.060 0.050 0.040 0.033 0.030 14.543 11.8 10.1 13.1 15.1 24.7 18.1 20.0 20.0
Sysco Corp. SYY 1.000 0.960 0.880 0.760 0.680 0.600 0.520 0.440 0.360 0.280 0.240 0.200 18.080 6.5 3.3 3.4 3.6 3.7 3.8 4.0 4.2
T. Rowe Price Group TROW 1.080 1.000 0.960 0.680 0.560 0.460 0.380 0.340 0.320 0.300 0.260 0.200 24.780 5.6 3.8 18.2 15.8 11.8 9.7 14.8 8.0
Target Corp. TGT 0.840 0.680 0.600 0.520 0.440 0.360 0.300 0.260 0.240 0.220 0.210 0.200 22.810 5.2 7.4 13.7 20.3 19.7 20.0 31.0 23.5
Telephone & Data Sys. TDS 0.445 0.430 0.410 0.390 0.370 0.350 0.330 0.310 0.290 0.270 0.250 0.230 9.157 4.7 5.0 5.2 5.1 4.1 4.3 5.6 3.5
Tennant Company TNC 0.590 0.530 0.520 0.480 0.460 0.440 0.430 0.420 0.410 0.400 0.390 0.380 12.500 3.7 1.3 2.6 8.3 4.3 1.5 15.3 11.3
Tompkins Financial Corp. TMP 1.329 1.236 1.200 1.127 1.041 0.969 0.902 0.840 0.792 0.752 0.738 0.704 26.900 2.8 4.1 4.9 5.2 5.5 4.3 5.3 7.5
Tootsie Roll Industries TR 0.245 0.238 0.231 0.224 0.218 0.212 0.205 0.199 0.194 0.188 0.182 0.177 5.261 4.5 9.0 12.0 3.0 3.0 2.3 3.0 3.0
Thomson Reuters Corp. TRI 1.160 1.120 1.080 0.980 0.880 0.790 0.755 0.725 0.705 0.700 0.685 0.658 22.283 1.5 1.5 1.5 1.5 1.6 3.2 6.9 3.6
UGI Corp. UGI 0.600 0.523 0.503 0.482 0.460 0.433 0.398 0.377 0.361 0.350 0.339 0.327 13.042 4.8 4.7 10.1 9.5 4.2 3.9 13.3 14.6
UMB Financial Corp. UMBF 0.740 0.700 0.630 0.550 0.510 0.440 0.420 0.400 0.395 0.381 0.373 0.346 14.530 4.1 4.3 4.4 4.7 4.9 5.1 5.4 5.7
United Bankshares Inc. UBSI 1.200 1.160 1.160 1.120 1.080 1.040 1.010 1.000 0.930 0.890 0.840 0.810 23.850 0.0 3.1 0.0 2.4 0.8 3.3 0.0 3.4
United Technologies UTX 1.700 1.540 1.345 1.150 1.025 0.880 0.700 0.568 0.490 0.450 0.413 0.370 32.755 3.8 2.3 8.5 7.5 8.1 8.8 9.7 10.4
Universal Corp. UVV 1.880 1.840 1.800 1.760 1.720 1.680 1.560 1.440 1.360 1.280 1.240 1.200 38.660 1.9 1.9 2.0 2.0 2.0 2.1 2.1 2.2
Universal Health Realty TruUHT 2.415 2.380 2.340 2.300 2.260 2.175 2.000 1.960 1.920 1.880 1.840 1.810 48.383 1.2 2.1 1.6 1.2 1.6 1.0 0.4 1.5
VF Corp. VFC 0.608 0.593 0.583 0.558 0.485 0.275 0.263 0.253 0.243 0.233 0.223 0.213 16.216 12.4 15.0 20.1 21.0 20.8 16.1 7.4 2.5
W.W. Grainger Inc. GWW 2.080 1.780 1.550 1.340 1.110 0.920 0.785 0.735 0.715 0.695 0.670 0.630 51.870 4.8 5.2 10.1 16.2 17.3 21.4 21.2 16.9
Walgreens Boots Alliance I WBA 0.625 0.500 0.415 0.345 0.285 0.235 0.191 0.161 0.146 0.141 0.136 0.131 15.488 5.4 5.4 6.9 10.6 18.0 25.0 28.0 25.0
Wal-Mart Inc. WMT 1.180 1.055 0.933 0.828 0.653 0.580 0.480 0.345 0.295 0.270 0.230 0.200 23.870 2.0 2.1 2.1 5.7 16.1 11.4 18.4 11.8
West Pharmaceutical ServiWST 0.325 0.305 0.285 0.265 0.245 0.225 0.213 0.203 0.190 0.183 0.173 0.163 6.928 8.2 8.9 9.8 6.5 5.5 5.8 6.2 6.6
Westamerica Bancorp WABC 1.440 1.410 1.390 1.360 1.300 1.220 1.100 1.000 0.900 0.820 0.740 0.660 27.170 0.6 2.0 0.7 2.0 0.7 2.1 0.7 2.1
Weyco Group Inc. WEYS 0.620 0.580 0.500 0.400 0.340 0.250 0.210 0.180 0.167 0.153 0.140 0.127 10.747 4.8 5.1 5.3 7.1 6.1 3.1 3.2 6.9
Albemarle Corp. ALB 0.560 0.500 0.480 0.420 0.345 0.310 0.293 0.283 0.270 0.260 0.230 0.200 13.963 5.0 5.2 7.5 10.9 23.9 22.0 13.4 12.0
Caterpillar Inc. CAT 1.720 1.680 1.560 1.320 1.100 0.910 0.780 0.710 0.700 0.690 0.665 0.625 37.340 0.6 4.8 13.1 11.1 19.4 8.9 4.7 2.4
Enterprise Bancorp Inc. EBTC 0.400 0.380 0.360 0.320 0.280 0.240 0.215 0.190 0.165 0.144 0.125 0.105 7.504 3.8 4.0 4.2 4.3 4.5 4.8 5.0 5.3
Essex Property Trust ESS 4.128 4.110 3.990 3.630 3.330 3.220 3.150 3.110 3.010 2.790 2.320 2.100 90.880 9.8 11.0 12.0 6.1 9.0 4.5 0.6 0.4
Matthews International MATW 0.290 0.265 0.245 0.225 0.205 0.185 0.165 0.124 0.106 0.101 0.097 0.092 7.110 12.9 14.8 17.4 12.2 10.8 12.1 13.8 9.4
Northeast Indiana Bancorp NIDB 0.685 0.665 0.660 0.645 0.640 0.610 0.570 0.530 0.490 0.450 0.410 0.345 14.235 5.9 4.9 3.2 2.6 4.8 3.5 2.9 3.0
Realty Income Corp. O 1.727 1.716 1.701 1.641 1.518 1.395 1.320 1.200 1.170 1.140 1.110 1.080 37.105 6.0 5.3 3.6 2.1 21.2 2.0 0.5 0.7
Averages for 134
U.S. Dividend Champions Special Formulas
(and American Depository Receipts) (see Notes tab)
25 or more Straight Years Higher Dividends

2009 2008 2007 2006 2005 2004 2003 2002 2001 2000
Company Ticker vs. vs. vs. vs. vs. vs. vs. vs. vs. vs. Tweed Chowder
