Aqua America Declares 7.5 Percent Cash Dividend Increase Payable September 1, 2016
26th increase in 25 years
BRYN MAWR, Pa.--(BUSINESS WIRE)--
The Board of Directors of Aqua America (NYSE: WTR) declared a quarterly
cash dividend of $0.1913 per share today, payable on September 1, 2016
to all shareholders of record on August 18, 2016.
The September 1, 2016 dividend will represent a $0.0133, or 7.5 percent
increase compared to the $0.178 cash dividend the company paid in June
of this year. This marks the 26th dividend increase in the
past 25 years, and the company has paid a consecutive quarterly cash
dividend for more than 71 years. Following the increase, the annualized
dividend rate will be $0.7652 per share. The Board's stated long-term
target dividend payout ratio continues to be in the range of 60 to 70
percent of earnings from operations.
"The Board's decision to increase the quarterly dividend reflects our
confidence in the company's ability to continue delivering strong
results based on its strategy for future performance," said Aqua
America's President and Chief Executive Officer Christopher Franklin.
"We are proud to continually reward Aqua's shareholders with consistent
and growing dividends."
Aqua America is one of the largest U.S.-based, publicly traded water
utilities and serves nearly 3 million people in Pennsylvania, Ohio,
North Carolina, Illinois, Texas, New Jersey, Indiana and Virginia. Aqua
America is listed on the New York Stock Exchange under the ticker symbol
WTR. Visit AquaAmerica.com
for more information.
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Source: Aqua America
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