South Jersey Industries: South Jersey Industries Raises Dividend 3.3 Percent
November 21 2016 - 9:09AM
FOR IMMEDIATE
RELEASE
Telephone: 609-561-9000
Investor Relations and Media Contact: Marissa Travaline
x4227
e-mail: mtravaline@sjindustries.com
South Jersey
Industries Raises Dividend 3.3 Percent
Folsom, NJ,
November 21, 2016 - South Jersey Industries' (NYSE:SJI) announced
today that its board of directors voted to increase the company's
regular quarterly dividend from $0.26375 per share to $0.27250 per
share. The new annualized dividend of $1.09 represents an increase
of 3.3 percent per share over the previous level.
With this announcement, SJI has
increased its dividend for 18 consecutive
years.
"Our results through September
2016 clearly demonstrate progress toward the key tenets of our
strategic plan, most notably, growth in our core businesses
supported by a strong balance sheet," said SJI President and CEO
Michael J. Renna. "As we sought to balance the growth in the
dividend against the level of significant investment planned across
our businesses over the next 5 years, our board carefully
considered our commitment to a secure and growing dividend, as well
as its importance to our shareholders. The increase announced today
demonstrates that commitment without constraining our ability to
almost double earnings contributions from core businesses and
achieve our goal of $150 million of Economic Earnings by 2020."
The SJI board of directors also
adopted the following dividend policy: SJI's goal is to provide a
secure, growing dividend that reflects the significant growth
opportunities available to SJI and to gradually move the dividend
payout ratio to a range of between 55% to 70%.
Factors the SJI board of directors
considers when setting the dividend include future earnings
expectations, payout ratio, and dividend yield relative to those at
peer companies as well as returns available on other income
oriented investments.
The dividend is payable December
29, 2016 to shareholders of record at the close of business
December 9, 2016. This is SJI's 65th consecutive year of paying
dividends, reflecting the company's commitment to a consistent,
sustainable dividend.
ABOUT SOUTH JERSEY
INDUSTRIES
South Jersey Industries (NYSE: SJI), an energy services holding
company based in Folsom, NJ, operates its business through two
primary subsidiaries. South Jersey Gas delivers clean, efficient
natural gas and promotes energy efficiency to approximately 375,000
customers in southern New Jersey. SJI's non-regulated businesses,
under South Jersey Energy Solutions, promote efficiency, clean
technology and renewable energy by developing, owning and operating
on-site energy production facilities; acquiring and marketing
natural gas and electricity for retail customers; providing
wholesale commodity marketing and fuel management services; and
offering HVAC and other energy-efficiency related services. For
more information about SJI and its subsidiaries, visit
http://www.sjindustries.com.
###
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The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: South Jersey Industries via Globenewswire
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