Name Symbol 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 Sector Factor Rule
1st Source Corp. SRCE 1.7 3.6 4.8 20.0 16.7 13.5 2.8 1.2 6.3 15.3 Financials (0.2) 14.5
3M Company MMM 2.0 4.2 4.3 9.5 16.7 9.1 6.5 3.3 3.4 3.6 Industrials (0.6) 20.4
A.O. Smith Corp. AOS 4.1 5.7 6.1 3.1 3.2 6.9 7.4 3.8 4.0 4.2 Industrials 13.5 33.4
ABM Industries Inc. ABM 4.0 4.2 9.1 4.8 5.0 5.3 5.6 9.1 6.5 10.7 Industrials (14.1) 5.7
Abbott Laboratories ABT 11.0 10.6 9.5 6.9 6.0 11.6 7.1 11.6 10.8 12.1 Health Care (65.8) 3.4
AFLAC Inc. AFL 16.7 20.0 45.5 25.0 15.8 26.7 30.4 19.5 16.7 13.8 Financials (2.3) 10.8
Air Products & Chem. APD 5.3 14.9 10.4 7.2 20.2 18.2 7.3 5.1 5.4 5.7 Materials (17.0) 12.6
Altria Group Inc. MO 12.2 35.2 11.1 8.5 8.5 6.8 8.2 9.9 9.9 9.8 Consumer Staples (34.2) 19.5
American States Water AWR 1.0 4.7 2.7 3.3 1.7 0.6 1.0 0.5 1.2 0.4 Utilities (29.1) 10.2
AptarGroup Inc. ATR 7.1 12.0 19.0 20.0 59.1 76.0 4.2 9.1 10.0 11.1 Materials 7.5 7.6
Aqua America Inc. WTR 7.8 6.3 8.2 11.1 8.7 7.5 6.0 6.5 7.4 10.3 Utilities (49.8) 11.2
Archer Daniels Midland ADM 7.7 13.0 15.0 17.6 13.3 25.0 9.1 14.1 5.0 5.0 Consumer Staples (6.1) 16.0
Arrow Financial Corp. AROW 1.8 5.4 3.0 5.2 6.4 9.7 10.6 14.3 13.9 13.2 Financials (12.1) 5.5
AT&T Inc. T 2.5 12.7 6.8 3.1 3.2 11.9 5.2 3.9 1.7 4.1 Telecommunications (9.7) 7.9
Atmos Energy ATO 1.5 1.6 1.6 1.6 1.6 1.7 1.7 1.7 1.7 3.2 Utilities (15.0) 10.7
Automatic Data Proc. ADP 13.8 26.1 24.3 19.4 10.7 16.7 4.3 12.2 17.1 14.8 Information Tech (13.5) 17.9
Badger Meter Inc. BMI 15.0 17.6 9.7 6.9 5.5 3.8 3.9 2.0 16.3 19.4 Information Tech (27.5) 13.9
BancFirst Corp. OK BANF 8.5 10.8 12.1 13.8 12.6 13.2 19.7 5.6 12.5 28.0 Financials (11.2) 9.2
Becton Dickinson & Co. BDX 15.8 16.3 14.0 19.4 20.0 50.0 2.6 2.6 2.7 8.8 Health Care (59.0) 10.0
Black Hills Corp. BKH 1.4 2.2 3.8 3.1 3.2 3.3 3.4 3.6 3.7 3.8 Utilities (12.9) 8.9
Brady Corp. BRC 10.5 8.8 7.5 15.2 8.2 4.9 5.2 5.5 5.8 6.2 Industrials (18.5) 3.8
Brown & Brown Inc. BRO 6.1 14.0 19.0 23.5 17.2 26.1 27.8 12.5 18.5 17.4 Financials (16.2) 12.0
Brown-Forman Class B BF-B 5.7 12.4 8.0 14.3 15.3 13.3 7.1 6.1 6.5 5.1 Consumer Staples (27.7) 10.5
California Water Service CWT 0.9 0.9 0.9 0.9 0.9 0.4 0.4 0.4 1.4 1.4 Utilities (31.0) 5.8
TYCB 5.9 6.3 6.7 7.1 7.7 8.3 50.0 8.1 8.8 13.3 Financials (17.6) 4.7
Carlisle Companies CSL 5.0 7.1 7.7 8.3 2.1 8.0 2.4 2.4 9.2 11.8 Industrials (2.8) 17.7
Chesapeake Financial SharCPKF 3.7 15.7 9.0 5.6 7.4 18.9 16.7 8.5 12.6 21.0 Financials (5.7) 4.9
Chevron Corp. CVX 5.1 11.9 12.4 14.9 14.4 7.0 2.1 5.7 1.9 4.8 Energy (9.3) 8.0
Chubb Limited CB 5.5 4.8 8.3 9.1 10.0 8.1 8.8 21.4 16.7 20.0 Financials (9.6) 10.1
Cincinnati Financial CINF 2.6 8.9 6.9 12.7 16.2 13.3 10.7 7.2 10.8 11.8 Financials (10.6) 8.2
Cintas Corp. CTAS 2.2 17.9 11.4 9.4 10.3 7.4 8.0 13.6 17.9 409.1 Industrials (3.6) 28.0
Clorox Company CLX 11.6 13.2 31.0 3.6 3.7 10.2 15.3 1.2 2.4 7.9 Consumer Staples (13.3) 11.2
Coca-Cola Company KO 7.9 11.8 9.7 10.7 12.0 13.6 10.0 11.1 5.9 6.3 Consumer Staples (20.3) 10.3
Colgate-Palmolive Co. CL 10.3 11.4 12.0 12.6 15.6 6.7 25.0 6.7 7.1 6.8 Consumer Staples (17.8) 7.7
Commerce Bancshares CBSH 0.8 5.0 7.2 7.2 9.6 23.9 26.0 6.7 8.3 8.6 Financials (9.5) 9.5
Community Bank System CBU 3.5 4.9 5.2 5.5 10.6 10.9 8.2 1.9 5.9 8.5 Financials (12.8) 9.4
Community Trust Banc. CTBI 3.4 7.4 3.8 8.3 14.8 17.7 12.6 5.0 7.6 4.6 Financials (4.4) 8.4
Computer Services Inc. CSVI 9.1 13.8 16.0 19.0 31.3 28.0 13.6 10.0 5.3 26.7 Information Tech (18.7) 7.3
Consolidated Edison ED 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 1.9 Utilities (14.3) 7.0
Cullen/Frost Bankers CFR 3.0 7.8 16.7 13.3 12.6 10.1 7.4 4.2 10.5 12.6 Financials (3.7) 10.1
Donaldson Company DCI 3.4 17.1 11.8 21.4 24.4 21.6 12.1 10.0 5.3 14.0 Industrials (17.0) 11.9

2009 2008 2007 2006 2005 2004 2003 2002 2001 2000
Dover Corp. DOV 13.3 16.9 8.5 7.6 8.2 7.0 5.6 3.8 8.3 9.1 Industrials (14.4) 11.6
Eagle Financial Services EFSI 1.5 4.7 6.7 20.0 20.5 10.7 17.2 16.4 19.6 21.1 Financials (2.9) 9.0
Eaton Vance Corp. EV 3.3 18.6 21.4 23.5 23.6 37.5 33.8 18.2 24.9 26.6 Financials 1.6 14.9
Ecolab Inc. ECL 7.7 13.0 15.0 14.3 9.4 10.3 7.4 3.8 8.3 14.3 Materials (21.2) 15.8
