The market continued going higher, despite all concerns about valuations, unemployment and the recession. Most analysts are divided on whether the 6 month advance is over or not. Dividend investors on the other hand however are not so concerned about the overall state of the market, as long as dividends are being paid indeed. The main problem with a rising market however is that it leaves fewer attractively valued stocks to enter or reinvest dividends. If you find the right dividend growth stocks however, which tend to raise distributions every year or so, one does not need to rely on dividend reinvestment for growth in their passive income.

Several such prominent dividend players announced that their boards of directors have approved distribution raises for stockholders.

Realty Income Corporation (O), which engages in the acquisition and ownership of commercial retail real estate properties in the United States, increased its monthly dividend to $0.1426875 per share from $0.142375 per share. Realty Income Corporation is a dividend achiever, which has increased its quarterly dividend in each of the past fifteen years. The stock currently yields 6.20%.

Tom A. Lewis, Chief Executive Officer of Realty Income commented, "We are pleased that, despite challenging economic conditions, our operations allow us to once again increase the amount of the dividend we pay to our shareholders. With the payment of the October dividend we will have made 471 consecutive monthly dividend payments."

Philip Morris International (PM), which manufactures and sells cigarettes and other tobacco products in markets outside of the United States of America, increased its quarterly dividend by 7.4% to 58 cents per share. Philip Morris International was spun out of Altria Group (MO) in 2008. Since then the company has raised distributions twice.