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While a high yield today is great, finding companies that consistently increase dividends can provide greater returns in the long run. These four companies just took steps to reward their shareholders with higher payouts, demonstrating a commitment to return value to investors.

Simon Property Group (NYSE:SPG)

Simon Property Group, a real estate investment trust, recently announced a quarterly dividend increase from $1.95 to $2.00 per share. The new dividend yield stands at 5.5%, with the company having two consecutive years of dividend growth. Simon Property Group reported strong Q1 2024 results, with domestic property Net Operating Income increasing 3.7% and portfolio NOI increasing 3.9% compared to the prior year period.

Analysts have a consensus price target of $142.43 for Simon Property Group, with the last three ratings from Truist Securities and Evercore ISI Group implying a modest 0.75% upside from the current price.

Microchip Technology Incorporated (NASDAQ:MCHP)

Microchip Technology, a provider of smart, connected, and secure embedded control solutions, raised its quarterly dividend from $0.45 to $0.452 per share. The company has a strong history of dividend growth, with 21 consecutive years of increases. The current yield stands at 1.9%.

Microchip Technology met expectations in the March 2024 quarter, with net sales of $1.326 billion. The company returned a record $629.9 million to shareholders through dividends and share repurchases. Analysts have a consensus price target of $94.41, with the last three ratings from Stifel and Evercore ISI Group implying a 14.22% upside.

ManpowerGroup Inc. (NYSE:MAN)

ManpowerGroup, a global workforce solutions company, announced a semi-annual dividend increase from $1.47 to $1.54 per share. The company has 13 consecutive years of dividend increases, and the current yield is 4%. ManpowerGroup helps organizations transform in a fast-changing world of work by sourcing, assessing, developing, and managing talent.

Analysts have a consensus price target of $65.07 for ManpowerGroup, with the last three ratings from BMO Capital, UBS, and JP Morgan implying a 7.43% upside.

CNO Financial Group, Inc. (NYSE:CNO)

CNO Financial Group, a holding company for several national life and health insurance companies, increased its quarterly dividend from $0.15 to $0.16 per share. This marks the company’s twelfth consecutive annual dividend increase. The current yield stands at 2.3%.

CNO Financial Group secures the future of middle-income America by providing life and health insurance, annuities, financial services, and workforce benefits solutions. Analysts have a consensus price target of $24, with the last three ratings from Piper Sandler, Evercore ISI Group, and RBC Capital implying a modest 4.24% upside.

Looking For Higher Yield?

Investors seeking even higher yields may want to consider the Cityfunds Yield fund. This fund targets an 8% APY and provides stable cash flow backed by real estate assets. The fund invests in a diversified pool of collateralized real estate loans, including home equity-backed notes and short-term mortgage notes.

Cityfunds Yield fund offers quarterly distributions to investors, which can be reinvested to compound returns or paid out directly to bank accounts. With a five-year term and liquidity options after 12 months, this fund balances liquidity and long-term growth potential, presenting an attractive option for income-focused investors looking to diversify their portfolios. Click here to add Cityfunds Yield to your portfolio. 

Simon Property Group, Microchip Technology, ManpowerGroup, and CNO Financial Group have all demonstrated their commitment to shareholder returns through their recent dividend increases. While these companies offer attractive yields and growth prospects, investors seeking even higher yields may find the Cityfunds Yield fund an interesting alternative to explore.

This article Growing Dividends: These Four Companies Just Increased Payouts originally appeared on Benzinga.com