Emerson Electric EMR 7.7 13.1 16.9 10.1 4.6 2.3 1.4 1.3 5.5 9.3 Industrials (14.4) 6.1
Erie Indemnity Company ERIE 2.3 10.0 11.1 10.8 51.2 13.2 11.8 11.5 13.0 12.5 Financials (16.1) 11.0
ExxonMobil Corp. XOM 7.1 13.1 7.0 12.3 7.5 8.2 6.5 1.1 3.4 5.4 Energy (8.5) 11.9
Farmers & Merchants BancFMCB 6.9 11.5 10.9 8.6 10.1 13.1 10.9 2.8 4.9 4.1 Financials (6.5) 4.6
Federal Realty Inv. Trust FRT 5.2 6.2 4.2 5.7 7.3 1.5 1.0 1.9 3.8 2.8 REITs (28.0) 10.0
First Financial Corp. THFF 2.3 2.3 2.4 5.0 6.7 15.4 8.3 7.1 9.8 161.5 Financials (8.8) 3.7
Franklin Electric Co. FELE 1.0 5.3 9.3 13.2 22.6 12.7 7.8 8.5 9.3 11.7 Industrials (12.3) 14.7
Franklin Resources BEN 5.0 33.3 25.0 20.0 17.6 13.3 7.1 7.7 8.3 9.1 Financials 14.8 25.8
General Dynamics GD 11.2 21.8 23.6 14.1 11.4 11.1 6.8 7.3 7.8 8.5 Industrials ### ###
Genuine Parts Co. GPC 3.6 7.2 8.1 7.1 3.6 1.7 1.7 2.2 4.1 5.3 Consumer Discretionary (9.7) 9.8
Gorman-Rupp Company GRC 1.3 28.9 6.4 1.8 1.4 1.5 4.6 1.6 3.2 3.3 Industrials (14.3) 12.3
H.B. Fuller Company FUL 2.9 2.5 2.9 3.1 5.5 2.2 2.3 2.3 2.4 2.4 Materials (7.4) 11.8
Hormel Foods Corp. HRL 2.7 23.3 7.1 7.7 15.6 7.1 7.7 5.4 5.7 6.1 Consumer Staples (3.2) 21.9
Illinois Tool Works ITW 7.8 26.4 29.1 20.5 17.0 7.5 4.5 8.5 10.8 17.5 Industrials (0.1) 23.5
Jack Henry & Associates JKHY 13.3 15.4 18.2 22.2 12.5 14.3 0.0 16.7 20.0 25.0 Information Tech (22.4) 18.1
Johnson & Johnson JNJ 7.5 10.8 11.3 14.1 16.4 18.4 16.4 13.6 12.9 13.8 Health Care (17.5) 10.3
John Wiley & Sons Inc. JW-A 12.5 14.3 10.5 15.2 17.9 21.7 21.1 11.8 11.8 10.9 Consumer Discretionary (9.7) 9.3
Kimberly-Clark Corp. KMB 4.8 9.1 8.3 9.7 13.6 16.7 11.9 6.3 3.7 3.9 Consumer Staples (14.5) 9.1
Lancaster Colony Corp. LANC 2.7 3.2 3.8 4.0 7.4 13.3 9.2 10.1 6.2 6.6 Consumer Staples (16.9) 12.1
Leggett & Platt Inc. LEG 1.0 42.9 2.9 9.7 8.8 7.5 8.2 4.3 17.5 14.3 Consumer Discretionary (13.8) 9.1
Linde LIN 6.7 25.0 20.0 38.9 20.0 31.1 20.4 11.8 9.7 10.7 Materials (14.1) 9.5
Lowe's Companies LOW 6.1 26.9 62.5 60.0 42.9 33.3 31.3 6.7 7.1 16.7 Consumer Discretionary (5.5) 26.7
McCormick & Co. MKC 9.1 10.0 11.1 12.5 14.3 21.7 9.5 5.0 5.3 11.8 Consumer Staples (20.0) 12.3
McDonald's Corp. MCD 26.2 8.3 50.0 49.3 21.8 37.5 70.2 4.4 4.7 10.3 Consumer Discretionary (14.7) 11.2
McGrath Rentcorp MGRC 10.3 11.4 12.9 17.0 23.3 10.3 14.7 9.7 14.8 17.4 Industrials (9.0) 10.9
MDU Resources MDU 5.1 7.3 6.8 5.8 5.8 6.2 4.8 4.5 4.7 4.9 Utilities (12.2) 6.2
Medtronic plc MDT 25.6 33.0 13.9 14.6 15.2 15.7 12.5 11.6 19.4 24.1 Health Care (16.3) 15.9
Mercury General Corp. MCY 0.4 11.5 8.3 11.6 16.2 12.1 10.0 13.2 10.4 14.3 Financials (7.4) 5.7
MGE Energy Inc. MGEE 1.9 1.9 1.4 0.9 1.0 0.9 0.7 0.8 1.0 1.2 Utilities (24.5) 7.0
Middlesex Water Co. MSEX 1.4 1.4 1.5 1.5 1.5 2.1 2.4 1.8 1.6 2.9 Utilities (25.3) 6.9
MSA Safety Inc. MSA 2.1 11.9 23.5 30.8 40.5 44.1 18.5 20.4 14.1 4.4 Industrials (29.9) 8.1
NACCO Industries NC 1.1 3.3 3.9 3.1 10.3 32.9 29.9 4.3 4.5 4.7 Consumer Discretionary 12.7 20.1
National Fuel Gas NFG 3.9 4.1 3.4 3.5 3.6 3.8 3.4 4.1 4.2 3.3 Utilities (6.5) 6.8
National Retail Properties NNN 1.4 5.7 6.1 1.5 0.8 0.8 0.8 0.8 1.2 0.4 REITs (29.6) 8.7
Nordson Corp. NDSN 1.0 4.3 4.5 3.9 3.2 3.3 6.1 1.8 7.7 8.3 Industrials (9.4) 18.7
Northwest Natural Gas NWN 5.3 5.6 3.6 5.3 1.5 2.4 0.8 1.2 0.4 1.6 Utilities (32.4) 3.4
Nucor Corp. NUE 7.6 107.9 57.5 33.3 27.7 17.5 5.3 11.8 13.3 15.4 Materials (5.0) 4.6

2009 2008 2007 2006 2005 2004 2003 2002 2001 2000
Old Republic International ORI 1.5 6.3 6.8 15.2 27.2 12.7 6.3 6.8 7.3 12.2 Financials (4.3) 5.7
Parker-Hannifin Corp. PH 8.7 20.5 16.8 14.0 13.2 0.0 5.6 0.0 5.9 0.0 Industrials (2.7) 15.5
Pentair Ltd. PNR 5.9 13.3 7.1 7.7 20.9 7.5 6.7 7.1 7.7 1.6 Industrials (25.4) (2.9)
People's United Financial PBCT 4.1 12.4 12.4 13.7 13.5 10.7 7.6 6.1 11.7 16.5 Financials (6.9) 6.0
PepsiCo Inc. PEP 9.4 18.5 20.5 14.3 25.6 25.8 5.1 3.5 3.6 3.8 Consumer Staples (1.8) 13.7
PPG Industries Inc. PPG 1.9 2.5 6.8 2.7 3.9 3.5 2.4 0.6 5.0 5.3 Materials (14.5) 11.9
PSB Holdings Inc. PSBQ 3.0 3.1 3.2 3.3 4.1 0.0 25.0 4.8 3.0 4.2 Financials (1.7) 9.6
Procter & Gamble Co. PG 11.0 14.0 12.4 11.0 11.5 13.0 9.5 8.2 9.0 7.2 Consumer Staples (72.1) 6.9
RLI Corp. RLI 10.4 14.3 16.7 20.0 25.0 26.3 13.4 8.1 6.9 7.4 Financials (27.3) 7.3
