There’s been a decent amount of movement in the Top 100 dividend-ranked stocks from April to May 2025. Twenty-six stocks that made the cut last month didn’t stick around, replaced by a new wave of contenders. That’s a pretty significant turnover, and it says a lot about how dynamic the dividend space is right now.
Interestingly, even though the average dividend yield held steady at around 3%, the companies that make up that average started to look a little different. The bulk of the list is still made up of names with solid histories—three out of four have been raising dividends for at least a decade. But if you’re a fan of the ultra-consistent players, like those with 25 or more years of hikes, the list thinned out just a bit in May. A couple of those long-haul champions fell off, replaced by companies with stronger near-term momentum or yields that got more attractive.
One clear shift stood out: smaller regional banks, which had dominated in April, lost a bit of ground. Instead, larger financial institutions like Bank of America and Bank of Montreal stepped in, joining the list for the first time. At the same time, some rock-solid utility names like Southern Company and Xcel Energy also broke into the rankings. On the flip side, tech and healthcare took a step back—Cisco and Bristol Myers, both previously ranked, were nowhere to be found in May. Their dividend metrics simply couldn’t keep up with the rising competition.
Yields are still central to the rankings, but it’s becoming clearer that consistency and dividend growth potential are acting as strong differentiators. A high yield might catch attention, but if it’s paired with a shaky record or poor coverage, it’s not enough to stay in the Top 100.
Financials Still on Top, Utilities Gaining Steam
Financials—especially banks—remained the backbone of the dividend rankings through April and into May. While some smaller banks lost their spot, many others continued to shine. That’s not too surprising. Regional banks, in particular, have been offering dividend yields that are hard to ignore, even as some investors worry about volatility in the sector.
One of the most impressive moves came from Synovus Financial. It climbed from #56 in April all the way to #5 in May. That’s a big jump in just a month, and it speaks to how attractive its dividend suddenly looks, especially after the sector’s weak performance in April pulled stock prices down and yields up. Sometimes a stock gets punished too harshly and income investors step in to take advantage. This felt like one of those cases.
At the same time, utilities saw a quiet resurgence. Companies like Southern Company and Xcel Energy weren’t even on the radar last month, but now they’re comfortably in the Top 100. That’s likely a nod to their reliability. Southern, for example, has raised its dividend for 24 straight years and hasn’t cut it in more than seven decades. That kind of track record gets noticed, especially when the broader market feels a little uncertain.
What’s also telling is what sectors fell off. Tech and healthcare names are increasingly rare in the Top 100. Cisco and Bristol Myers both disappeared in May, and that’s probably tied to their share prices ticking up in April, which pulled their yields lower. Those rising prices might be good for momentum investors, but for dividend hunters, they can make a name less appealing. Consumer stocks also lost ground—no new entrants there, and a few that had been holding on quietly slipped away.
Looking at the bigger picture, the May rankings lean even harder into the themes of yield and safety. Financials and utilities are carrying more weight, while growth-driven sectors are taking a back seat. If you’re managing a dividend portfolio right now, that’s probably not a coincidence—it’s a reflection of what matters most to income investors in this environment.
Who’s New and Who’s Out
The May Top 100 list welcomed 26 new names, each one offering a fresh dividend story worth paying attention to. A lot of these newcomers weren’t necessarily surprises, but their timing felt just right. What really stood out this month was the rising presence of large-cap financials and steady utility players.
Take Bank of America, for instance. It’s a name everyone knows, and while its yield hovers a little above 3%, that’s starting to look more compelling as smaller regional banks fall off. Bank of Montreal also joined the list with an impressive yield near 4.7% and a history of reliable payouts that’s tough to beat. Add Royal Bank of Canada into the mix—ranked as high as #4 in May—and you’re seeing a clear uptick in investor appetite for international banks with long dividend pedigrees.
Utilities had their moment too. Southern Company and Xcel Energy both muscled their way into the rankings. Southern’s yield sits around 3.3% now, after yet another dividend hike. The appeal here isn’t the flash—it’s the consistency. In uncertain markets, that predictability starts to feel like a luxury.
Regions Financial also made a strong debut. With a yield close to 4.9%, it checked the right boxes for income-focused investors looking to scoop up value after the broader banking sector took a hit earlier in the spring. These kinds of high-yield names with decent payout ratios are finding their way back into favor.
Other new entries included SEI Investments, ConnectOne Bancorp, and Silgan Holdings—a reminder that if your dividend profile improves, even lesser-known names can suddenly become relevant. Across the board, May’s newcomers leaned into stronger yields and a little momentum behind their dividend growth stories.
Of course, with new names coming in, others had to make room.
Cisco was one of the more notable departures. Its yield, sitting around 3%, just didn’t stack up once tech stocks began to rally. That price bump chipped away at its dividend appeal. Bristol Myers also fell off. A 4.5% yield is solid, but the stock may be running into some headwinds or simply getting passed over for higher-growth or better-value alternatives.
Several smaller banks that had been ranking well in April were nowhere to be found in May. Community lenders like Bank of Botetourt and BSVN Bancorp quietly exited, replaced by bigger, more liquid names. The list also shed a few dependable—but perhaps too modest—payers like Pinnacle West Capital and Unum Group. Their dividends are steady, sure, but in this market, steady might not be enough if the yield or growth isn’t keeping pace.
