Data · The State of Dividends · quarterly
The State of Dividends, Q3 2026
Preliminary · Period 2026-07-01 to 2026-10-01 · Generated September 23, 2026 · updates daily until the period closes
Abstract
The State of Dividends, Q3 2026. SmarterDividends tracked 2,883 listed dividend payers during the quarter.
217 raised a regular dividend and 13 cut one, 16.7 increases per cut; 0 companies initiated a dividend and 8 paid a special.
The median increase was 8.3% and the median cut 50.0%.
As of 2026-09-23, 53% of payers with a fair-value estimate trade below it, and 547 are both undervalued and graded 75 or higher for dividend safety.
55% of the period's cuts came from companies graded C or lower beforehand.
Key figures
- Listed dividend payers
- 2,883
- Dividend increases
- 217 (169 in Q2 2026)
- Dividend cuts
- 13 (12 in Q2 2026)
- Increases per cut
- 16.7 (14.1 in Q2 2026)
- Initiations
- 0
- Special dividends
- 8
- Median increase
- 8.3%
- Below fair value
- 53%
- snapshot 2026-09-23
- Cheap and safe
- 547
- undervalued and safety ≥ 75
- Graded A or B for safety
- 61%
1.Dividend actions by month
| Month | Increases | Cuts | Initiations | Specials |
|---|---|---|---|---|
| 2026-07 | 38 | 6 | 0 | 0 |
| 2026-08 | 103 | 3 | 0 | 5 |
| 2026-09 | 76 | 4 | 0 | 3 |
2.Ten largest cuts
| Ex-date | Ticker | Company | Sector | Before | After | Change | Grade before |
|---|---|---|---|---|---|---|---|
| 2026-07-30 | MSB | Mesabi Trust | Basic Materials | $0.2400 | $0.0500 | -79.2% | C |
| 2026-07-02 | MSIF | MSC Income Fund, Inc. | Financial Services | $0.3600 | $0.1100 | -69.4% | — |
| 2026-07-31 | FCPT | Four Corners Property Trust, Inc. | Real Estate | $0.3670 | $0.1220 | -66.8% | B |
| 2026-07-17 | UDR | UDR, Inc. | Real Estate | $0.4350 | $0.1450 | -66.7% | B |
| 2026-08-14 | SSRM | SSR Mining Inc. | Basic Materials | $0.0700 | $0.0300 | -57.1% | — |
| 2026-09-10 | TU | TELUS Corporation | Communication Services | $0.3000 | $0.1360 | -54.7% | B |
| 2026-09-01 | WEN | The Wendy's Company | Consumer Cyclical | $0.1400 | $0.0700 | -50.0% | C |
| 2026-07-30 | CAG | Conagra Brands, Inc. | Consumer Defensive | $0.3500 | $0.1750 | -50.0% | B |
| 2026-09-03 | NTES | NetEase, Inc. | Communication Services | $0.7200 | $0.4800 | -33.3% | C |
| 2026-08-19 | CHCT | Community Healthcare Trust Incorporated | Real Estate | $0.4800 | $0.3300 | -31.3% | B |
3.Ten largest increases
| Ex-date | Ticker | Company | Sector | Before | After | Change | Streak (yrs) |
|---|---|---|---|---|---|---|---|
| 2026-09-01 | PANL | Pangaea Logistics Solutions Ltd. | Industrials | $0.0500 | $0.1000 | +100.0% | 0 |
| 2026-07-20 | ILPT | Industrial Logistics Properties Trust | Real Estate | $0.0500 | $0.1000 | +100.0% | 1 |
| 2026-08-18 | APC | ARKO Petroleum Corp. | Energy | $0.2600 | $0.5000 | +92.3% | 0 |
| 2026-08-14 | RGR | Sturm, Ruger & Company, Inc. | Industrials | $0.1100 | $0.2100 | +90.9% | 0 |
| 2026-08-17 | DHT | DHT Holdings, Inc. | Energy | $0.6400 | $1.2200 | +90.6% | 0 |
| 2026-08-21 | SBLK | Star Bulk Carriers Corp. | Industrials | $0.5000 | $0.9000 | +80.0% | 0 |
| 2026-09-08 | HAFN | Hafnia Limited | Industrials | $0.2880 | $0.5000 | +73.6% | 0 |
| 2026-08-06 | RNG | RingCentral, Inc. | Technology | $0.0750 | $0.1250 | +66.7% | 0 |
| 2026-08-12 | ETD | Ethan Allen Interiors Inc. | Consumer Cyclical | $0.3900 | $0.6400 | +64.1% | 7 |
| 2026-08-21 | FLOC | Flowco Holdings Inc. | Energy | $0.0900 | $0.1400 | +55.6% | 0 |
4.Valuation and safety by sector
| Sector | Payers | Median yield | Below fair value | Median safety score |
|---|---|---|---|---|
| Financial Services | 991 | 4.3% | 71% | 71 |
| Industrials | 289 | 1.6% | 34% | 84 |
| Real Estate | 216 | 5.6% | 37% | 60 |
| Consumer Cyclical | 203 | 2.6% | 48% | 73 |
| Energy | 162 | 3.6% | 49% | 62 |
| Technology | 148 | 1.4% | 34% | 82 |
| Basic Materials | 124 | 1.5% | 29% | 69 |
| Utilities | 111 | 4.0% | 29% | 85 |
| Consumer Defensive | 98 | 3.4% | 48% | 77 |
| Healthcare | 85 | 1.7% | 47% | 83 |
| Communication Services | 73 | 3.5% | 60% | 62 |
5.Dividend safety grades across the universe
| Grade | Payers | Share |
|---|---|---|
| A | 932 | 36% |
| B | 644 | 25% |
| C | 781 | 30% |
| D | 218 | 8% |
| F | 7 | 0% |
Method and definitions
- Increases, cuts, initiations and specials follow the definitions used in the monthly notes: an increase is a regular payment more than 1% above the prior payment and at least equal to a year earlier; a cut is at least 3% below the prior payment and at least 10% below a year earlier. Fair value blends DCF, dividend-discount and earnings-multiple models. The safety score (0–100, graded A–F) weighs payout coverage, free cash flow, balance sheet, growth history and yield history.
- Universe: U.S.-listed dividend payers tracked by SmarterDividends; OTC and ADR duplicate listings are excluded. Valuation and safety figures are a snapshot as of 2026-09-23.
Cite this note
SmarterDividends (2026). The State of Dividends, Q3 2026. https://smarterdividends.com/data/state-of-dividends/2026-Q3
Free to quote and reproduce with attribution and a link to this page.
For informational purposes only; not investment advice.