Franklin Electric announces 15.4% dividend hike for 2023
Franklin Electric Co. (FELE) will increase its dividend by 15.4 percent to $0.225 quarterly per share in 2023. This marks 31 consecutive years of dividend growth by the global leader in the production and marketing of systems and components for the movement of water and fuel.
Franklin Electric will increase its quarterly dividend to $0.225 per share, marking the 31st consecutive year of dividend increases. The next FELE dividend will be payable February 16, 2023, to shareholders of record on February 2, 2023 and yields 1.1% at a stock price of $85.
“This dividend increase will mark the 31st consecutive year that Franklin Electric has increased its dividend, demonstrating its commitment to returning cash to shareholders and confidence in the outlook of the business,” commented Gregg Sengstack, Franklin Electric’s Chairperson and Chief Executive Officer.
In 2022 Franklin Electric hiked its dividend by 11.4%, marking 30 consecutive years of dividend growth. The average dividend growth in the last 5 years jumps to 13.4% annually if we include this new increase for 2023 just announced by FELE.
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Franklin Electric Co., Inc. designs, manufactures and distributes water and fuel pumping systems, consisting of submersible motors, pumps, electronic controls and related parts and equipment. Franklin Electric has grown from a small motor manufacturing company into a leading global provider of systems and components for moving water and fuel. The copany is named after America’s pioneer electrical engineer, Benjamin Franklin.