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

Fifth Third Bancorp

Fifth Third Bancorp (NASDAQ:FITB) operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the U.S.

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Fifth Third Bancorp has raised its dividends consecutively for the last nine years. In its most recent dividend hike announcement on Sept. 12, the company raised the quarterly payout from $0.35 to $0.37 per share, which is equal to $1.48 per share annually. Currently, the dividend yield on the stock stands at 3.45%.

The company's annual revenue as of Sept. 30 stood at $8.17 billion. In its most recent earnings announcement on Jan. 21, the company posted Q4 2024 revenues of $2.17 billion, missing the consensus estimate of $2.21 billion, while EPS of $0.90 came in above the consensus of $0.88.

Check out this article by Benzinga for 11 analysts' insights on Fifth Third Bancorp.

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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 raised its dividends every year for the last 14 years. As per its most recent dividend hike announcement on Jan. 30, it raised the quarterly dividend by 3.5% to $0.73, which is equal to 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 Q4 2024 earnings release on Feb. 13, the company posted revenues of $364.80 million and EPS of $0.87. Both figures missed the consensus estimates.