Dividend Stocks of the Week: April 22

It is interesting to note that although several well-known financial stocks -- WachoviaWB, CIT GroupCIT and UBSUBS had major dividend cuts, yet half the dividend increasers last week were financials. Stockpickr has put together a list of the top 10 dividend increasers for the week.

One of the highest dividend increasers was Rockwell CollinsCOL, a maker of communications and aviation products. It just increased its quarterly dividend by 50% to 24 cents a share. Embraer recently announced that their new Midsize Jet and Midlight Jet will feature the Rockwell Collins Pro Line Fusion avionics, the first time Rockwell Collins' integrated avionics will be used in the Embraer executive jet family. The stock has a price-over-earnings ratio (P/E) of 18, a P/E to growth ratio (PEG) of 0.89, and a yield of 1.5%.

Rockwell is part of the portfolio of the 5-star rated Hancock Horizon Value Trust, which is managed by David Lundgren. The fund has had an average annual return of 18.35% over the last five years. Hancock also owns Precision CastpartsPCP, with a yield of 0.1%, CumminsCMI, with a yield of 1%, and ConocoPhillipsCOP, with a 2.3% yield.

Another dividend raiser is The J. M. Smucker CompanySJM, which boosted its quarterly dividend by 6.7% to 32 cents a share. This manufacturer of food products reported last month that they have decided to take over Europe's Best, a Montreal-based privately owned frozen fruits and vegetables company. The stock has a P/E of 16, a PEG of 1.84 and a yield of 2.6%.

Smucker shows up in the Stockpickr portfolio called Chocolate Stocks, which lists stocks involved in the manufacturing and distribution of chocolate. Other chocolate stocks in the portfolio include HersheyHSY, which yields 3.3%, Cadbury SchweppesCSG, yielding 2.7%, and William Wrigley Jr. Co.WWY, yielding 2.1%.

Sunoco ProductsSON is another company that bumped up its quarterly dividend, raising it by 3.8% to 27 cents a share. This is the 26th consecutive year that the company has increased its common-stock dividend. This manufacturer of industrial and consumer products and provider of packaging services has paid dividends since 1925. The stock has a P/E of 16, a PEG of 1.43 and a yield of 3.1%.

Sunoco Products is also owned by Atlantic Investment Management, a New York based independent investment firm with $4.1 billion under management.

For the list of all the top ten dividend increasers for the week, go to Stockpickr.com.