NEW YORK (CNN/Money) - Since last year's dividend tax cut, it's been all the rage in corporate America to return cash to shareholders, but some notable laggards have kept a tight grip on the purse strings.

American Express, American International Group, Walt Disney, Home Depot and Wal-Mart, to name a few.

These cash-rich companies top the list of Dow stocks with the leanest yields, other than tech issues, coming in well below the 2.2 percent average yield for all 30 stocks in the Dow industrials.

But some companies and investor groups are starting to take notice.

Walt Disney sports a lean dividend yield of 0.85 percent, even with its $3.15 billion cash on hand.

But Disney CEO Michael Eisner told an investor conference Friday that he will recommend that the payout be raised due to "the strength of the company's balance sheet," Disney said in a statement on its Web site.

Some investor groups are still looking for more.

"Part of the reason behind this dividend tax cut was to limit unproductive investments and return the cash to shareholders," said Daniel Clifton, executive director of the Washington-based American Shareholders Association (ASA).

"These companies are going against that notion by keeping their yields so low."

Fueled by the dividend tax cut, S&P 500 companies are expected to return $185 billion to shareholders in 2004, about double the amount from 10 years ago, according to the ASA.

And that could swell further as cost-cutting and an improving economy help keep corporate profits strong, the ASA noted.

Although that may set the stage for future increases from the so-called misers of the Dow, don't expect an outpouring of cash.

Management at those companies faces issues ranging from rising mortgage rates to accounting for credit card losses, as well as the age-old issue of plowing cash back into operations to fuel growth as opposed to paying it out to shareholders.

American Express' yield is perhaps the most surprising, at an anorexic 0.8 percent, far below its financial peers on the Dow, Citigroup at 3.5 percent and J.P. Morgan at 3.7 percent.

"The financial sector is one of the most important dividend-paying sectors and American Express is missing out on a great way to raise capital by not accelerating the increases to its dividend," said ASA's Clifton.

Dow's misers Non-tech companies with the leanest dividend yields (annual payout divided by stock price). Company  Yield  AIG (AIG)  0.42%  American Express  0.79%  Walt-Disney (DIS)  0.85%  Home Depot (HD)  0.98%  Wal-Mart (WMT)  1.0%   *As of 7/6/04  Source:

Granted, American Express (AXP: Research, Estimates) needs more cash to cover credit card losses. But its $5 billion on hand would seem to be more than adequate to cover a 20 percent dividend increase to 48 cents a share annually, which would cost slightly more than a $100 million a year going forward.

But some large shareholders like seeing American Express retain its profits and plow them back into growth opportunities.

"Management is going along the right path," said Tom Rundel, portfolio manager of the Rundel Value Fund, which lists American Express as one of its largest holdings. "If growth slows, then I'd have a different opinion."

Still, most industry analysts don't exactly expect American Express to blow the doors off the competition when it comes to growth. Wall Street sees the company growing at 13 percent over the next five years, barely above the 12.4 percent rate for the broader financial services industry.

American Express spokesman Tony Mitchell said the company retains funds to meet its growth targets, and once that's done, looks to return value to shareholders via dividends and stock buybacks.

"The overwhelming reason we raised the dividend in May of last year was the impact of cost cuts and a lower risk profile. That being said, the (dividend) tax cuts are certainly a factor," Mitchell said, declining to comment on dividend plans going forward.

Indeed, since 1999 American Express has repurchased more than 4 percent of its outstanding shares, according to a company statement.

AIG is also of note, since it's one of the world's biggest insurers but has the slimmest yield on the Dow, coming in at a meager 0.42 percent.

Despite the lean yield, AIG (AIG: Research, Estimates) shareholders haven't been totally stiffed as the stock has climbed about 60 percent off its March low, and some shareholders prefer that AIG use its cash to keep a clean balance sheet and high debt rating.

"I'm not looking for the dividend to be the driver of returns," said Ted Bates, portfolio manager with Hilliard Lyons Asset Management, which lists AIG as its largest holding. "The company is AAA rated and has opportunity for expansion. I'm happy where they are."

Dow's most generous Firms with the highest dividend yields (annual payout divided by stock price). Company  Yield  Altria (MO)  5.50%  SBC (SBC)  5.25%  General Motors (GM)  4.49%  Verizon (VZ)  4.32%  J.P. Morgan Chase (JPM)  3.65%   *As of 7/6/04  Source:

If it were to lift its dividend 10 percent, to 33 cents a share annually, AIG's yield would be still be a slim 0.46 percent, but the move would cost just $78 million, and leave the company with more than a billion in cash.

When contacted about the dividend, an AIG spokesman referred to comments AIG Chairman Maurice Greenberg made at the company's annual shareholder meeting in May.

"It's very difficult to have both a big dividend and a growth company and maintain a triple-A rating," Greenberg said. "That is important to the fundamentals of our business. We're a growth company and we need the capital for our growth."

Also in the group of meager Dow yields are Wal-Mart, world's largest retailer, and Home Depot, the world's largest home improvement company.

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Wal-Mart (WMT: Research, Estimates) has close to $4 billion in cash and skimpy dividend yield of 1 percent.

But the fate of its dividend may be determined by the result of a class action lawsuit by 1.6 million of its current and former female workers.

Home Depot (HD: Research, Estimates) is another laggard with $4.3 billion in cash amid rapid growth in the housing sector.

But with mortgage rates on the way up along with interest rates, that relationship may hurt the No. 1 home improvement retailer as housing activity slows.