At the beginning of this month, I wrote that the end of the year is usually a good time for dividend lovers.

That’s because not only do many companies announce a dividend hike, but a select few issue a little “gift” for investors in the form of a special dividend.

In that piece, I held off on sharing the name of the favorite I told my High-Yield Investing readers about. But I think I more than made up for that in this piece, where I dove deeper into special dividends and even named a few of my favorites.

Today, I’d like to tell you about another special dividend payer I recently shared with my premium subscribers. It’s a part of an ongoing series where I screen for stocks that are likely put more cash in your pocket. Ideally, we are looking for hikes that could happen over the next four to six weeks as well as noteworthy special distributions.

As usual, I give my premium readers a head start before sharing them with everybody else. With all that in mind, here’s what I’ve found this month…

Another Special Big Dividend Payer…

The special dividend payer I want to tell you about is National Beverage (Nasdaq: FIZZ).

You gotta love that ticker symbol… fitting for a company that sells sparkling waters, juices, and energy drinks. This is the corporate parent of the popular La Croix line of flavored waters, as well as other brands such as Shasta and Clear Fruit.

Millions of health-conscious consumers have abandoned sugary soft drinks in favor of alternative refreshments. And National Beverage continues to ride this shift, logging record-high second-quarter sales of $283 million. The company also just announced plans to reward shareholders with a generous special dividend of $3.00 per share.

The payment will be made in February to shareholders of record on December 13. Unfortunately, that means that the window has now closed to capture this upcoming payment. So why even bring it up?

Two reasons.

First, as is customary, the shares declined by the amount of the distribution on the ex-dividend date, sliding from the low-$50s to the upper-$40s, where they remain today. So for those who would have reinvested the dividend anyway, you get to the same place by investing post-distribution – without the tax liability.

More importantly, this isn’t about a single payment. You see, National Beverage has been consistently sharing profits with stockholders in this manner since it started trading back in 2004. Back then, the business had a market capitalization of $315 million. Since then, it has made a series of special dividends (eleven in all) totaling $1.2 billion, or $13.28 per share.

That means the company has distributed nearly four times its starting market cap in the form of special dividends. On top of that, the combined value of outstanding FIZZ shares has surged more than 13-fold to reach $4.3 billion.

So early investors have seen 1,000+ percent appreciation and collected several times their initial stake in dividends.

Action To Take

With its stout balance sheet and strong cash flow generation, I would like to see National Beverage initiate a regular quarterly dividend. Still, the recurring special dividends (this latest one equating to a 6% yield) make FIZZ worthy of consideration, particularly on a pullback below $40.

But remember, just because I highlight stocks that are likely to increase dividends (or in this case, pay special dividends), that doesn’t necessarily make them “buys.” These are merely ideas to get you started in the hunt for high yields. With that said, the returns that FIZZ has posted historically are mouth-watering, to say the least. If it ever does initiate a quarterly dividend, it’ll be on my radar as a potential addition to the High-Yield Investing premium portfolio.

In the meantime, if you want to know about my absolute favorite high-yield picks, you need to check out my latest report…

In it, you’ll find 5 “Bulletproof Buys” that have weathered every dip and crash over the last 20 years and STILL handed out massive gains. And each one of them carry high yields, with dividends that rise each and every year. Go here to check it out now.