The York Water Company (YORW) will raise its quarterly dividend by another 4.0 percent to $0.1874 per share in the fourth quarter of 2020. This marks the 24th consecutive year of annual dividend increases by the water utility and follows similar dividend hikes in the previous two years.
The next dividend is payable January 15, 2021 to shareholders as of record date December 31, 2020. A new annual rate of almost 75 cents per share yields 1.6% at a stock price of 47.11.
In the press release dated November 23, 2020 the company announces the new dividend hike and provides comment on this latest action: This is the 600th consecutive dividend to be paid by The York Water Company and is the twenty- fourth consecutive year that the Company has increased its dividend. York Water, which is the oldest publicly traded company in the nation, has never missed a dividend in over 200 years. This is believed to be the longest record of consecutive dividends in America.
"We are extremely proud to say The York Water Company has consistently paid dividends to our loyal investors for more than 204 years," said Hand. "This record-breaking streak of returns distinguishes our commitment to our investors. Today we accentuate York Water's responsible, prudent, and proactive investment in our infrastructure, and we acknowledge the trust of our investors. For over two centuries, we have combined industry-leading innovations in safe, reliable water and wastewater services with proactive infrastructure investment. We are thrilled to be back at Nasdaq to ring today's closing bell to commemorate this unparalleled, history- making achievement."
York Water will now pay an estimated $10 million in dividends to its shareholders annually. The average dividend growth rate in the last five years was 3.8 percent annually. The biggest dividend hike in the last decade was announced in 2014 when YORK raised its dividend by 4.5 percent.
The York Water Company is an investor-owned water utility, impounding, purifying and distributing water. The company provides its customers within York and Adams Counties (Pennsylvania) with water, wastewater, and related services. The Company is regulated by the Pennsylvania Public Utility Commission and obtains its water supply from the south branch and east branch of the Codorus Creek. YORW has two reservoirs, Lake Williams and Lake Redman. York Water, which is the oldest publicly traded company in the nation, has never missed a dividend in over 200 years. This is believed to be the longest record of consecutive dividends in America.