Middlesex Water raises dividend for 46th year
Middlesex will raise its quarterly dividend to $0.22375 per share in the first quarter of 2018, marking the 46th year of higher dividend payments by the water utility.
The increased dividend is payable on March 1, 2018 to holders of record as of February 15, 2018. Middlesex Water has paid cash dividends in varying amounts continually since 1912 and has increased its annual dividend rate for 45 consecutive years. The current dividend yield for MSEX is 2.4%.
Year-to-date the stock has lost 6.3 percent at a current stock price of $37.38. Middlesex Water has a market cap of $607.6 million. Last year the dividend was raised for the 45th consecutive year by MSEX.
Currently just one analyst has a recommendation for MSEX, rating the stock a buy with a $46.00 price target (22.6% upside from current levels). The company is not a Dividend Aristocrat.
Organized in 1897, Middlesex Water provides regulated and unregulated water and wastewater utility services in New Jersey, Delaware and Pennsylvania through various subsidiary companies.