What's better than an ASX dividend stock with a strong yield? An ASX dividend stock that raises its payouts, of course.
The ASX is full of high-yielding ASX dividend shares. But a dividend share is really only worth a long-term investment if it can demonstrate an ability to raise its dividends over time. Otherwise, you might be better off investing in a term deposit.
Luckily, there are loads of ASX dividend stocks that upped their shareholder payouts over the 2023 financial year just gone. Let's check out three of them.
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3 ASX dividend stocks that gave shareholders a raise in FY2023
National Australia Bank Ltd (ASX: NAB)
As an ASX 200 bank share, NAB is beloved by income investors for its fat, fully-franked dividends. Thankfully, FY2023 did not disappoint in this regard. FY2022 saw NAB dole out a total of $1.40 per share in dividend income, thanks to the final dividend of 67 cents per share, and the interim dividend of 73 cents per share. But NAB dialled up its income substantially in FY2023.
Investors enjoyed a final dividend of 78 cents per share in December, followed by the July interim dividend of 83 cents per share that was paid out just yesterday. That's an FY2023 total of $1.61 per share, giving NAB a trailing, fully-franked dividend yield of 6.19% at current pricing.
Coles Group Ltd (ASX: COL)
Coles is another ASX 200 blue chip share that has made a name for itself as a valuable dividend stock. Since listing on the ASX in its own right back in late 2018, Coles has given its investors a dividend pay rise every single year. FY2023 was no different, with this supermarket operator paying out a final dividend of 30 cents per share in September and an interim dividend of 36 cents in March.
Those were both increases over FY2022's payments of 28 cents and 33 cents, respectively. Both dividend payments came with full franking credits attached and give Coles a trialling yield of 3.62% today.
Washington H. Soul Pattinson and Co Ltd (ASX: SOL)
Last but certainly not least, when it comes to impressive dividend streaks, is investment house Washington H. Soul Pattinson and Co. This ASX 200 dividend stock has the enviable title of having the ASX's best dividend growth streak. Soul Patts has increased its annual dividend every single year since 2000.
The past 12 months were no different, with investors enjoying a May interim dividend of 36 cents per share and a December final dividend of 43 cents per share. Those were increases over FY2022's equivalents of 29 cents and 36 cents, respectively.
What's more, Soul Patts also paid out a special dividend of 15 cents per share last December as well. All of these payments came fully franked. At today's pricing, Soul Patts shares offer a trailing dividend yield of 2.51%.
