Boston, MA 10/06/2014 (wallstreetpr) – Aqua America Inc (NYSE:WTR) said that it increased its dividend rate by 8.55% year-over-year to 16.5 cents a share from 15.2 cents a share paid in the last year. For the last twenty-three years, it has increased its dividend rate 23 years. However, on a quarter-over-quarter basis, the company maintained its dividend rate.
Payment Of Dividend
Aqua America Inc (NYSE:WTR) stated that it has fixed November 14 as the record date to determine the qualified shareholders to get the dividend, its statement revealed. It would be paying a dividend on December 1. On an annualized basis, the dividend rate works out 66 cents a share compared to 60.8 cents a share. The stock would turn into ex-dividend from November 12.
The current dividend provided a yield of 2.8%, which was slightly lower than the five-year average dividend yield of 3.20%. The projected dividend yield for the ten-year period represented 3.35%.
The latest dividend indicated a payout ratio of 50.0%, which was lower than the five-year average dividend payout ratio of 67.0%, which meant that there could be enough room to lift the dividend rate. It has been paying a dividend since 1939 and has been rewarding investors through stock split also.
Dividend Growth And History
While the average dividend growth rate for the three-year was 0.55%, the five-year average dividend growth pace was significantly higher at 3.19%.
Aqua America Inc (NYSE:WTR) paid a dividend of 12 cents a share in 2004, according to a Nasdaq data. It was increased to 13 cents a share and 14.25 cents a share for the last quarter of 2005. Last year, it rewarded shareholders in September with a stock split of 125 shares for every 100 shares held.
Before the stock split, Aqua America Inc (NYSE:WTR) was paying a dividend of 19 cents a share. As a result of stock split, the dividend rate dipped to 15.2 cents a share and was paid till the month of May current year. In August, the company lifted its dividend rate to 16.5 cents a share and has been maintaining a dividend rate of 16.5 cents a share. The company has been rewarding the investors through stock split and dividend.
