The "Dividend King" with 63 Years of Dividend Growth at Its Lowest Valuation Since the Pandemic

There is a rare category of companies that offer investors the most valuable thing of all: predictability. This company has raised its dividend continuously for 63 years in a row, making it a so-called “dividend king”—an elite club of companies that have managed to increase payouts despite oil shocks, recessions, the financial crisis, and the pandemic. And now, for the first time since the onset of the pandemic, its stock is trading at one of the most attractive valuations in all that time. For an investor seeking quality income that grows over time, this is a combination that doesn’t come along often.

Paradoxically, the reason for this discount is both easy to understand and temporary. The housing market is frozen. High mortgage rates are keeping people in homes they don’t want to leave, real estate sales are at multi-year lows, and major renovation projects are being postponed. Because this company makes its money by improving homes, it is bearing the full brunt of the cyclical…