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Some dividend growth companies raise their dividends every year for many years. One example is Procter & Gamble (NYSE:PG), which has raised its dividends for 55 years in a row.

Some dividend growth companies freeze their dividend for a year, but subsequently reinstate regular raises. David Fish, in his lists of Dividend Champions, Contenders, and Challengers, terms these companies "Frozen Angels." One example is First Financial Bankshares (NASDAQ:FFIN), which has raised its dividends for 24 out of the last 25 years.

Some dividend growth companies freeze their dividends for long periods, without reinstating regular raises. Such companies have reached what I call a Dividend Plateau.

I found a total of 133 Dividend Plateau companies. A spreadsheet containing all of the data is available for free.

7 Dividend Plateau companies pay dividends annually. They are listed in the following table.

ACTUANT CORP-A

ATU

CIGNA CORP

CI

LEUCADIA NATIONAL CORP

LUK

MANITOWOC COMPANY INC

MTW

NATIONAL PRESTO INDS INC

NPK

SHENANDOAH TELECOMMUNICATION

SHEN

WHITE MOUNTAINS INSURANCE GP

WTM

The longest annual plateau company is Actuant Corp, which has paid the same dividend for 7 years.

1 Dividend Plateau company pays dividends semi-annually. It is Universal Forest Products (NASDAQ:UFPI).

1 Dividend Plateau company pays dividends monthly. It is Gas Natural Inc (NYSEMKT:EGAS).

124 Dividend Plateau companies pay dividends quarterly.

The longest quarterly plateau companies are listed in the following table. The third column is the number of repeated quarterly dividends.

EVEREST RE GROUP LTD

RE

20

CABOT CORP

CBT

21

DELUXE CORP

DLX

22

TOTAL SYSTEM SERVICES INC

TSS

22

QUEST DIAGNOSTICS INC

DGX

23

PRECISION CASTPARTS CORP

PCP

24

ABERCROMBIE & FITCH CO-CL A

ANF

26

SUPERIOR INDUSTRIES INTL

SUP

26

NASH FINCH CO

NAFC

27

ALLERGAN INC

AGN

28

BELDEN INC

BDC

29

MERCK & CO. INC.

MRK

29

SPX CORP

SPW

31

RR DONNELLEY & SONS CO

RRD

34

KANSAS CITY LIFE INS CO

KCLI

44

TYSON FOODS INC-CL A

TSN

50

OLIN CORP

OLN

51

CON-WAY INC

CNW

68

PERKINELMER INC

PKI

72

PVH CORP

PVH

80

An obvious question is, "Why would an investor be interested in a company that does not raise its dividends for such a long time?"

I suppose one answer is the hope that it will eventually reinstate regular raises, but after 80 quarters of the same dividend, I would not bet on PVH raising its dividend again.

The more likely answer is high current income. Many Dividend Plateau companies yield more than 4%. They are listed in the following table. The third column is the yield, as a percent of current price.

MERCK & CO. INC.

MRK

4.0159

FNB CORP

FNB

4.0404

UNITED BANKSHARES INC

UBSI

4.0513

MERIDIAN BIOSCIENCE INC

VIVO

4.1966

STATE AUTO FINANCIAL CORP

STFC

4.2463

AMERICAN NATIONAL INSURANCE

ANAT

4.2483

EASTGROUP PROPERTIES INC

EGP

4.2816

OHIO VALLEY BANC CORP

OVBC

4.2967

HARLEYSVILLE SVNGS FIN CORP

OTCQX:HARL

4.3453

P G & E CORP

PCG

4.3509

TEEKAY CORP

TK

4.3939

PUBLIC SERVICE ENTERPRISE GP

PEG

4.4365

PROGRESS ENERGY INC

PGN

4.6573

FEDERATED INVESTORS INC-CL B

FII

4.6829

CITIZENS HOLDING COMPANY

CIZN

4.7185

GAS NATURAL INC

EGAS

4.8387

PPL CORPORATION

PPL

4.9106

ELI LILLY & CO

LLY

4.9797

INTEGRYS ENERGY GROUP INC

TEG

5.2247

SUPERVALU INC

SVU

5.3517

PARK NATIONAL CORP

PRK

5.4367

TRANSALTA CORP

TAC

5.4976

OTTER TAIL CORP

OTTR

5.5869

WASHINGTON REIT

WRE

5.8398

CORPORATE OFFICE PROPERTIES

OFC

6.7845

CENTURYLINK INC

CTL

7.2014

RR DONNELLEY & SONS CO

RRD

7.3707

ENERGY TRANSFER PARTNERS LP

ETP

7.547

UNITED COMMUNITY BANCORP

UCBA

7.5862

COURIER CORP

CRRC

7.7135

ITT CORP

ITT

8.14

STANDARD REGISTER CO

SR

12.8205

INERGY LP

NRGY

16.0501

Higher return comes with higher risk, and investors should be wary of "chasing yield."

Please remember that this is only the beginning of the investment selection process. Many investors look at many other factors, such as Tweed Factor (from Norman Tweed), Confidence Factor (from David Fish), valuation via Fast Graphs (from Chuck Carnevale), etc. Do your own due diligence before you invest.

Source: Dividend Plateau Companies