Connecticut Water Service raises dividend for 48th year
The quarterly dividend will be increased to $0.2975 per share.
The new dividend is payable on June 15, 2017, to shareholders of record as of June 1, 2017.
CTWS’s dividend has increased by more than 20% since 2013, and today’s announcement marks the 48th consecutive year of increasing dividend payments.
Eric W. Thornburg, Connecticut Water’s President and CEO, stated, “Today’s action by the Board builds on our strong tradition of increasing dividend payments in each of the last 48 years and of paying quarterly dividends on common stock without interruption or reduction since the Company’s founding in 1956. This 6-cent increase in the annualized cash dividend matches the highest increase in our history.” The annualized cash dividend increase in 2016 was also 6-cents per common share.
Based on a $54.18 stock price the new dividend yield for CTWS is 2.3%.
Connecticut Water Service, Inc. is a non-operating holding company. It operates through three segments: Water Operations, Real Estate Transactions, and Services and Rentals. The Water Activities segment consists of its regulated water activities to supply public drinking water to customers.