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Companies on this list have raised dividends for at least 20 years with two companies having a track record of more than 50 years. That should be eye opening to you. These companies look set to continue rewarding shareholders.

Consolidated Edison (NYSE:ED): The dividend has been increased for 37 consecutive years. The yield is a healthy 4.15% and the annual payout is $2.4. The quarterly payout was increased by 0.84% to $0.60 with the payout ratio at 65.9%. The growth rate over the last decade is at a snail’s pace 0.9%.

The stock has risen more than 20% for the year and trades at a trailing price/earnings multiple of 16.03, a premium when compared with American Electric Power Company (NYSE:AEP) at 10.5 (trailing) with a 4.75% yield and many other industry peers.

This company has all the right things going for it, strong cash flow coupled with a solid balance sheet and a favorable regulatory climate. Those considering this stock for retirement will do well to consider that the dividend only grows about 1% annually, which is not enough to keep up with inflation.

Hopefully, the current valuation will fall in line or below the industry average amid the ongoing market volatility and that’s the time to grab this solid stock.

Diebold Inc. (NYSE:DBD): The dividend has been increased for 58 consecutive years. The yield is 3.7% and the annual payout is $1.12. The quarterly payout was increased by 3.7% to $0.28 with the payout ratio at 143.6%. The growth rate over the last decade is 5.7%.

The stock is down more than 5% for the year and trades at a forward price/earnings multiple of 13.3, which is expensive compared with NCR Corp. (NYSE:NCR) at 7.86 (forward).

Key to growth for Diebold will be international expansion. Its recent agreement with the State Bank of India does bode well for future growth initiatives as 55% of its sales are from foreign customers. At the current price/earnings valuation, the stock is a good choice as it’s below the industry average of 15.5 times.

Donaldson Company (NYSE:DCI): The dividend has been increased for 25 consecutive years. The yield is 0.94% and the annual payout is $0.6. The quarterly payout was increased by 15.38% to $0.15 with the payout ratio at 20.91%. The growth rate over the last decade is 13.3%. DRIP fees are not payable.

The stock has risen more than 15% for the year and currently trades about 3% off its 52-week high. It trades at a trailing price/earnings multiple of 21.92, which is at heavy premium to Cummins (NYSE:CMI) at 11.28 (trailing) and almost on par with Pall Corp (NYSE:PLL) at 20.3 (trailing).

The first quarter fiscal 2012 results were solid and reflect the solid underlying business economics of the business against the weak economic backdrop. Whilst management is optimistic on its prospects, it’s best to wait for a pull back in the price before taking a position. Hope for the ongoing drama in Europe to go on further and deeper to provide you with the opportunity.

Dover Corp. (NYSE:DOV): The dividend has been increased for 56 consecutive years. The yield is 2.27% and the annual payout is $1.26. The quarterly payout was increased by 14.5% to $0.315 with the payout ratio at 29.3%. The growth rate over the last decade is 8.3%.

The stock has fallen more than 6% for the year, trading at a trailing price/earnings multiple of 12.7. Rivals, Cooper Industries (CBE) is cheaper at 11.3 times (trailing) whilst Ingersoll-Rand (NYSE:IR) is massively overvalued at 37.1 times (trailing).

The company has restructured over the past two years, replacing low margined business units with higher margined ones. Proof that the efforts have not been in vain is shown by the strong quarterly results, which show that the company is on track to produce solid top and bottom line growth for this year.

At the current valuation, this stock is a buy as it won’t stay like that for long since the company is continuing to grow organically and through profitable acquisitions.

Eagle Financial Services (OTCQB:EFSI): The dividend has been increased for 25 consecutive years. The yield is 4.3% and the annual payout is $0.72. The quarterly payout was increased by 5.88% to $0.18 with the payout ratio at 77.42%. The growth rate over the last decade is 11.6%.

The stock has risen 5% for the year, trading at a trailing price/earnings multiple of 13.9. The company is currently selling just below its book value. This community bank has a strong capital position and its asset quality is gradually improving. Also, profitability is above average, which supports the dividend.

Of interest and encouraging is the level of insider buying. Three different directors have bought stock over the past several months. As a sentence on its homepage goes, “it’s time to return to community banking,” I would venture to say it’s time to return to community banking stocks.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: 5 Solid Stocks Raising Dividends For 20 Years Or More