Aqua America (WTR) will raise its quarterly dividend by 7 percent to $0.2343 per share in 2019. This follows similar dividend increases by the water utility in the last couple of years.

The next dividend is payable September 1, 2019 to all shareholders of record on August 16, 2019. A new annualized dividend rate of $0.9372 per share yields 2.2% at a stock price of $41.52.

In its press release WTR mentioned that the board’s stated long-term targeted dividend payout ratio continues to be in the range of 60 to 70 percent of earnings from operations.

“As we embark on a new chapter for our company with the acquisition of Peoples, our new platform for growth and investment will help us continue our long history of delivering value to shareholders,” said Aqua America’s Chairman and CEO Christopher Franklin. “Our record of 28 consecutive years of dividend growth is a testament to our operational excellence and our ability to grow and invest in infrastructure to better serve our customers.”

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.