Though they are not perfect, the stocks below did recently reward their investors with higher cash dividends:

Entertainment Properties Trust (EPR) is a specialty real estate investment trust (REIT) that invests in properties in select categories which require unique industry knowledge. March 10th the company increased its quarterly dividend 8% to $0.70/share. The dividend is payable April 15, 2011 to shareholders of record on March 31, 2011. The yield based on the new payout is 6.0%.

Compass Diversified Holdings (CODI) is a public investment firm specializing in acquiring controlling stakes in small to middle market companies. March 10th the company increased its quarterly dividend 6% to to $0.36/share. The distribution is payable on April 12, 2011 to all holders of record as of March 29, 2011. The yield based on the new payout is 9.8%.

Warwick Valley Telephone Company (WWVY) is a full service telecommunications company operating in portions of New York New Jersey, offering local, long distance, Internet and video services. March 10th the company increased its quarterly dividend 8% to $0.26/share. The dividend is payable on March 31, 2011 to shareholders of record as of March 21, 2011. The yield based on the new payout is 6.9%.

Main Street Capital Corporation (MAIN) is a business development company specializing in equity, equity related, and debt investments in small and lower middle market companies. March 9th the company increased its monthly dividend 4% to $0.13/share. The dividend is payable on April 15, 2011, to shareholders of record on March 24, 2011. The yield based on the new payout is 8.1%.

Staples, Inc. (SPLS) is the world’s largest office products company offering a broad selection of office supplies, electronics, technology and office furniture as well as business services. March 8th the company increased its quarterly dividend 11% to $0.10/share. The dividend is payable on April 14, 2011, to shareholders of record on March 25, 2011. The yield based on the new payout is 2.0%.

Applied Materials, Inc. (AMAT) provides nanomanufacturing technology solutions for the semiconductor, flat panel display, solar, and related industries worldwide. March 8th the company increased its quarterly dividend 14% to $0.08 per share payable on the company’s common stock. The dividend is payable on June 22, 2011 to stockholders of record as of June 1, 2011. The yield based on the new payout is 2.0%.

Qualcomm Incorporated (QCOM) is a leading developer and innovator of advanced wireless technologies, products and services. March 8th the company increased its quarterly dividend 13 percent to $0.215/share. The dividend is payable after March 25, 2011. The yield based on the new payout is 1.5%.

Piedmont Natural Gas (PNY) is an energy services company primarily engaged in the distribution of natural gas to more than one million residential, commercial and industrial utility customers in North Carolina, South Carolina and Tennessee. March 4th the company increased its quarterly dividend 3.6% to $0.29/share. The dividend is payable April 15, 2011, to shareholders of record at the close of business on March 25, 2011. this is the 33rd consecutive year the company has increased its dividend. The yield based on the new payout is 3.8%.

Myers Industries, Inc. (MYE) is an international manufacturer of polymer products for industrial, agricultural, automotive, commercial, and consumer markets. March 4th the company increased its quarterly dividend 8% to $0.07/share. The dividend is payable April 4, 2011, to shareholders of record as of March 10, 2011. The yield based on the new payout is 2.9%.

Selecting stocks with increasing dividends is critical for an income growth strategy. The above list contains stocks that recently raised their dividends; it is not a list of recommend buys. As always, due diligence should be performed before buying or selling any stock. For a list of stocks with a long string of consecutive cash dividend increases, see this list.

Full Disclosure: Long PNY. See a list of all my income holdings here.

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(Photo Credit)

One indication of the strong company is the ability to raise its dividend in the face of adverse market and economic conditions. Here are a few select companies that recently raised their cash dividends:

• BCB Bancorp (BCBP) Increases Qtr. Dividend 20% to $0.12/Share (3.63%)
• RPM Intl (RPM) Boosts Qtr Dividend 5% to $0.20/Share (4.99%)
• Compass Diversified (CODI) Raises Qtr Dividend 5% to $0.34/Share (10.40%)
• Healthcare Services (HCSG) Increases Qtr. Dividend 7% to $0.16/Share (4.52%)
• Park National (PRK) Boosts Qtr. Dividend 1% to $0.95/Share (5.09%)

After running these companies through my D4L-PreScreen.xls model, RPM with a NPV of MMA Differential of $5,538 and a dividend yield of 4.99% could warrant an additional look. HCSG has only paid a dividend for 6 years, but during that time it has an impressive record with a 3-year compound annual growth rate over 35%. This is one I will keep an eye on.

None of the others achieved the necessary NPV of MMA Differential to justify a full evaluation.

Disclosure: No position in the aforementioned stocks.

(Photo: Steve Woods)