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Some traditionalists would say your home is your greatest wealth building asset. I would argue it is not. Others would say your income is your greatest wealth building asset. Though there is a lot of truth to the statement, it is still not your greatest wealth building asset. So, what is your greatest wealth building asset? Everyone is born with it. Few realize its importance until they lose most of it. The asset is so priceless it can’t be bought. Your most valuable wealth building asset is time.

With time, you can wait for blue-chip stocks to build a high yield-on-cost by growing their dividends. Below are several companies building shareholder wealth by recently increasing their cash dividends:

Franklin Electric (NASDAQ:FELE) designs, manufactures, and distributes groundwater and fuel pumping systems. April 30th the company increased its quarterly dividend to $0.13/share. The dividend is payable on May 13 to shareholders of record on May 27. The ex-dividend date is May 26. FELE is a Dividend Achiever and has paid a higher dividend for 18 consecutive years. The yield based on the new payout is 1.54%.

Fifth Street Finance (NASDAQ:FSC) is a specialty finance company that lends to and invests in small and mid-sized companies. May 4th the company raised its quarterly dividend 6.7% to $0.32/share. The dividend is payable June 30, 2010, to shareholders of record as of May 20, 2010. The ex-dividend date is May 18, 2010. The yield based on the new payout is 10.05%.

Textainer Group (NYSE:TGH) is engaged in the purchase, management, leasing, and resale of a fleet of marine cargo containers worldwide. May 5th the company increased its quarterly dividend 4.3% to $0.24/share. The dividend is payable on May 26, 2010 to all shareholders of record as of May 17, 2010. The ex-dividend date is May 13, 2010. The yield based on the new payout is 4.01%.

TECO Energy (NYSE:TE) serves the Tampa Bay region in west central Florida and has significant diversified operations related to its core business. May 5th the company increased its quarterly dividend to $0.205/share. The dividend is payable May 28 to shareholders of record as of May 14, 2010. The ex-dividend date is May 12, 2010. The yield based on the new payout is 5.18%.

Cardinal Health (NYSE:CAH) is one of the leading wholesale distributors of pharmaceuticals, medical/surgical supplies, and related products to a broad range of health care customers. May 5th the company raised its quarterly dividend 11% to $0.195/share. The dividend is payable on July 15 to shareholders of record on July 1. The ex-dividend date is June 29. CAH is a Dividend Achiever and has paid a higher dividend for 14 consecutive years. The yield based on the new payout is 2.26%.

Talisman Energy (NYSE:TLM) explores, develops, produces, transports, and markets crude oil, natural gas and natural gas liquids, mainly in North America, the North Sea and Southeast Asia. May 5th the company increases its semi-annual dividend 11% to C$0.125/share. The dividend will be paid on June 30, 2010 to shareholders of record at the close of business on June 4, 2010. The ex-dividend date is June 2, 2010. The yield based on the new payout is 1.5%.

Microchip (NASDAQ:MCHP) supplies microcontrollers and analog and other semiconductor products for a wide variety of high-volume embedded control applications. May 5th the company raised its quarterly dividend to $0.342/share. The dividend is payable on June 2, 2010, to stockholders of record on May 19, 2010. The yield based on the new payout is 4.90%.

Cognex Corp. (NASDAQ:CGNX) is a provider of machine vision products that capture and analyze visual information used to automate tasks where vision is required. May 5th the company increased its quarterly dividend 20% to $0.06/share. The dividend announced today is payable on June 18, 2010, to all shareholders of record at the close of business on June 4, 2010. The ex-dividend date is June 2, 2010. The yield based on the new payout is 4.90%.

Cablevision (NYSE:CVC) is the fifth largest cable multiple system operator (NYSE:MSO) in the U.S. May 6th the company raised its quarterly dividend to $0.125/share. Cablevision President and CEO James L. Dolan commented: “Given our strong performance, we have increased our dividend by 25 percent, enabling us to provide even more value to our shareholders.” The yield based on the new payout is 2.01%.

Biovail Corp. (BVF) is engaged in the formulation, clinical testing, registration and manufacture of drug products using advanced drug delivery technologies. May 6th the company increased its quarterly dividend to $0.095/share. The dividend is payable on July 5, 2010 to shareholders of record at the close of business June 2, 2010. The ex-dividend date is May 31, 2010. The yield based on the new payout is 2.39%.

Union Pacific Corp. (NYSE:UNP) operates the largest U.S. railroad, with over 32,000 miles of rail serving the western two-thirds of the country. May 6th the company raised its quarterly dividend 22% to $0.33/share. The dividend is payable July 1, 2010, to stockholders of record on May 28, 2010. The ex-dividend date is May 26, 2010. The yield based on the new payout is 1.83%.

Occidental Petroleum (NYSE:OXY) is one of the largest oil and gas companies in the U.S., OXY has global operations in exploration and production. Its subsidiary OxyChem is the largest U.S. merchant marketer of chlorine and caustic soda. May 6th the company increased its quarterly dividend 15% to $0.38/share. The dividend is payable on July 15, 2010, to stockholders of record as of June 10, 2010. The ex-dividend date is June 8, 2010. The yield based on the new payout is 1.89%.

RLI Corp. (NYSE:RLI) provides selected property, casualty and surety insurance. May 6th the company raised its quarterly dividend to $0.29/share. The dividend is payable on July 15, 2010, to shareholders of record as of June 30, 2010. RLI is a Dividend Achiever and has paid a higher dividend for 35 consecutive years. The yield based on the new payout is 2.06%.

Public Storage (NYSE:PSA) invests primarily in self-service storage facilities (mini-warehouses), but also in commercial and industrial properties. May 6th the company raised its quarterly dividend to $0.80/share. The yield based on the new payout is 2.06%.

Full disclosure: No position in the aforementioned securities. See a list of all my income holdings here.

Source: 14 Stocks Building Wealth Through Higher Dividends