Water utility operator Aqua America announced today the third-quarter dividend increase of 9% to $0.19 per share that it announced on May 8. It became effective on September 1 and was priced at the market's open today.
At the same time the utility operator said that its previously announced 5-for-4 stock split also became effective today with the increased dividend being applied to the shares prior to the stock split.
The regular dividend payment equates to a $0.76-per-share annual dividend, yielding 3.1% based on the closing price today of Aqua America's stock. The equivalent quarterly dividend rate after the stock split would be $0.152 per share on the increased number of shares resulting from the stock distribution, or $0.608 per share on an annualized basis.
The article Aqua America Hikes Dividend, Splits Stock originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool recommends Aqua America. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.