Southern Company (SO) will raise its quarterly dividend 3.2 percent to $0.64 per share in 2020. This follows a 3.3 percent dividend hike last year and marks 19 consecutive years of dividend increases by the energy holding company.

The next dividend is payable June 8, 2020, to shareholders of record as of May 18, 2020. A new annualized rate of $2.56 per share yields 4.6% at a stock price of $55.53.

"For more than 70 years, our overall shareholder value proposition has encompassed dividends and dividend growth," said Southern Company Chairman, President and CEO Thomas A. Fanning in the company's press release announcing this dividend hike. "Today's action by the board reinforces the strength and resilience of Southern Company's exceptional energy businesses."

The Southern Company is an energy holding company. The company serves electric and gas utility customers through its subsidiaries. Southern Co provides energy through electric utilities in four states, natural gas distribution utilities in seven states, a generation company serving wholesale customers across America and a national provider of customized energy solutions, as well as fiber optics and wireless communications. Southern Company will have paid a dividend to its shareholders that is equal to or greater than the previous quarter every quarter dating back to 1948.