Solar Senior Capital Ltd. (SUNS) is a business development company primarily investing in senior secured loans, including first lien, unitranche, and second lien debt instruments. July 9, the company increased its monthly dividend 5% to $0.105 per share. The dividend is payable Aug. 2, 2012 to stockholders of record on July 19, 2012. The yield based on the new payout is 7.4%.

Below are some other companies increasing their cash dividends during the last week:

Ryder System Inc. (R) provides transportation and supply chain management solutions. July 11, the company increased its quarterly dividend 6.9% to $0.31 per share. The dividend is payable Sept. 21, 2012, to shareholders of record on Aug. 20, 2012. The yield based on the new payout is 3.7%.

Cummins Inc. (CMI) designs, manufactures, distributes and services diesel and natural gas engines, and engine-related component products worldwide. June 10, the company increased its quarterly dividend 25% to $0.50 per share. the dividend is payable Sept. 1, 2012 to shareholders of record on Aug. 22, 2012. The yield based on the new payout is 2.3%.

KLA-Tencor Corporation (KLAC) designs, manufactures and markets process control and yield management solutions for the semiconductor and related nanoelectronics industries. July 10, the company increased its quarterly dividend 14% to $0.40 per share. This is the fourth dividend increase since KLA-Tencor first instituted its dividend in April 2005. The yield based on the new payout is 3.5%.

Plains All American Pipeline LP (PAA) engages in the transportation, storage, terminalling and marketing of crude oil, refined products and liquid petroleum gas (LPG) products in the U.S. and Canada. July 9, the company increased its quarterly distribution 8.4% to $1.065 per unit. The distribution is payable August 14, 2012, to holders of record of such units at the close of business on Aug. 3, 2012. PAA has increased its quarterly distribution to limited partners in 31 out of the past 33 quarters and consecutively in each of the past 12 quarters. The yield based on the new payout is 5.1%.

Selecting stocks with increasing dividends is critical for an income growth strategy. The above list contains stocks that recently raised their dividends; it is not a list of recommend buys. As always, due diligence should be performed before buying or selling any stock. For a list of stocks with a long string of consecutive cash dividend increases, see this list.

Full Disclosure: No position in the aforementioned stocks. See a list of all my dividend growth holdings here.

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