Roper Technologies Inc. ROP 13.8 11.5 10.6 11.9 7.1 11.4 6.0 10.7 7.1 7.7 Industrials (8.7) 23.5
RPM International Inc. RPM 4.5 7.7 9.2 7.4 7.0 7.5 5.0 1.0 1.5 3.7 Materials (22.5) 10.9
S&P Global Inc. SPGI 2.3 7.3 12.9 10.0 10.0 11.1 5.9 4.1 4.3 9.3 Financials (16.3) 16.1
SEI Investments Company SEIC 6.7 15.4 13.0 9.5 10.5 46.2 18.2 22.2 22.7 144.5 Financials (6.3) 14.6
Sherwin-Williams Co. SHW 1.4 11.1 26.0 22.0 20.6 9.7 4.2 2.6 7.4 12.5 Materials (20.8) 18.5
SJW Corp. SJW 2.5 6.6 6.7 5.6 5.1 5.1 5.5 7.2 4.6 2.5 Utilities (39.4) 12.1
Sonoco Products Co. SON 0.9 4.9 6.3 4.3 4.5 4.8 1.2 3.7 1.3 5.3 Materials (9.8) 9.5
Stanley Black & Decker SWK 3.2 3.3 3.4 3.5 5.6 4.9 4.0 5.3 4.4 3.4 Industrials (30.3) 8.1
Stepan Company SCL 5.9 3.0 2.5 2.5 1.6 1.3 3.4 4.2 8.4 6.5 Materials (11.8) 10.6
Stryker Corp. SYK 51.5 50.0 100.0 22.2 28.6 16.7 20.0 25.0 23.1 8.3 Health Care (7.7) 15.5
Sysco Corp. SYY 9.1 15.8 11.8 13.3 15.4 18.2 22.2 28.6 16.7 20.0 Consumer Staples (17.3) 9.0
T. Rowe Price Group TROW 4.2 41.2 21.4 21.7 21.1 11.8 6.3 6.7 15.4 30.0 Financials 1.9 17.4
Target Corp. TGT 13.3 15.4 18.2 22.2 20.0 15.4 8.3 9.1 4.8 5.0 Consumer Discretionary (8.0) 12.5
Telephone & Data Sys. TDS 4.9 5.1 5.4 5.7 6.1 6.5 6.9 7.4 8.0 8.7 Telecommunications (15.9) 7.9
Tennant Company TNC 1.9 8.3 4.3 4.5 2.3 2.4 2.4 2.5 2.6 2.6 Industrials (28.5) 5.2
Tompkins Financial Corp. TMP 3.0 6.5 8.3 7.4 7.5 7.3 6.0 5.4 1.8 4.9 Financials (9.7) 7.8
Tootsie Roll Industries TR 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Consumer Staples (28.8) 7.1
Thomson Reuters Corp. TRI 3.7 10.2 11.4 11.4 4.6 4.1 2.8 0.7 2.2 4.2 Consumer Discretionary (7.0) 4.1
UGI Corp. UGI 4.0 4.5 4.7 6.2 8.8 5.8 4.3 3.2 3.3 3.7 Utilities (19.9) 12.1
UMB Financial Corp. UMBF 11.1 14.5 7.8 15.9 4.8 5.0 1.2 3.7 2.3 7.5 Financials (7.9) 8.7
United Bankshares Inc. UBSI 0.0 3.6 3.7 3.8 3.0 1.0 7.5 4.5 6.0 3.7 Financials (9.8) 5.3
United Technologies UTX 14.5 17.0 12.2 16.5 25.7 23.3 15.8 8.9 9.1 11.5 Industrials (17.3) 8.0
Universal Corp. UVV 2.2 2.3 2.3 2.4 7.7 8.3 5.9 6.3 3.2 3.3 Consumer Staples (2.2) 13.9
Universal Health Realty TruUHT 1.7 1.7 1.8 3.9 8.8 2.0 2.1 2.1 2.2 1.7 REITs (88.3) 4.1
VF Corp. VFC 1.7 4.5 14.9 76.4 4.8 4.0 4.1 4.3 4.5 4.7 Consumer Discretionary (13.3) 17.7
W.W. Grainger Inc. GWW 14.8 15.7 20.7 20.7 17.2 6.8 2.8 2.9 3.7 6.3 Industrials (8.5) 11.3
Walgreens Boots Alliance I WBA 20.5 20.3 21.1 21.3 22.9 18.6 10.3 3.5 3.7 3.8 Consumer Staples (1.8) 11.9
Wal-Mart Inc. WMT 13.1 12.7 26.8 12.5 20.8 39.1 16.9 9.3 17.4 15.0 Consumer Staples (18.8) 4.9
West Pharmaceutical ServiWST 7.0 7.5 8.2 8.9 5.9 4.9 6.6 4.1 5.8 6.2 Health Care (39.2) 10.1
Westamerica Bancorp WABC 1.4 2.2 4.6 6.6 10.9 10.0 11.1 9.8 10.8 12.1 Financials (19.0) 4.2
Weyco Group Inc. WEYS 16.0 25.0 17.6 36.0 19.0 16.7 8.0 8.7 9.5 10.5 Consumer Discretionary (2.6) 9.7
Albemarle Corp. ALB 4.2 14.3 21.7 11.3 6.0 3.5 4.6 3.8 13.0 15.0 Materials (3.7) 10.4

2009 2008 2007 2006 2005 2004 2003 2002 2001 2000
Caterpillar Inc. CAT 7.7 18.2 20.0 20.9 16.7 9.9 1.4 1.4 3.8 6.4 Industrials (1.5) 12.9
Enterprise Bancorp Inc. EBTC 5.6 12.5 14.3 16.7 11.6 13.2 15.2 14.7 15.0 19.0 Financials (3.8) 8.7
Essex Property Trust ESS 3.0 9.9 9.0 3.4 2.2 1.3 3.3 7.9 20.3 10.5 Real Estate (33.4) 12.9
Matthews International MATW 8.2 8.9 9.8 10.8 12.1 33.1 17.0 5.0 4.1 6.0 Industrials n/a 16.8
Northeast Indiana Bancorp NIDB 0.8 2.3 0.8 4.9 7.0 7.5 8.2 8.9 9.8 18.7 Financials n/a 8.6
Realty Income Corp. O 0.9 3.7 8.1 8.8 5.7 10.0 2.6 2.6 2.7 2.8 Real Estate n/a 8.5
Averages for 134
Company Name Symbol Industry Yrs DGR 1-yr DGR 3-yr DGR 5-yr
ABM Industries Inc. ABM Business Services 54 2.9 2.9 3.7
Abbott Laboratories ABT Drugs 49 14.3 7.2 18.0
Archer Daniels Midland ADM Agriculture 45 4.5 5.3 13.0
Automatic Data Proc. ADP Business Services 46 19.7 14.2 15.8
AFLAC Inc. AFL Insurance 38 3.8 9.2 8.8
Albemarle Corp. ALB Chemical-Specialty 26 8.5 6.1 8.4
A.O. Smith Corp. AOS Industrial Equipment 27 18.4 23.3 31.4
Air Products & Chem. APD Chemical-Specialty 38 7.8 10.5 10.6
Arrow Financial Corp. AROW Banking 27 2.0 3.1 2.8
Artesian Resources ARTNA Water Utilities 26 3.0 3.0 3.0
Atmos Energy ATO Utility-Gas 37 8.6 7.9 8.7
