Standard & Poor's just announced that 138 stocks cut their dividends during the third quarter of 2008, which is a huge 557% increase over the 21 companies that decreased their dividends during the same quarter last year. Reported dividend increases fell 21.2% In addition, the number of dividend-raisers fell from 439 to 346 during the same periods.

Even so, during the last week, when the stock market had one of the biggest drops in years, there were still companies that increased their dividends. Stockpickr has reviewed all the dividend declarations and compiled a list of the top dividend-raisers for the week.

One stock with one of the biggest dividend increase is Clarcor (CLC), the filter and filtration systems manufacturer, which raised its quarterly dividend by 12.5% to 9 cents per share. It reported an earnings drop for the latest quarter of 5.7% over the same quarter last year and also revised its earnings forecast downward. The stock has a P/E of 20, a PEG of 1.67 and a yield of 1%.

Clarcor is in the portfolio of the Neuberger Berman Genesis Trust, which invests primarily in small-capitalization companies with up to $1.5 billion in market cap. It is managed by Judith Vale and has had an average annual return of 18.82% over the last five years. Other stocks that the fund owns include Church & Dwight (CHD), with a yield of 0.6%; AptarGroup (ATR), with a yield of 1.6%; and Alliant Techsystems (ATK), which doesn't pay a dividend.

Another stock that bumped up its dividend is Speedway Motorsports (TRK), which operates several motorsport operations, including Atlanta Motor Speedway, Bristol Motor Speedway, Infineon Raceway, Las Vegas Motor Speedway, Lowe's Motor Speedway and Texas Motor Speedway. It raised its quarterly dividend by 1.5% to 34 cents per share. The company is moving ahead with its acquisition of the Kentucky Speedway and recently reported record results, including record total revenues, record net income and record diluted earnings per share for its six month for 2008. It also reaffirmed their guidance. The stock has a P/E of 18, a PEG of 1.09 and a yield of 1.8%.

Speedway is owned by Parthenon, an independent investment management firm serving both institutions and high-net-worth individuals and families. It also owns Berkshire Hathaway (BRK.B), which doesn't pay a yield; Exxon Mobil (XOM), which yields 2.1%; and Procter & Gamble (PG), which yields 2.3%.

Northwest Natural Gas (NWN) also raised its dividend for the 53rd consecutive year, moving it up by 5.3% to 39.5 cents per share per quarter. The company was ranked the highest overall score in the Western United States, receiving the highest score in the nation, according to the 2008 J.D. Power and Associates Gas Utility Residential Customer Satisfaction Study. The stock has a P/E of 19, a PEG of 4.23 and a yield of 3.1%.

The stock shows up in a Stockpickr portfolio called Oregon Stocks, which also includes Nike (NKE), yielding 1.5%, and Precision Castparts (PCP), with a 0.2% yield.

Check out the entire list of the top dividend-raisers for the week at Stockpickr.com.

Posted on Oct. 6, 2008