The stock market direction may be irregular, but dividends seem to be regularly rising.

Stocks that increased their dividends last week include several financial stocks, a real estate company, a utility and a chemical firm. Stockpickr has reviewed these dividend-increasing companies and compiled a list of the top Dividend-Increasers for the Week.

One of the top raisers is Administaff (ASF), which boosted its quarterly dividend by 18% to 13 cents per share. This personnel management company recently reported that second-quarter profit dropped by almost 20%, primarily due to an acquisition, but sales increased by 11.6%. The stock has a P/E of 15, a PEG of 0.99 and a yield of 1.9%.

Administaff is in the portfolio of the STI Classic Small Cap Value Equity Fund, which has a Morningstar rating of four stars and is managed by Brett Barner. The fund has had an average annual return of 18.05% over the last five years. STI also owns Steris (STE), with a yield of 0.9%; Cooper (COO), which pays a yield of 0.2%; and Cash America International (CSH), which yields 0.3%.

Another dividend-increaser is electric and gas utility company MGE Energy (MGEE), which raised its quarterly dividend by 1.9% to 36 cents per share. The company has increased its dividends annually for the past 33 years, putting it in the category of one of only six publicly traded electric utilities that have increased dividends for 30 or more years. The stock has a P/E of 15 and pays a yield of 4.2%.

MGE shows up in a Stockpickr portfolio called Utilities With Heavy Oil and Gas Exposure. Other stocks in the portfolio include Pinnacle West Capital (PNW), with a 6% yield; Entergy (ETR), with a 2.9% yield; and Westar Energy (WR), with a 5.1% yield.

Gentex (GNTX) also raised its dividend, by 5% to 11 cents per share. The company makes and sells electro-optic products, one of which is automatic-dimming rearview mirrors for automobiles. It just announced that it is providing auto-dimming mirrors with advanced electronic features for the new BMW X6 sports activity coupe. The stock has a P/E of 19 and a PEG of 1.15, and it pays a yield of 2.7%.

Gentex is owned by the Ave Maria Catholic Values Fund, a socially responsible fund that invests in stocks that do not violate the core values and teachings of the Roman Catholic Church. The fund has had an average annual return of 15.17% over the last five years. Ave Maria also owns Legg Mason (LM), with a 2.4% yield; Graco (GGG), with a 1.9% yield; and General Dynamics (GD), with a 1.5% yield.

For more companies that increased their dividends, check out the Top Dividend-Raisers for the Week portfolio at Stockpickr.com.

Posted on Aug. 27, 2008