Wednesday, September 28th the Board of Directors of Fortis Inc. (TSE: FTS) announced a quarterly dividend increase of from C$ 0.535 to C$ 0.565 per share that’s payable December 1, 2022 to holders of record November 17, 2022. This represents a 5.61% increase over the last quarterly dividend. That announcement marks 49 consecutive years of dividend increases.
With current price $ 54.72 (today's open), this raise brings their dividend yield to 4.13%.
Fortis Inc. is a member of Canadian Dividend All Star List with a 49 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 5.8, 5.9, 6.1 and 8.1 (Canadian Dividend All-Star List)
Since I own 140 shares of FTS, this will increase my portfolio's projected annual net dividend income by $ 9.19.
This increase was in line with my expectations.
This is the fifth dividend increase I received from Fortis Inc. since initiating a position February 2018. (More here) During this period, the quarterly dividend has increased modestly from CA$0.425 to CA$0.565, or 32.9%.
This increase raises my YOC to 5.42%.
Summary of 2022 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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