Clinton water utility Connecticut Water Service Inc. is adding 2 cents to its annual common-stock dividend, boosting its yield to about 4.3 percent.
Connecticut Water CEO Eric W. Thornburg said the utility’s strong fundamentals prompted the board of directors Thursday to approve boosting its quarterly payout 2.2 percent to 23.25 cents from 22.75 cents, beginning with a Sept. 15 payment to shareholders of record on Sept. 1.
The utility last week reported second-quarter net income of $2.3 million, or 28 cents per share, flat compared to a year ago.
The 54-year-old company has paid common dividends uninterrupted for each of the last 41 years.
Separately, the utility said it was leavings its preferred-stock dividends unchanged. It declared cash dividends of 20 cents a share on its untraded preferred A stock, payable Oct. 15 to stockholders of record on Oct. 1.
Holders of its publicly-traded preferred 90 shares as of Oct. 18 will collect dividends of 22.5 cents a share on Nov. 1, the company said.
Connecticut Water is New England’s largest publicly traded water company, providing drinking water to nearly 90,000 customers, or about 300,000 people, in 55 towns statewide.