AptarGroup Inc. ATR Packaging 27 7.6 5.2 7.3
American States Water AWR Utility-Water 66 9.4 8.3 8.8
BancFirst Corp. OK BANF Banking 27 31.2 18.7 15.6
Becton Dickinson & Co. BDX Medical Instruments 49 2.6 4.6 8.8
Franklin Resources BEN Financial Services 40 13.0 13.0 21.7
Brown-Forman Class B BF-B Beverages-Alcoholic 37 5.1 6.9 9.5
Black Hills Corp. BKH Utility-Electric 50 6.2 6.9 6.2
Badger Meter Inc. BMI Industrial Equipment 28 14.3 14.2 12.8
Brady Corp. BRC Business Services 35 2.5 1.7 2.2
Brown & Brown Inc. BRO Insurance 27 6.6 9.0 11.9
Caterpillar Inc. CAT Industrial Equipment 26 15.2 7.1 10.1
Chubb Limited CB Insurance 27 2.8 2.9 8.2
Commerce Bancshares CBSH Banking 52 16.2 8.4 8.1
Community Bank System CBU Banking 28 10.7 7.4 7.1
Cullen/Frost Bankers CFR Banking 27 8.5 9.2 7.2
Cincinnati Financial CINF Insurance 60 5.7 5.2 6.1
Colgate-Palmolive Co. CL Personal Products 57 3.0 3.3 5.2
Clorox Company CLX Cleaning Products 43 8.6 8.8 8.4
Chesapeake Financial Shares CPKF Banking 29 6.4 -0.2 2.8
Carlisle Companies CSL Rubber and Plastics 44 16.9 11.5 16.5
Computer Services Inc. CSVI Technology-Services 49 16.4 -9.7 5.4
Cintas Corp. CTAS Business Services 37 24.4 24.2 27.1
Community Trust Banc. CTBI Banking 40 9.6 5.8 5.2
Chevron Corp. CVX Oil&Gas 33 6.2 3.5 4.1
California Water Service CWT Utility-Water 53 5.1 4.6 4.3
Donaldson Company DCI Industrial Equipment 33 9.3 5.7 10.4
Dover Corp. DOV Machinery 65 2.1 4.1 9.9
Enterprise Bancorp Inc. EBTC Banking 26 10.3 7.2 6.8
Ecolab Inc. ECL Cleaning Products 29 12.2 9.5 14.9
Consolidated Edison ED Utility-Electric 46 3.5 3.4 3.8
Eagle Financial Services EFSI Banking 34 6.4 6.8 5.6
Emerson Electric EMR Industrial Equipment 64 1.3 1.1 3.5
Erie Indemnity Company ERIE Insurance 30 7.1 7.2 8.7
Essex Property Trust ESS REIT-Apartment 26 5.2 7.3 10.3
Eaton Vance Corp. EV Financial Services 40 11.3 9.9 11.7
Franklin Electric Co. FELE Industrial Equipment 28 24.1 13.4 13.7
First of Long Island Corp. FLIC Banks 25 11.3 8.5 7.9
Farmers & Merchants Bancorp FMCB Banking 56 2.2 2.9 2.7
Federal Realty Inv. Trust FRT REIT-Shopping Centers 53 2.2 2.6 6.7
H.B. Fuller Company FUL Chemical-Specialty 51 3.3 4.9 10.5
General Dynamics GD Aerospace/Defense 29 9.9 10.3 12.7
Genuine Parts Co. GPC Auto Parts 64 6.1 5.1 6.9
Gorman-Rupp Company GRC Machinery 48 7.8 8.6 10.8
W.W. Grainger Inc. GWW Industrial Supplies 49 6.0 5.6 9.6
Hormel Foods Corp. HRL Food Processing 55 12.0 13.1 19.8
International Business Machines IBM IT Services 25 3.5 5.3 8.6
Illinois Tool Works ITW Machinery 46 21.9 21.0 21.1
Jack Henry & Associates JKHY Business Services 30 8.1 12.6 17.0
Johnson & Johnson JNJ Drugs/Consumer Prod. 58 5.9 6.0 7.7
John Wiley & Sons Inc. JW-A Publishing 27 3.1 3.2 6.5
Kimberly-Clark Corp. KMB Personal Products 48 3.0 4.0 6.1
Coca-Cola Company KO Beverages-Non-alcoholic 58 2.6 4.6 7.4
Lancaster Colony Corp. LANC Food/Consumer Prod. 58 8.2 8.9 10.3
Lincoln Electric Holdings LECO Machinery 26 20.5 13.7 15.4
Leggett & Platt Inc. LEG Furniture/Bldg. Prod. 49 5.4 5.7 5.9
Linde LIN Chemical-Specialty 27 6.1 5.3 7.8
Lowe's Companies LOW Retail-Home Improv. 58 15.7 17.8 24.8
Matthews International MATW Business Equipment 26 5.2 9.3 14.6
McDonald's Corp. MCD Restaurants 45 12.9 9.4 8.7
Mercury General Corp. MCY Insurance 34 0.4 0.4 0.5
Medtronic plc MDT Medical Devices 43 8.3 8.7 14.0
MDU Resources MDU Utility-Gas 30 3.2 2.8 3.4
MGE Energy Inc. MGEE Utility-Electric/Gas 45 4.5 4.6 5.2
McGrath Rentcorp MGRC Business Services 28 14.5 13.0 8.9
McCormick & Co. MKC Food Processing 34 9.6 9.9 10.9
3M Company MMM Conglomerate 62 5.9 9.1 17.8
Altria Group Inc. MO Tobacco 51 14.7 12.5 12.8
MSA Safety Inc. MSA Medical/Safety Equip. 50 10.1 7.8 6.8
Middlesex Water Co. MSEX Utility-Water 48 7.1 6.5 5.3
NACCO Industries NC Machinery/Consumer 34 11.4 29.8 18.4
Nordson Corp. NDSN Machinery 57 14.4 11.9 17.8
NextEra Energy Inc. NEE Electric Utilities 26 12.6 12.8 11.5
National Fuel Gas NFG Utility-Gas 50 2.4 2.4 3.1
Northeast Indiana Bancorp NIDB Banking 26 5.2 6.3 5.9
New Jersey Resources NJR Gas Utilities 25 7.2 6.9 6.8
National Retail Properties NNN REIT-Retail 31 4.1 4.5 4.9
Nucor Corp. NUE Steel & Iron 48 5.3 2.2 1.7