All in all, this month’s changes highlight a simple truth: it’s not enough to have a track record. If a company’s dividend isn’t competitive right now—either in yield or growth potential—it won’t stay in the top tier.
The Biggest Climbers and Sliders
Beyond the fresh faces and farewells, a handful of names already in the Top 100 made some major moves—both up and down.
The most dramatic leap came from Synovus Financial. It rocketed from #56 all the way up to #5. That kind of move doesn’t happen by accident. Synovus got a boost as its stock pulled back, raising the yield to around 3.5%, and investors seemed to regain confidence in its dividend outlook.
Civista Bancshares climbed the final rungs, moving from #16 to claim the #1 spot in May. That top ranking reflects more than just yield—it’s also about dividend safety. With a payout ratio around 29%, Civista’s dividend looks well-covered, which matters a lot when other companies are stretching their earnings just to maintain theirs.
A few other names made sizable climbs. Novartis jumped from #80 to #30, and State Street rose roughly 40 spots to land at #35. In both cases, the story was similar—either the yield improved thanks to a price drop, or the dividend metrics finally clicked with what investors were prioritizing this month.
Now, for every climber, there’s a name that’s sliding.
Automatic Data Processing was the biggest faller by far. It dropped from #15 in April to #92 in May. That drop-off was probably less about something being broken and more about the stock doing too well. As the price rose, the yield got pinched down toward 2%, which isn’t exactly mouthwatering in a list full of 3–5% opportunities.
Broadridge followed a similar path, dropping from the top 25 to #88. Equitable Holdings slid 51 places, landing at #69. Even some utilities that usually hold steady—like American States Water and Atmos Energy—lost ground. Their yields were just too low to compete once other high-yielders pushed into the frame.
In short, it’s clear that the Top 100 list is highly responsive to shifts in valuation and dividend competitiveness. If a stock runs too hot and the yield slips, it might be heading for the exit. And if a dividend starts looking stretched or underwhelming, the ranking will reflect that quickly.
Here are some of the most notable rank movers this month:
Upward movers:
- Synovus Financial jumped from #56 to #5
- Civista Bancshares climbed from #16 to #1
- Novartis moved up from #80 to #30
- State Street rose from #75 to #35
Downward movers:
- ADP fell from #15 to #92
- Broadridge dropped from #21 to #88
- Equitable Holdings slid from #18 to #69
- Travelers dipped from #51 to #100
These swings are a good reminder: dividend rankings aren’t static. Market conditions, price action, and even sentiment around a sector can shift quickly. If you’re watching the rankings closely, the goal isn’t just to chase the highest yield—it’s to stay on top of where income opportunities are improving or weakening. That’s where the edge is.
Dividend Strength in the Top 100: Yields and Stability
Despite all the reshuffling from April to May, the Top 100 dividend stocks kept their core strengths intact. Yields remained attractive, mostly sitting between 2% and 6%, with a healthy cluster in the 4–5% range. That sweet spot is where a lot of solid financials found themselves—think Regions Financial or the Canadian banks like BMO and CIBC. They weren’t the highest-yielding names out there, but their payouts were high enough to stand out while still looking sustainable.
One important detail: this list doesn’t chase the highest yielders. You won’t find the 8–10% names that often signal trouble. The focus here is on balance—decent yield, yes, but paired with a track record that gives investors some peace of mind. A name like Universal Corp., yielding just over 5.5%, was about as high as it got in May, which says a lot about the kind of discipline baked into the rankings.
Consistency is a huge part of what keeps a stock in the Top 100. The majority of these companies have been raising dividends for at least 10 years, and a good chunk of them—about a quarter—have gone 25 years or more without missing a beat. It’s not just about the size of the dividend; it’s about knowing that payment is coming quarter after quarter, year after year.
And this isn’t limited to defensive sectors. Even financials like Royal Bank of Canada and Bank of Montreal, which just cracked the May list, have long histories of paying dividends through thick and thin. That kind of reliability is why they made the cut.
What also stands out is how responsible these companies are with their payouts. Most of the Top 100 keep their payout ratios between 30% and 60%—a sign they’re not stretching too far to support their dividends. Take Civista Bancshares, for example. It has a payout ratio under 30%, which gives it plenty of breathing room and suggests the dividend is very well covered.
Even some of the higher yielders on the list had surprisingly reasonable payout levels, staying below that 70% threshold where red flags often start to show. The takeaway here is simple: the list doesn’t just reward income—it rewards income that’s built to last.
What This Means for Investors
Looking at the bigger picture, a few clear themes are emerging. First, the shift toward financials and utilities in the rankings shows that investors are prioritizing stable income sources. These sectors are delivering on both yield and consistency, making them ideal in a market that still feels a bit unsteady.
Second, price moves continue to play a huge role. When a stock like ADP rallies, its yield falls—and just like that, it drops way down the list. That’s why active monitoring matters. Dividend investing isn’t set-it-and-forget-it. Things change quickly.
And finally, this month’s reshuffle is a reminder that the best dividend payers aren’t just about headline numbers. It’s the combination of yield, growth, and discipline that keeps them in the Top 100. For anyone managing a dividend-focused portfolio, that’s the formula to stay focused on.