Aqua America raises dividend for 26th consecutive year
Water utility Aqua America Inc (WTR) will raise its quarterly dividend to $0.1913 per share, up 7.5% from last year and marking 26 years of consecutive annual dividend increases.
On Aug. 2, Aqua America's Board of Directors declared a quarterly cash dividend of $0.1913 per share of common stock. This dividend will be payable on Sept. 1, 2016 to shareholders of record on Aug. 18, 2016 and represents an increase of 7.5 percent compared to the most recent $0.178 dividend paid on June 1, 2016. This marks the 26th increase in the last 25 years. The company has paid consecutive quarterly cash dividends for more than 71 years.
"We have a long history of enhancing shareholder value and are pleased to continue building on that history by increasing our quarterly dividend for the 26th time in the past 25 years," said Franklin. "Strong growth in the dividend is reflective of our commitment to delivering long-term value to our shareholders."
Last year Aqua America hiked its dividend by almost 8 percent. The estimated dividend yield is 2.2% based on Tuesday's closing price of $34.40.
Source: Aqua America