Aqua America (WTR) will raise its quarterly dividend by 7 percent to $0.219 per share in 2018. This marks the 28th consecutive year of dividend increases by the water utility.

The next dividend is payable September 1, 2018 to all shareholders of record on August 17, 2018. The new dividend yield for WTR is 2.4% based on the current stock price of $36.43.

“Our long history of paying consistent and growing dividends over the last 27 years demonstrates our commitment to returning value to shareholders,” said Aqua America’s Chairman and CEO Christopher Franklin. “We are proud that our operational excellence and financial strength have allowed us to deliver value to shareholders while continuing to serve more customers and invest in infrastructure.”

Aqua America, Inc. is the holding company for regulated utilities providing water or wastewater services to people in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana and Virginia. In addition, the company’s market-based activities are conducted through Aqua Infrastructure, LLC and Aqua Resources, Inc. Aqua Infrastructure provides non-utility raw water supply services for firms in the natural gas drilling industry. Aqua Resources provides water service through operating and maintenance contracts with a municipal authority and another party close to our utility companies’ service territory; and offers, through a third-party, water and sewer line protection solutions and repair services to households.