Pentair announces 4.8% dividend increase for 2023

Pentair 2023 dividend declaration

On December 12, 2022, Dividend Aristocrat Pentair (trading symbol PNR) declared a new quarterly dividend of $0.22 per share. The year 2023 will mark the 47th consecutive year that Pentair has increased its dividend.

Pentair plc announced that it will pay a regular quarterly cash dividend of $0.22 per share on February 3, 2023 to shareholders of record at the close of business on January 20, 2023. This dividend reflects a 4.8% increase in the company’s regular cash dividend rate (from $0.21 per share); 2023 will mark the 47th consecutive year that Pentair has increased its dividend.

The new annual dividend rate of $0.88 per share will yield 1.9% at a stock price of $46.44 for Pentair. Last year Pentair hiked its dividend by 5.0% to $0.21 quarterly per share. The last double digit increase was announced many years ago with a 28% dividend boost in 2014. Since, dividend growth has hardly been higher than 5% annually.

Pentair plc is engaged in Water Quality Systems business and Flow and Filtration Solutions business. Pentair's Water Quality Systems business designs, manufactures, markets and services water system products and solutions to meet filtration and fluid management challenges in food and beverage, water, swimming pools and aquaculture applications. The company's Flow and Filtration Solutions business is involved in the entire water, water treatment and wastewater system from filtration, desalination, water supply to water disposal, process and control. The company is a Dividend Aristocrat with its annual dividend being increased for a minimum of 25 consecutive years.

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