American Water Increases Quarterly Dividend by 10 Percent
April 22 2016 - 2:21PM
Business Wire
The company has increased its dividend every
year since IPO in 2008
American Water Works Company, Inc. (NYSE: AWK) announced today
that its Board of Directors increased its quarterly cash dividend
payment from 34 cents to 37.5 cents per share, an approximate 10
percent increase. The company has increased its dividend every year
since its IPO in April 2008, and this increase represents the
fourth consecutive year of double-digit dividend increases.
The increased payment is consistent with American Water’s
dividend practice, which is to link dividend increases to earnings
per share growth and target a payout ratio between 50 to 60 percent
of net income.
“This increase continues our commitment to provide strong
dividend growth aligned with our financial performance, while also
providing needed investment in our systems for the benefit of our
customers,” said Susan Story, president and CEO of American
Water.
The increased dividend will be payable on June 1, 2016 to all
shareholders of record as of May 9, 2016.
American Water offers a dividend reinvestment and direct stock
purchase plan called American Water Stock Direct, which enables
stockholders to reinvest cash dividends and purchase additional
American Water common shares without any brokerage commissions or
service charges. Stockholders and other persons may obtain a copy
of the Plan prospectus and an enrollment form by contacting
American Stock Transfer & Trust Company (“AST”) at
888-556-0423, visiting AST’s website at www.amstock.com, contacting
American Water’s Investor Relations department at 877-310-7174 or
by visiting the Investor Relations webpage located at
http://ir.amwater.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities. The offer is being
made solely through the Plan prospectus.
Founded in 1886, American Water is the largest publicly traded
U.S. water and wastewater utility company. Marking its 130th
anniversary this year, the company employs more than 6,700
dedicated professionals who provide regulated and market-based
drinking water, wastewater and other related services to an
estimated 15 million people in 47 states and Ontario, Canada. More
information can be found at www.amwater.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160422005992/en/
American Water Works Company, Inc.Greg PanagosVice President,
Investor Relations856-566-4005gregory.panagos@amwater.comorMaureen
DuffyVice President,
Communications856-309-4546maureen.duffy@amwater.com
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