BRYN MAWR, PA — The board of directors of Essential Utilities Inc. (NYSE: WTRG) recently declared a quarterly cash dividend of $0.3071 per share, payable September 1, 2023, to all shareholders of record on August 11, 2023.
The September 2023 dividend will represent a 7% increase compared to the $0.2870 cash dividend the company paid in June of this year. This marks the 33rd dividend increase in the past 32 years. The company has paid a consecutive quarterly cash dividend for 78 years. Following the increase, the annualized dividend rate will be $1.2284 per share. The company’s targeted dividend payout ratio continues to be 60 to 65% of net income.
“The Board’s decision to increase the quarterly dividend adds to our continued record of delivering shareholder value. The long history of consecutive quarterly cash dividends is indicative of the company’s commitment to yielding strong results while providing safe and reliable services to our customers,” said Essential Chairman and Chief Executive Officer Christopher Franklin.
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