Northwest Natural Gas NWN Utility-Gas 65 0.5 0.5 0.8
Realty Income Corp. O REIT-Retail Stores 26 3.0 4.3 4.8
Old Republic International ORI Insurance 39 2.6 2.2 2.1
People's United Financial PBCT Banking 28 1.4 1.5 1.8
PepsiCo Inc. PEP Beverages/Snack Food 48 8.7 9.0 10.9
Procter & Gamble Co. PG Consumer Products 64 4.0 3.4 4.5
Parker-Hannifin Corp. PH Industrial Equipment 64 15.6 10.5 13.8
Polaris Industries PII Leisure Products 25 1.7 3.5 4.9
Pentair Ltd. PNR Industrial Equipment 45 -7.3 -17.6 -4.6
PPG Industries Inc. PPG Conglomerate 49 6.5 8.3 10.4
PSB Holdings Inc. PSBQ Banking 26 12.9 10.7 8.2
RLI Corp. RLI Insurance 45 4.6 4.8 6.3
RenaissanceRe Holdings RNR Insurance 25 3.0 3.1 3.2
Roper Technologies Inc. ROP Industrial Equipment 28 12.1 15.5 22.9
RPM International Inc. RPM Chemical-Specialty 47 7.6 7.8 9.0
Southside Bancshares SBSI Banks 26 2.5 10.4 10.1
Stepan Company SCL Cleaning Products 53 10.8 9.3 9.5
SEI Investments Company SEIC Financial Services 30 10.0 8.3 13.5
Sherwin-Williams Co. SHW Paints 42 31.4 10.4 17.7
SJW Corp. SJW Utility-Water 53 7.1 14.0 10.5
Sonoco Products Co. SON Packaging 38 4.9 5.2 6.7
S&P Global Inc. SPGI Publishing 47 14.0 16.6 15.3
1st Source Corp. SRCE Banking 33 14.6 15.2 12.2
Stanley Black & Decker SWK Tools/Security Products 53 4.7 6.1 6.4
Stryker Corp. SYK Medical Devices 28 10.6 11.0 14.4
Sysco Corp. SYY Food-Wholesale 51 8.3 8.0 6.9
AT&T Inc. T Telecommunications 37 2.0 2.0 2.5
Telephone & Data Sys. TDS Telecommunications 46 3.1 3.7 5.3
Target Corp. TGT Retail-Discount 49 3.2 3.9 10.5
First Financial Corp. THFF Banking 32 1.0 1.3 1.4
Tompkins Financial Corp. TMP Banking 34 4.1 4.5 5.6
Tennant Company TNC Machinery 49 3.5 2.8 4.1
Tootsie Roll Industries TR Confectioner 54 3.0 2.2 6.1
Thomson Reuters Corp. TRI Media 27 4.0 1.9 2.1
T. Rowe Price Group TROW Financial Services 34 8.6 12.1 14.9
Calvin B. Taylor Bankshares Inc. TYCB Banking 30 1.0 1.0 1.2
United Bankshares Inc. UBSI Banking 46 0.0 1.0 1.7
UGI Corp. UGI Utility-Electric/Gas 33 12.3 7.2 9.2
Universal Health Realty Trust UHT REIT-Health Care 35 1.5 1.4 1.8
UMB Financial Corp. UMBF Banking 29 4.8 7.0 6.9
United Technologies RTX Conglomerate 27 3.7 3.9 6.0
Universal Corp. UVV Tobacco 49 16.2 12.5 8.6
VF Corp. VFC Apparel 48 6.8 7.5 15.7
Westamerica Bancorp WABC Banking 30 1.9 1.5 1.8
Walgreens Boots Alliance Inc. WBA Retail-Drugstores 45 6.8 6.9 8.8
Weyco Group Inc. WEYS Footwear 39 4.4 4.2 6.1
Wal-Mart Inc. WMT Retail-Discount 47 1.9 2.0 3.1
West Pharmaceutical Services WST Medical Instruments 28 7.0 7.6 9.6
Essential Utilities Inc. WTRG Water Utilities 28 6.9 7.1 7.4
ExxonMobil Corp. XOM Oil&Gas 38 6.2 4.8 6.9
DGR 10-yr Price Dividend Yield
3.3 $ 38.45 $ 0.76 1.98%
5.5 $ 107.79 $ 1.80 1.67%
9.6 $ 49.70 $ 1.44 2.90%
10.6 $ 176.61 $ 3.72 2.11%
6.8 $ 43.92 $ 1.32 3.01%
11.1 $ 149.72 $ 1.54 1.03%
21.5 $ 55.62 $ 1.04 1.87%
9.9 $ 268.60 $ 5.36 2.00%
2.9 $ 30.55 $ 1.04 3.40%
3.1 $ 37.31 $ 1.03 2.76%
5.0 $ 93.41 $ 2.50 2.68%
9.0 $ 135.68 $ 1.44 1.06%
8.7 $ 79.15 $ 1.34 1.69%
10.6 $ 58.59 $ 1.36 2.32%
8.9 $ 248.15 $ 3.32 1.34%
14.0 $ 25.04 $ 1.12 4.47%
8.0 $ 78.35 $ 0.72 0.92%
3.7 $ 61.05 $ 2.26 3.70%
10.8 $ 94.37 $ 0.72 0.76%
2.2 $ 50.68 $ 0.88 1.74%
7.9 $ 45.88 $ 0.37 0.81%
8.4 $ 178.37 $ 4.12 2.31%
9.9 $ 151.88 $ 3.12 2.05%
5.8 $ 66.92 $ 1.08 1.61%
5.8 $ 62.93 $ 1.68 2.67%
5.1 $ 87.64 $ 2.88 3.29%
3.5 $ 87.37 $ 2.40 2.75%
7.1 $ 85.41 $ 1.76 2.06%
7.7 $ 202.25 $ 4.44 2.20%
5.3 $ 21.50 $ 0.50 2.33%
11.1 $ 155.73 $ 2.10 1.35%
8.0 $ 62.25 $ 1.00 1.61%
18.4 $ 354.19 $ 3.51 0.99%
3.1 $ 37.58 $ 1.54 4.10%
6.0 $ 84.90 $ 5.16 6.08%
3.0 $ 54.21 $ 0.85 1.57%
13.6 $ 56.65 $ 0.84 1.48%
8.6 $ 124.28 $ 1.98 1.59%
5.4 $ 25.42 $ 0.70 2.75%
12.6 $ 214.70 $ 1.92 0.89%
2.3 $ 71.26 $ 3.06 4.29%
3.9 $ 29.50 $ 1.04 3.53%
4.0 $ 79.87 $ 2.02 2.53%
7.2 $ 244.69 $ 4.14 1.69%
6.5 $ 238.32 $ 8.31 3.49%
8.6 $ 67.59 $ 1.50 2.22%
8.8 $ 70.05 $ 0.62 0.89%
7.7 $ 18.17 $ 0.76 4.18%
2.7 $ 740.25 $ 15.00 2.03%
4.6 $ 86.77 $ 4.24 4.89%
8.9 $ 53.46 $ 0.65 1.22%
10.4 $ 148.72 $ 4.40 2.96%
6.6 $ 100.04 $ 3.16 3.16%
7.8 $ 32.47 $ 0.62 1.91%
12.3 $ 414.30 $ 6.12 1.48%
16.0 $ 47.22 $ 0.98 2.08%
11.6 $ 124.82 $ 6.52 5.22%
12.6 $ 202.38 $ 4.56 2.25%
16.8 $ 159.71 $ 1.72 1.08%
