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Investors looking for dividends know that not all dividend stocks are created equally. The size of the dividend is as important as the reliability of the payout, which is why dividend investors value consistency as much as the payout itself. With that in mind, investors may want to pay attention to this “Dividend King” stock that just raised its payout by a solid 4%.

Altria (NASDAQ:MO) is one of America’s most well-known tobacco companies. It produces and markets a full range of tobacco products, including traditional cigarettes, chewing tobacco, cigars, and e-cigarettes. More importantly, Altria sells these products through legacy brands like Skoal, Marlboro, and Copenhagen, which have customer bases stretching back several generations.

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Although traditional smoking tobacco remains Altria’s most marketable product and comprises most of its profits, the company is diversified. Altria’s asset portfolio includes a 10% share of Anheuser-Busch InBev, 35% of JUUL e-cigarettes, and 45% of the Cronos Group cannabis company.

This diversification across tobacco products and the growing cannabis industry has put Altria in a strong position to pay consistent dividends to its investors and raise them regularly. Altria has increased its shareholder dividend for 54 consecutive years, making it one of very few stocks to earn the title “Dividend King.”

The title “Dividend King” is reserved for stocks that have increased dividends for the last 50 years. Earning that title speaks to the stock’s longevity and the quality of its management. These stocks attract both institutional and independent investors for long-term holds. Recently, Altria further sweetened the pot for its investors with a significant dividend increase.

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Altria announced it would increase its quarterly dividend by 4.1% per share. The announcement raises Altria’s dividend yield to 7.9% on the company’s Aug. 21 stock price of $51.81, equating to a quarterly dividend of $1.02/share. The increase marks Altria’s 59th in the last 55 years, and the company’s goal is to continue paying dividends in the “mid-single digits” through 2028.

While it’s impossible to guarantee future performance, Altria’s track record is impressive. They provide products with strong global appeal, and many of Altria’s family brands, like Marlboro and Copenhagen, are instantly recognizable. Despite that, Altria stock is not without risks.

As global tobacco consumption decreases, companies like Altria face shrinking customer bases, with governments ramping up regulatory efforts and taxation on tobacco products. Many states have implemented heavy taxes on tobacco to discourage youth use, potentially impacting future profits and threatening Altria’s Dividend King status.

However, Altria has survived these regulatory challenges and multimillion-dollar tobacco settlements without losing its Dividend King status. The company is highly diversified, and if cannabis becomes legal, Altria is well-positioned to capitalize on that market. For these reasons, investors looking for a solid dividend stock may want to consider adding Altria to their portfolios.

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This article This “Dividend King” Stock Just Sweetened The Pot For Investors By Upping Its Dividend To Over 7% originally appeared on Benzinga.com