35 Former Dividend Aristocrats: Companies removed from the list since 2009

The Former Dividend Aristocrats are S&P 500 companies (or may be former companies) that had a history of paying and increasing their dividends for 25 years or more.

Over the years, companies have been removed from the list for one of various reasons including dividend cuts and mergers.

Here is a list of the companies that are no longer considered Dividend Aristocrats. This list should not be considered as strike against any of the companies still in existence from potentially including them in your dividend income portfolio. Always do your own research and due diligence before making a final decision.

Wish blowing away for the list of Former Dividend Aristocrats

One quick note I should mention. I’m not a licensed financial planner or financial advisor. The content on this website should be considered for information purposes and should not be considered investment advice. Always do your own research before making financial decisions. Or check with your favorite financial professional for additional information on what’s best to do for your situation.

What is a Dividend Aristocrat?

Dividend Aristocrats are companies from the S&P 500 with a history of paying and increasing their dividends for 25 years or more. As part of putting together a monthly dividend portfolio, consistent dividend histories help you build a likely reliable passive income stream. The list was originally launched in 2005.

4 reasons why companies are removed from the index

There are several reasons that a company will offically be removed from S&P’s index of Dividend Aristocrats.

  • Merge & Acquisition where the buying company doesn’t mean the minimum Dividend Aristocrat criteria
  • A dividend is cut. This could happen because of market or company conditions, or as the result of spinning off part of the business.
  • Annual dividend increases are paused. Year over year the annual dividend remains the same
  • A company is removed from the S&P 500.

List of 35 Former Dividend Aristocrats

The list of former Dividend Aristocrats starting from 2009 include:

In 2009, 9 companies were removed from the index:

  • Anheuser Busch (BUD)
  • Bank of America (BAC)
  • Comerica (CMA)
  • Fifth Third Bank (FITB)
  • Keycorp (KEY)
  • Progressive Corp (PGR)
  • Regions Financial (RF)
  • Synovus Financial (SNV)
  • Wrigley Company (WW). Wrigley was acquired by Mars, Incorporated.

In 2010, 10 companies were removed from the index:

  • Avery Dennison (AVY)
  • BB&T (BBT)
  • Gannett (GCI)
  • General Electric (GE)
  • Johnson Controls (JCI)
  • Legg Mason (LM)
  • M&T Bank (MTB)
  • Pfizer (PFE)
  • State Street Bank (STT)
  • U.S. Bancorp (USB)

In 2012, 1 company was removed from the index:

  • CenturyLink (CTL)

In 2013, 1 company was removed from the index:

  • Pitney Bowes (PBI). Pitney Bowes cut its dividend.

In 2014, 1 company was removed from the index:

  • Bemis (BMS). Bemis was removed from the S&P 500, one qualifying factor for a Dividend Aristocrat.

In 2015, 2 companies were removed from the index:

  • Family Dollar Stores (FDO). Family Dollar was acquired by Dollar Tree.
  • Sigma-Aldrich (SIAL). Sigma-Aldrich was acquired by Merck Group.

In 2016, 1 company was removed from the index:

  • Chubb Corp (CB): Chubb Corp was acquired by ACE Limited (ACE), but was added to the list again in 2019 as Chubb Limited (CB).

In 2020, 2 companies were removed from the list:

  • Ross Stores (ROST). Ross Stores suspended its dividend on May 21, 2020 due to the global pandemic and was officially removed from the index prior to market open on July 1, 2020.
  • Helmerich & Payne (HP)

In 2021, 5 companies were removed from the list:

  • Raytheon (RTX)
  • Carrier Global (CARR)
  • Otis Worldwide (OTIS)
  • Stryker Corporation (SYK)
  • Leggett & Platt (LEG). Leggett & Platt moved from the S&P 500 to the S&P MidCap 400 index, disqualifying it as a Dividend Aristocrat.

In 2022, 2 companies were removed from the list:

  • AT&T Inc. (T). AT&T cut its dividend as part of the WarnerMedia spinoff in 2022.
  • People’s United Financial, Inc. (PBCT). People’s United Financial was removed when its merger with M&T Bank Corporation was finalized.

In 2023, 1 company has been identified for removal for the list:

  • VF Corporation (VFC). VF Corporation announced a dividend cut in February, and will be officially removed from the list on the next index update.
Former Dividend Aristocrats: Companies removed from the list