Quarterly Dividend Research · Q2 2026
The State of Dividends — Q2 2026
Our quarterly analysis of 3,730 dividend-paying stocks: 51% trade below fair value, 788 are both cheap and safe, and dividend raises beat cuts 24-to-1.
2,962
Payers analyzed
53%
Below fair value
547
Cheap and safe (safety 75+)
169:12
Raises to cuts
What's inside
The valuation landscape
How much of the dividend universe is cheap, fair, or expensive right now.
The cheap-and-safe matrix
The overlap of value and dividend safety — and the names that clear both bars.
Sector deep-dive
Yield, safety and the value spread across all 11 sectors.
Yield, safety & dividend actions
The yield distribution, safety grades, and the quarter's raises vs. cuts.
Key findings
- 169 raised a regular dividend and 12 cut one, 14.1 increases per cut; 0 companies initiated a dividend and 7 paid a special.
- The median increase was 7.1% and the median cut 33.9%.
- As of Sep 24, 2026, 53% of payers with a fair-value estimate trade below it, and 547 are both undervalued and graded 75 or higher for dividend safety.
- 91% of the period's cuts came from companies graded C or lower beforehand.
A preview: cheap & safe right now
 CTBI | $70.10 → $112.89 | +61% |
 NWFL | $35.64 → $54.35 | +53% |
 BOH | $70.61 → $107.59 | +52% |
 LCNB | $19.93 → $32.65 | +64% |
 CAC | $58.54 → $88.28 | +51% |
 AGCO | $107.84 → $165.99 | +54% |
Methodology: every payer is valued via DCF, a dividend-discount model and a Graham earnings multiple, then cross-checked against our Dividend Safety Score. For informational purposes only — not investment advice. Cite as: SmarterDividends, "The State of Dividends — Q2 2026," June 2026.
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