Wednesday, July 31st the Board of Directors of Essential Utilities, Inc. (WTRG) announced a quarterly dividend increase of from $0.3071 to $0.3255 per share that’s payable September 3, 2024 to holders of record August 12, 2024. This represents a 5.99% increase over the last quarterly dividend.
Essential Utilities has paid consecutive quarterly cash dividends for 79 years and has increased the dividend 34 times in the last 33 years.
With current price $41.10 (yesterday's close), this raise brings their dividend yield to 3.17%.
Essential Utilities is a Dividend Champions with a 32 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 7.0, 7.0, 7.0 and 7.4 (Dividend Champions.xls)
Since I own 90 shares of WTRG, this will increase my portfolio's projected annual net dividend income by $4.93.
I was expecting the 7% trend to continue, so this was a very small disappointment, but I am also happy with annual increases of 6% over the next decade.
This was the first dividend increase I've received from Essential Utilities, Inc. since initiating a position in November 2023.
This increase raises my Yield on Cost to 3.60%.
Summary of 2024 Dividend Increases / Cuts
Click here to see my portfolio holdings.
You can follow the development of my dividends here.
Full Disclosure: Long WTRG
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