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This is a companion article to my one the other day on Dividend Champions with yields that are 50% greater than that on a 10-year Treasury.

So many Champions (41 out of 105) qualified under that standard that I have raised the qualifying hurdle for Challengers from 150% of the Treasury yield to 200%.

As I write this, the yield on the 10-year Treasury is 1.74%. (Source = Bloomberg. A few days ago when I wrote the other article, it was 1.86%.) So a yield twice as much as the current 10-year Treasury would be 3.48%. For simplicity, I will use 3.5% as the cutoff.

So the stocks in the table below are Dividend Contenders with yields of 3.5% or more. Since these are Dividend Contenders, each has raised its annual dividend for at least 10 consecutive years.

The scorecard is that 56 Contenders out of 201 qualify.

In the table below, in addition to each company's current yield, I have included the 3-year dividend growth rate (DGR), the amount of each company's most recent increase, and the number of consecutive years each stock has increased its dividend payout.

The source of all data is the most recent edition of the Dividend Champions (CCC) document, so the data is updated through 3/28/2013. Thanks again to David Fish for allowing me to present different perspectives of his CCCs.

Dividend Contenders with Yields Twice that of 10-Year Treasuries

Stock

Ticker

Yield %

3-Year DGR

%/yr.

Most Recent Increase

%

Years of Dividend Growth

Notes

AGL Resources

GAS

4.5

2.3

2.2

11

Alliance Resource Partners

ARLP

6.95

12.2

2.1

11

MLP

Alliant Energy

LNT

3.8

6.3

4.4

10

Arrow Financial

AROW

4.1

3.9

2.0

19

Artesian Resources

ARTNA

3.6

3.3

2.5

15

Auburn National Bancorp

AUBN

3.8

2.6

2.4

12

Avista

AVA

4.5

12.7

5.2

11

BHP Billiton

BBL

3.9

11.0

3.6

10

Buckeye Partners

BPL

6.8

4.6

1.2

17

MLP; dreaded red ink

CCFNB Bancorp

OTCQB:CCFN

3.6

8.1

6.5

15

Communication Systems

JCS

6.5

7.2

6.7

10

Dreaded red ink

Community Bank System

CBU

3.6

6.4

3.9

20

ConocoPhillips

COP

4.4

16.7

29.7

12

Dominion Resources

D

3.9

6.4

6.6

10

Enterprise Products Part.

EPD

4.4

5.4

1.5

16

MLP

First Keystone

OTCQB:FKYS

4.0

3.2

4.0

12

Genesis Energy

GEL

4.0

10.1

2.7

10

MLP

Hasbro

HAS

3.6

19.9

11.1

10

Juniata Valley Financial

OTCQB:JUVF

4.9

4.1

4.8

22

Dreaded red ink

Kinder Morgan Energy Part.

KMP

5.8

4.9

2.4

17

MLP

Laclede Group

LG

4.0

2.5

2.4

10

Landauer

LDR

3.9

1.6

2.2

10

Dreaded red ink

Landmark Bancorp

LARK

3.7

5.0

5.0

12

Lockheed Martin

LMT

4.8

19.6

15.0

10

Magellan Midstream Part.

MMP

3.7

7.9

3.1

13

MLP

Meredith

MDP

4.3

19.3

6.5

20

Microchip Technology

MCHP

3.8

1.1

0.3

12

National Health Investors

NHI

4.3

6.0

3.7

11

REIT

National Retail Properties

NNN

4.4

1.3

2.6

23

REIT

Natural Resource Part.

NRP

9.4

0.7

1.9

10

MLP; dreaded red ink

New Jersey Resources

NJR

3.6

7.5

5.3

17

Nippon T&T

NTT

4.3

14.0

12.5

11

Northeast Indiana Bancorp

OTCQB:NIDB

4.3

3.2

5.6

18

Bulletin board

NTT DoCoMo

DCM

4.8

10.0

4.8

11

NuStar Energy

NS

8.2

1.1

1.9

12

MLP; dreaded red ink

Omega Healthcare Investors

OHI

5.9

12.1

2.3

11

REIT

People's United Financial

PBCT

4.8

1.6

1.6

20

Plains All-American Pipelines

PAA

4.0

5.4

3.7

13

MLP

PPL

PPL

4.7

1.4

2.1

12

Realty Income

O

4.8

1.1

NMF

19

REIT; raises dividend multiple times per year

RGC Resources

RGCO

3.8

3.0

2.9

10

SCANA

SCG

4.0

1.8

2.5

13

Shaw Comm.

SJR

4.2

9.4

6.6

11

Southern

SO

4.2

3.9

4.2

11

Southside Bancshares

SBSI

3.8

18.0

3.8

18

TC Pipelines

TCP

6.4

2.6

1.3

13

MLP

Teche Holding

TSH

3.5

1.2

1.4

11

Dreaded red ink

Thomson Reuters

TRI

4.0

4.6

1.6

20

UNS Energy

UNS

3.6

14.0

1.2

14

Urstadt Biddle Properties

UBA

4.6

1.0

1.0

19

REIT

Vector Group

VGR

9.9

5.0

5.0

15

W.P. Carey

WPC

4.9

5.7

24.2

16

REIT

Waste Management

WM

3.7

7.0

2.8

10

WaterFurnace Renewable

OTC:WFIFF

6.0

8.6

9.1

10

Dreaded red ink

Westwood Holdings

WHG

3.6

8.0

8.1

11

Williams

WMB

3.6

39.6

4.2

10

[Source: Dividend Champions, updated 3/28/2013.]

In this list, we see the first appearance of MLPs plus several more REITs.

The 8 stocks labeled "dreaded red ink" have not raised their dividends in over a year. (The Dividend Champion document shows their dividend dates in red ink.) Fellow contributor Miz Magic DiviDogs has determined that 84% of CCC stocks that cut their dividends went into this penalty box first.

The fine print: Appearance on this list does not mean that any stock is a great dividend growth investment. Dividend stocks-like any investment-should be matched to your own situation and goals. They are all subject to market risk as to price and to individual company risks as to both price and dividends. Please do your own due diligence before investing in anything.

Disclosure: I am long LNT, BBL, EPD, KMP, OHI, O, SJR. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Source: 56 Dividend Contenders With Yields Double That Of 10-Year Treasuries