SJW Group (SJW) will raise its regular quarterly dividend by 7.1 percent to $0.30 per share in the first quarter of 2019. This marks the 51st consecutive year of annual dividend increases by the water utility company.

The increased dividend is payable on March 1, 2019, to shareholders of record at the close of business on February 11, 2019. The new annual rate of $1.20 per share yields 2.0% at a stock price of $59.03.

“We are pleased that our commitment to delivering exceptional quality water and service to customers and communities has again allowed us to provide a fair return to our shareholders. Investing in sustainable infrastructure also protects and enhances drinking water service and the environment,” said Eric W. Thornburg, President, Chief Executive Officer, and Chairman of the Board.

Dividends have been paid on SJW Group’s and its predecessor’s common stock for 301 consecutive quarters and the annual dividend amount has increased in each of the last 51 years.

SJW Group, headquartered in San Jose, California, is the parent company of San Jose Water Company, SJWTX, Inc., Texas Water Alliance Limited, and SJW Land Company. Together, San Jose Water Company and SJWTX, Inc. provide water service in San Jose, California and nearby communities and in Canyon Lake, Texas and nearby communities. SJW Land Company owns and operates commercial real estate investments.