Companies with a long history of paying dividends and consistently hiking them remain appealing to income-focused investors. Hormel Foods, ALLETE, and Alliant Energy have rewarded shareholders for years and recently announced dividend increases. These companies currently offer dividend yields of around 3-4%.

Hormel Foods

Hormel Foods Corporation (NYSE:HRL) develops, processes, and distributes various meat, nuts, and other food products to foodservice, convenience store, and commercial customers in the U.S. and internationally.

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Hormel Foods has raised its dividends every year for the last 59 years. In its most recent dividend hike announcement on Nov. 25, the company's board increased the quarterly payout by 3% to $0.29 per share, equal to an annual figure of $1.16 per share. Currently, the dividend yield stands at 4.03%.

Hormel Foods’ annual revenue as of Jan. 31 stood at $11.91 billion. In its Q1 2025 earnings release on Feb. 27, the company posted revenues of $2.99 billion, beating the consensus estimate of $2.93 billion, while EPS of $0.35 came in below the consensus of $0.38. 

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ALLETE

ALLETE (NYSE:ALE) operates as an energy company in two segments, Regulated Operations and ALLETE Clean Energy. It generates electricity from coal-fired, biomass co-fired/natural gas, hydro, wind, and solar.

The company has increased its dividends consecutively for the last 14 years. According to its most recent dividend hike announcement on Jan. 30, its board raised the quarterly payout by 3.5% to $0.73, equaling an annual figure of $2.92 per share. Currently, the dividend yield on the stock is 4.46%.

ALLETE's annual revenue as of Dec. 31 stood at $1.53 billion. In its most recent earnings release on Feb. 13, the company posted Q4 2024 revenues of $364.80 million and EPS of $0.87. Both figures came in below expectations.

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Alliant Energy

Alliant Energy Corporation (NASDAQ:LNT) operates as a utility holding company that provides regulated electric and natural gas services in the U.S.

The company has raised its dividends every year for the last 21 years. In its most recent dividend announcement on Jan. 17, the company increased the quarterly payout from $0.48 to $0.5075 per share, equal to an annual figure of $2.03 per share. The current dividend yield is 3.27%.

Alliant Energy’s annual revenue as of Dec. 31 stood at $3.98 billion. As per the company’s Q4 2024 earnings release on Feb. 20, it posted revenues of $976 million and EPS of $0.70, both coming in above the consensus estimates.

How is the market feeling about Alliant Energy? Check out this article by Benzinga to learn more.

Hormel Foods, ALLETE, and Alliant Energy are good choices for investors seeking reliable passive income. Their dividend yields of around 3-4% and long history of consistent hikes make them attractive to income-focused investors.

Check out this article by Benzinga for three more stocks offering high dividend yields.

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