6.9 $ 153.19 $ 4.04 2.64%
9.5 $ 45.88 $ 1.37 2.99%
6.0 $ 133.95 $ 4.28 3.20%
6.9 $ 54.16 $ 1.64 3.03%
8.7 $ 177.60 $ 3.00 1.69%
13.3 $ 117.95 $ 2.04 1.73%
4.4 $ 43.30 $ 1.60 3.70%
8.1 $ 260.02 $ 3.85 1.48%
19.4 $ 162.04 $ 2.40 1.48%
11.8 $ 28.69 $ 0.86 3.00%
8.7 $ 214.02 $ 5.16 2.41%
0.8 $ 51.76 $ 2.53 4.89%
10.2 $ 115.13 $ 2.32 2.02%
2.8 $ 26.14 $ 0.85 3.25%
3.6 $ 70.15 $ 1.48 2.11%
5.5 $ 65.24 $ 1.68 2.58%
9.0 $ 93.42 $ 1.36 1.46%
10.9 $ 174.71 $ 5.88 3.37%
9.7 $ 41.48 $ 3.44 8.29%
5.5 $ 148.30 $ 1.72 1.16%
3.2 $ 72.38 $ 1.04 1.44%
13.5 $ 26.00 $ 0.77 2.96%
14.5 $ 198.41 $ 1.56 0.79%
10.2 $ 75.49 $ 1.40 1.85%
2.7 $ 41.70 $ 1.78 4.27%
4.4 $ 39.00 $ 1.12 2.87%
6.7 $ 35.60 $ 1.33 3.74%
3.1 $ 41.86 $ 2.08 4.97%
1.3 $ 52.11 $ 1.62 3.11%
1.7 $ 46.25 $ 1.92 4.15%
4.7 $ 61.77 $ 2.81 4.55%
1.6 $ 19.52 $ 0.84 4.30%
1.5 $ 13.00 $ 0.72 5.54%
8.0 $ 146.91 $ 4.09 2.78%
5.6 $ 138.68 $ 3.16 2.28%
13.0 $ 267.70 $ 3.52 1.31%
12.1 $ 97.90 $ 2.48 2.53%
0.5 $ 52.46 $ 0.80 1.52%
6.4 $ 143.17 $ 2.16 1.51%
6.2 $ 21.00 $ 0.42 2.00%
5.6 $ 104.01 $ 0.96 0.92%
3.5 $ 162.50 $ 1.40 0.86%
18.8 $ 423.15 $ 2.25 0.53%
5.8 $ 90.56 $ 1.52 1.68%
12.6 $ 31.08 $ 1.28 4.12%
8.6 $ 117.91 $ 1.22 1.03%
15.2 $ 56.68 $ 0.74 1.31%
12.3 $ 729.34 $ 5.36 0.73%
6.2 $ 69.04 $ 1.28 1.85%
4.6 $ 59.45 $ 1.72 2.89%
9.7 $ 318.04 $ 2.68 0.84%
7.4 $ 40.25 $ 1.12 2.78%
7.6 $ 177.29 $ 2.80 1.58%
15.3 $ 238.54 $ 2.52 1.06%
5.0 $ 73.83 $ 1.80 2.44%
2.2 $ 28.55 $ 2.08 7.29%
4.4 $ 18.40 $ 0.68 3.70%
14.4 $ 176.39 $ 2.72 1.54%
1.4 $ 39.10 $ 1.06 2.71%
5.0 $ 71.13 $ 2.16 3.04%
5.2 $ 69.70 $ 0.92 1.32%
4.1 $ 30.15 $ 0.36 1.19%
2.5 $ 81.09 $ 1.52 1.87%
11.8 $ 148.06 $ 3.60 2.43%
1.1 $ 35.70 $ 1.16 3.25%
1.6 $ 32.43 $ 1.40 4.32%
8.1 $ 34.95 $ 1.32 3.78%
1.3 $ 65.78 $ 2.78 4.23%
5.5 $ 69.16 $ 1.28 1.85%
6.7 $ 70.63 $ 1.90 2.69%
5.1 $ 49.03 $ 3.08 6.28%
12.4 $ 85.45 $ 1.96 2.29%
1.5 $ 54.45 $ 1.64 3.01%
13.6 $ 39.66 $ 1.87 4.72%
4.9 $ 16.66 $ 0.96 5.76%
7.2 $ 145.22 $ 2.16 1.49%
7.2 $ 277.53 $ 0.66 0.24%
7.5 $ 46.08 $ 1.00 2.17%
7.5 $ 41.74 $ 3.48 8.34%
Contenders End-of-month update at: http://dripinvesting.org/Tools/Tools.htm Fundamental Data
(and American Depository Receipts) Dates in Green (centered) indicate increase (by Ex-Div. Date) expected in next 2 months Abbreviations:
Dates in Red (right-aligned) indicate last increase more than a year ago (E&=MultiIncThisYr
10-24 Straight Years Higher Dividends Most Recent Dividend Increase Information SA=Semi-Annual Disclaimer: Although all figure
Company Ticker No. 10/31/18 Div. Quarterly Rate MR% Dividend Dates @=AnnualizedRate Annual EPS%
Name Symbol Industry Yrs Price Yield Old New Inc. Ex-Div Record Pay Note Dividend Payout
Albemarle Corp. ALB Chemical-Specialty 25 24 94.28 1.42 0.3200 0.3350 4.69 3/14/18 3/15/18 4/2/18 1.34 27.24
Caterpillar Inc. CAT Industrial Equipment 25 24 153.12 2.25 0.7800 0.8600 10.26 7/18/18 7/20/18 8/19/18 3.44 44.97
Enterprise Bancorp Inc. EBTC Banking 25 24 40.24 1.44 0.1350 0.1450 7.41 2/7/18 2/8/18 3/1/18 0.58 26.61
Essex Property Trust ESS REIT-Apartment 25 24 239.14 3.11 1.7500 1.8600 6.29 3/28/18 3/29/18 4/16/18 7.44 143.08
Matthews International MATW Business Equipment 25 23 55.20 1.38 0.1700 0.1900 11.76 11/24/17 11/27/17 12/11/17 0.76 31.02
Northeast Indiana Bancorp NIDB Banking 25 23 37.00 2.59 0.2200 0.2400 9.09 11/6/17 11/7/17 11/21/17 0.96 31.27
PSB Holdings Inc. PSBQ Banking 26 24 72.50 0.49 0.1600 0.1767 10.44 7/11/18 7/12/18 7/31/18 Semi-annual 0.35 7.05
Realty Income Corp. O REIT-Retail Stores 25 24 58.57 4.51 0.2195 0.2200 0.23 7/31/18 8/1/18 8/15/18 Monthly,& 2.64 206.25
Ross Stores Inc. ROST Retail-Apparel 25 24 82.55 1.09 0.1600 0.2250 40.63 3/16/18 3/19/18 3/30/18 0.90 22.22
Averages for 210 Champions/Contenders 15.7 #REF! 56.42 1.9614 0.8061 -58.90 1.90 19.12
Contenders Fundamental Data Dividends Paid by Year
Numbers
EPS=Earni
10-24 Straight YearsDisclaimer: Although all figures are thought to be (DGR=Dividend Growth Rate)
Higher Dividends # Column on right excludes amount normally paid in following year
Company Ticker TTM FYE TTM 5/10 DGR DGR DGR DGR Amounts in Red indicate no increase during year
Name Symbol P/E Month EPS A/D* 1-yr 3-yr 5-yr 10-yr 2017 2016 2015 2014 2013 # 2012 2011 # 2010 2009 2008 2007
