Yesterday, September 26th the Board of Directors of Fortis Inc. (TSE: FTS) announced a quarterly dividend increase of from C$0.59 to C$0.615 per share that’s payable December 1, 2024 to holders of record November 18, 2024. This represents a 4.24% increase over the last quarterly dividend. That announcement marks 51 consecutive years of dividend increases.
With current price C$61.13 (today's open), this raise brings their dividend yield to 4.02%.
Fortis Inc. is a member of Canadian Dividend All Star List with a 51 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 5.3, 5.7, 5.8 and 6.3 (Canadian Dividend All-Star List)
Since I own 170 shares of FTS, this will increase my portfolio's projected annual net dividend income by $9.18.
The increase was slightly lower than my expectations, as I was expecting an increase of 5%.
This is the seventh 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$0.615, or 44.7%.
This increase raises my YOC to 5.60%.
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 FTS
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