Wednesday, September 29th the Board of Fortis Inc. (TSX: FTS) announced a quarterly dividend increase of from CA$ 0.505 to CA$ 0.535 per share that’s payable December 1, 2021 to holders of record November 17, 2021. This represents a 5.94% increase over the last quarterly dividend.
Fortis' dividend increase is in line with the Corporation's guidance of 6% average annual dividend growth through 2025.
With current price CA$ 55.58 (yesterday's close), this raise brings their dividend yield to 3.85%.
Fortis Inc. is a member of Canadian Dividend All Star List with a 48 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 6.0, 6.0, 6.8 and 5.6 (Canadian Dividend All-Star List)
Since I own 140 shares of EMA, this will increase my portfolio's projected annual net dividend income by $ 9.81.
This increase was in line with my expectations.
This is the fourth dividend increase I received from Fortis Inc. since initiating a position February 2018. (More here) During this period, the quarterly dividend has risen marginally from CA$ 0.425 to CA$ 0.535, or 25.9 percent.
This increase raises my YOC to 5.13%.
Summary of 2021 Dividend Increases / Cuts
Click here to see my portfolio holdings.
You can follow the development of my dividends here.
Full Disclosure: Long FTS
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