Albemarle Corp. ALB 19.16 12 4.92 0.883 5.0 5.9 10.3 11.7 1.265 1.205 1.145 1.065 0.960 0.775 0.635 0.560 0.500 0.480 0.420
Caterpillar Inc. CAT 20.02 12 7.65 1.077 0.6 6.0 9.6 8.9 3.100 3.080 2.940 2.600 2.340 # 1.960 1.800 1.720 1.680 1.560 1.320
Enterprise Bancorp Inc. EBTC 18.46 12 2.18 0.778 3.8 4.0 4.2 5.4 0.540 0.520 0.500 0.480 0.460 0.440 0.420 0.400 0.380 0.360 0.320
Essex Property Trust ESS 45.99 12 5.20 1.458 9.8 10.9 9.6 6.6 6.850 6.240 5.620 5.020 4.730 4.340 4.153 4.128 4.110 3.990 3.630
Matthews International MATW 22.53 9 2.45 1.132 12.9 15.0 13.6 12.0 0.700 0.620 0.540 0.460 0.410 0.370 0.330 0.290 0.265 0.245 0.225
Northeast Indiana Bancorp NIDB 12.05 12 3.07 1.262 5.9 4.7 4.3 3.4 0.900 0.850 0.810 0.785 0.765 0.730 0.705 0.685 0.665 0.660 0.645
PSB Holdings Inc. PSBQ 14.47 12 5.01 1.427 14.3 6.7 7.1 5.0 0.960 0.840 0.820 0.790 0.770 # 0.680 0.662 0.644 0.626 0.608 0.590
Realty Income Corp. O 45.76 12 1.28 1.671 6.0 5.0 7.4 4.4 2.535 2.392 2.271 2.192 2.147 1.772 1.737 1.727 1.716 1.701 1.641
Ross Stores Inc. ROST 20.38 1 4.05 0.752 18.5 17.0 18.0 23.9 0.640 0.540 0.470 0.400 0.340 0.280 0.220 0.160 0.110 0.095 0.075
Averages for 210 #REF! 9.94 2.375 142.5 41.2 42.7 18.0 6.565 2.707 2.523 2.332 2.130 1.110 1.761 0.898 1.490 1.385 1.257
Contenders Percentage Increase by Year
on right10-24
excludes
Straight
amount
Years
normally
Higherpaid
Dividends
in following year but accelerated; included next year (column on left) 19 yrs 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005
Company Ticker 99-'17 vs. vs. vs. vs. vs. vs. vs. vs. vs. vs. vs. vs. vs.
Name Symbol 2006 2005 2004 2003 2002 2001 2000 1999 RegDivs 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
Albemarle Corp. ALB 0.345 0.310 0.293 0.283 0.270 0.260 0.230 0.200 11.200 5.0 5.2 7.5 10.9 23.9 22.0 13.4 12.0 4.2 14.3 21.7 11.3 6.0
Caterpillar Inc. CAT 1.100 0.910 0.780 0.710 0.700 0.690 0.665 0.625 30.280 0.6 4.8 13.1 11.1 19.4 8.9 4.7 2.4 7.7 18.2 20.0 20.9 16.7
Enterprise Bancorp Inc. EBTC 0.280 0.240 0.215 0.190 0.165 0.144 0.125 0.105 6.284 3.8 4.0 4.2 4.3 4.5 4.8 5.0 5.3 5.6 12.5 14.3 16.7 11.6
Essex Property Trust ESS 3.330 3.220 3.150 3.110 3.010 2.790 2.320 2.100 75.840 9.8 11.0 12.0 6.1 9.0 4.5 0.6 0.4 3.0 9.9 9.0 3.4 2.2
Matthews International MATW 0.205 0.185 0.165 0.124 0.106 0.101 0.097 0.092 5.530 12.9 14.8 17.4 12.2 10.8 12.1 13.8 9.4 8.2 8.9 9.8 10.8 12.1
Northeast Indiana Bancorp NIDB 0.640 0.610 0.570 0.530 0.490 0.450 0.410 0.345 12.245 5.9 4.9 3.2 2.6 4.8 3.5 2.9 3.0 0.8 2.3 0.8 4.9 7.0
PSB Holdings Inc. PSBQ 0.571 0.553 0.531 0.583 0.466 0.445 0.432 0.415 11.987 14.3 2.4 3.8 2.6 13.2 2.7 2.8 2.9 3.0 3.1 3.2 3.3 4.1
Realty Income Corp. O 1.518 1.395 1.320 1.200 1.170 1.140 1.110 1.080 31.764 6.0 5.3 3.6 2.1 21.2 2.0 0.5 0.7 0.9 3.7 8.1 8.8 5.7
Ross Stores Inc. ROST 0.060 0.053 0.043 0.029 0.024 0.022 0.019 0.017 3.596 18.5 14.9 17.5 17.6 21.4 27.3 37.5 45.5 15.8 26.7 25.0 14.3 22.1
Averages for 210 1.117 0.991 0.878 0.781 0.727 0.680 0.674 0.654 30.661 142.5 7.3 8.2 9.5 92.0 0.0 96.2 -39.7 7.6 10.2 12.6 12.7 12.9
Contenders Special Formulas
10-24 Straight Years Higher Dividends 2004 2003 2002 2001 2000
Company Ticker vs. vs. vs. vs. vs. Tweed Chowder
Name Symbol 2003 2002 2001 2000 1999 Sector Factor Rule
Albemarle Corp. ALB 3.5 4.6 3.8 13.0 15.0 Materials (7.4) 11.7
Caterpillar Inc. CAT 9.9 1.4 1.4 3.8 6.4 Industrials (8.2) 11.8
Enterprise Bancorp Inc. EBTC 13.2 15.2 14.7 15.0 19.0 Financials (12.8) 5.6
Essex Property Trust ESS 1.3 3.3 7.9 20.3 10.5 REITs (33.3) 12.7
Matthews International MATW 33.1 17.0 5.0 4.1 6.0 Consumer Discretionary (7.6) 15.0
Northeast Indiana Bancorp NIDB 7.5 8.2 8.9 9.8 18.7 Financials (5.2) 6.9
PSB Holdings Inc. PSBQ 0.0 25.0 4.8 3.0 4.2 Financials (6.9) 7.6
Realty Income Corp. O 10.0 2.6 2.6 2.7 2.8 REITs (33.8) 11.9
Ross Stores Inc. ROST 48.3 20.8 11.6 13.2 15.2 Consumer Discretionary (1.3) 19.1
Averages for 210 12.4 7.4 7.0 0.9 3.0 #REF! 99.1

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25 or more Straight Years Higher Dividends

25 or more Straight Years Higher Dividends

25 or more Straight Years Higher Dividends

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