Dividend stocks tend to be terrific long-term investments. Companies that increase their dividends have historically delivered total returns of more than 10% annualized over the last half-century.

Here are four top dividend growth stocks to double up on right now.

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American Tower (NYSE: AMT) recently hiked its dividend by 5.3%. That pushed its yield to 3.7%, more than triple the S&P 500's level of 1.2%. The cell tower and data center owner has grown its dividend at a 17% compound annual rate since becoming a real estate investment trust (REIT) in 2014.

The company delivered high single-digit cash flow per share growth last year, driven by strong leasing demand across its global tower portfolio and U.S. data center business. Increased mobile data consumption, the continue deployment of 5G technology, and the growth in cloud and AI-related workloads should drive strong earnings growth for the REIT in the coming years. That should enable American Tower to continue increasing its high-yielding dividend.

Energy Transfer (NYSE: ET) has increased its distribution by more than 3% over the past year. The master limited partnership (MLP) -- which sends investors a Schedule K-1 Federal tax form each year -- currently yields more than 7%.

The MLP expects to have ample fuel to continue increasing its high-yielding distribution. Energy Transfer plans to invest over $5 billion into organic expansion projects this year. It has projects in its backlog that should enter commercial service through 2030, including the $5.6 billion Transwestern Pipeline Expansion Project (late 2029 expected in-service date). The MLP expects to continue securing new expansions, driven by surging natural gas demand to support AI data centers and other catalysts. The company's robust growth outlook supports its plans to continue increasing its big-time payout by 3% to 5% per year.

NextEra Energy (NYSE: NEE) recently hiked its dividend by another 10%. The utility has increased its payout for over 30 consecutive years. It currently yields about 2.7%.

The clean power infrastructure company expects to grow its adjusted earnings per share at a more than 8% annual rate through 2035. Several catalysts power that view. NextEra plans to invest heavily in building new clean power generation (renewable energy and natural gas) and electricity transmission lines. The utility also plans to build several data center campuses with associated power supplies, in partnership with various industry players. It should also benefit from rising power prices by securing higher-rate power purchase agreements as legacy contracts expire. NextEra's growing earnings support its plans to increase its dividend by 6% annually in 2027 and 2028.

Realty Income (NYSE: O) recently declared its 134th dividend increase since its public market listing in 1994. The REIT has grown its dividend at a 4.2% compound annual rate during that period. It currently yields around 5%.

The REIT is in a strong position to continue increasing its monthly dividend. It has a conservative dividend payout ratio and balance sheet, giving it significant financial capacity to continue acquiring income-producing real estate. It plans to invest $8 billion this year, up from $6.3 billion last year. Realty Income should have no shortage of future investment opportunities. It estimates that its total addressable investment opportunity is $14 trillion across the U.S. and Europe. The REIT has steadily expanded its opportunity set by entering new markets. For example, Realty Income recently made its first investment in Mexico as it continues its international expansion and has started investing in data centers in recent years.

American Tower, Energy Transfer, NextEra Energy, and Realty Income all pay high-yielding dividends that they expect to continue growing. As a result, they should deliver strong total returns going forward. That high return potential makes them great dividend stocks to double up on right now.

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Matt DiLallo has positions in American Tower, Energy Transfer, NextEra Energy, and Realty Income. The Motley Fool has positions in and recommends American Tower, NextEra Energy, and Realty Income. The Motley Fool has a disclosure policy.

4 Dividend Stocks to Double Up On Right Now was originally published by The Motley Fool