By: Nelson Smith - Tuesday, March 14, 2017 This Stock Just Tripled its Dividend Many investors are happy to buy a basket of dividend stocks that raise their payouts between 5% and 10% a year, content in knowing they’re getting an annual raise greater than inflation. Hey, it beats a token cost-of-living increase from work. But there are better options. Certain stocks have the potential to raise their dividends much quicker, which makes them perfect for dividend-growth investors with a couple of decades to go until retirement. Element Fleet Management Corp (TSX:EFN) is such a stock. It recently reported a transformational year, boosting its adjusted earnings to $1.00 per share. In addition, it tripled its dividend, upping the payout from $0.025 per quarter up to $0.075, or $0.30 on an annual basis. Shares yield 2.3% and have a low payout ratio. This leads itself to more dividend increases in the future.2016 was a big year for the company because it spun off its commercial vehicle financing arm, ECN Capital (TSX:ECN) into its own separate company. Most of the company’s commercial finance assets were acquired in two transactions from General Electric, one in 2013 and one in 2015. Element Fleet is the world’s largest fleet management business, providing guidance and technology to make commercial trucking fleets safer and more efficient, as well as leasing equipment to well-qualified customers. It has operations in North America as well as Australia and New Zealand, with alliances around the world. The company is bullish on the future, too. It expects to grow the top line by between 4% and 6% in 2017, which will lead to earnings of between $1.04 and $1.08 per share. It projects earnings to grow between 8% and 10% over the medium-term.