Top US Dividend Stocks To Watch In October 2024

As of September 30, 2024, the U.S. stock market has capped off a strong month and quarter with the S&P 500 and Dow Jones Industrial Average hitting record highs. With investors growing more confident in the economy's trajectory and potential interest rate cuts from the Federal Reserve, dividend stocks present an attractive opportunity for those seeking steady income amidst market optimism. A good dividend stock typically offers a reliable payout history, strong financial health, and resilience in various economic conditions. Given the current bullish sentiment and favorable economic indicators, here are three top U.S. dividend stocks to watch in October 2024.

Top 10 Dividend Stocks In The United States

Name	Dividend Yield	Dividend Rating
WesBanco (NasdaqGS:WSBC)	4.84%	★★★★★★
Columbia Banking System (NasdaqGS:COLB)	5.52%	★★★★★★
BCB Bancorp (NasdaqGM:BCBP)	5.19%	★★★★★★
Hope Bancorp (NasdaqGS:HOPE)	4.46%	★★★★★★
Dillard's (NYSE:DDS)	5.47%	★★★★★★
Silvercrest Asset Management Group (NasdaqGM:SAMG)	4.64%	★★★★★★
Premier Financial (NasdaqGS:PFC)	5.28%	★★★★★★
OTC Markets Group (OTCPK:OTCM)	4.57%	★★★★★★
CVB Financial (NasdaqGS:CVBF)	4.49%	★★★★★★
Chevron (NYSE:CVX)	4.43%	★★★★★★

Click here to see the full list of 168 stocks from our Top US Dividend Stocks screener.

Let's review some notable picks from our screened stocks.

SpartanNash (NasdaqGS:SPTN)

Simply Wall St Dividend Rating: ★★★★★☆

Overview: SpartanNash Company distributes and retails grocery products in the United States, with a market cap of $750.48 million.

Operations: SpartanNash's revenue segments include $2.78 billion from Retail and $7.95 billion from Wholesale operations.

Dividend Yield: 3.9%

SpartanNash recently affirmed a quarterly cash dividend of $0.2175 per share, payable on October 4, 2024. The company has a history of stable and growing dividend payments over the past decade, with dividends covered by both earnings (80.2% payout ratio) and cash flows (65% cash payout ratio). Despite high debt levels, SpartanNash's dividends remain reliable. Recent changes in bylaws could impact shareholder influence on governance matters.

• Delve into the full analysis dividend report here for a deeper understanding of SpartanNash.
• The analysis detailed in our SpartanNash valuation report hints at an deflated share price compared to its estimated value.

Ardmore Shipping (NYSE:ASC)

Simply Wall St Dividend Rating: ★★★★★☆

Overview: Ardmore Shipping Corporation specializes in the global seaborne transportation of petroleum products and chemicals, with a market cap of $751.48 million.

Operations: Ardmore Shipping Corporation generates $413.44 million in revenue from transporting refined petroleum products and chemicals globally.

Dividend Yield: 5%

Ardmore Shipping's dividend payments are well-covered by earnings (29.9% payout ratio) and cash flows (43.6% cash payout ratio), making them sustainable despite a volatile 10-year track record. The company recently declared a $0.38 per share dividend, indicating strong financial health with Q2 net income of US$62.69 million on sales of US$121.33 million. However, the stock is trading below analyst price targets and has filed multiple equity offerings, potentially diluting future dividends.

• Click to explore a detailed breakdown of our findings in Ardmore Shipping's dividend report.
• In light of our recent valuation report, it seems possible that Ardmore Shipping is trading behind its estimated value.

Teekay Tankers (NYSE:TNK)

Simply Wall St Dividend Rating: ★★★★★☆

Overview: Teekay Tankers Ltd. (NYSE:TNK) provides crude oil and other marine transportation services to oil industries in Bermuda and internationally, with a market cap of approximately $2 billion.

Operations: Teekay Tankers Ltd. generates $1.23 billion in revenue from its tanker segment, offering marine transportation services for crude oil and other products.

Dividend Yield: 5.2%

Teekay Tankers' dividend payments are well-covered by earnings (7.7% payout ratio) and cash flows (20% cash payout ratio), but the company's dividends have been volatile over the past decade. Recent executive changes include Kenneth Hvid assuming roles as CEO and President, which may impact strategic direction. Despite a Q2 revenue drop to US$296.59 million and lower net income of US$106.97 million, Teekay declared a $0.25 per share dividend, reflecting its commitment to returning value to shareholders amidst fluctuating performance metrics.

• Unlock comprehensive insights into our analysis of Teekay Tankers stock in this dividend report.
• Upon reviewing our latest valuation report, Teekay Tankers' share price might be too pessimistic.

Next Steps

• Reveal the 168 hidden gems among our Top US Dividend Stocks screener with a single click here.
• Invested in any of these stocks? Simplify your portfolio management with Simply Wall St and stay ahead with our alerts for any critical updates on your stocks.
• Join a community of smart investors by using Simply Wall St. It's free and delivers expert-level analysis on worldwide markets.

Ready For A Different Approach?

• Explore high-performing small cap companies that haven't yet garnered significant analyst attention.
• Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management.
• Find companies with promising cash flow potential yet trading below their fair value.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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