This Tobacco Giant Among 3 High Yielding Stocks That Have Increased Dividend Yields To Over 5%

Companies in the S&P 500 that consecutively raise dividends for over 25 years and 50 years, are known as dividend aristocrats and kings, respectively.

When hunting for dividend stocks, it can prove to be beneficial investing in corporations that consecutively raise dividends. Here are three dividend stocks that have raised dividend yields to over 5%.

Altria Group Inc (NYSE:MO) is offering a dividend yield of 8.20% or $3.76 per share annually making quarterly payments, with a notable track record of increasing its dividends for 14 consecutive years. Through its tobacco subsidiaries, Altria holds the leading position in cigarettes and smokeless tobacco in the United States and the number-two spot in machine-made cigars.

Altria comprises Philip Morris USA, U.S. Smokeless Tobacco, John Middleton, Helix Innovations, and Philip Morris Capital, although the company plans to wind down Philip Morris Capital by the end of 2022.

Universal Corporation (NYSE:UVV) is offering a dividend yield of 6.10% or $3.16 per share annually through quarterly payments, with an excellent track record of increasing its dividends for 50 years. Universal procures leaf tobacco from farmers, processes it, and sells it to companies that manufacture consumer tobacco products.

"Results for our Tobacco Operations segment were down modestly in the quarter ended June 30, 2022, compared to the quarter ended June 30, 2021, largely on unfavorable foreign currency comparisons due to the strong U.S. dollar. Demand for leaf tobacco remains strong, and flue-cured, burley, oriental, and wrapper tobacco remain in an undersupply position," said George C. Freeman, Chairman, President, and Chief Executive Officer of Universal Corporation.

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Bank of Nova Scotia (NYSE:BNS) is offering a dividend yield of 5.52% or $3.17 per share annually utilizing quarterly payments, with a decent track record of increasing its dividends once in the past year. Bank of Nova Scotia is a global financial services provider, offering a range of advice, products, and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

Brian Porter, President and CEO of Scotiabank commented, “The quarter saw EPS growth of 4% and a return on equity of 15.4%. Strong credit quality, while growing the loan book across all business lines, prudent expense management and resilient customers were positive highlights against the backdrop of a more challenging macro environment this quarter.”