Alliant Energy Corporation (LNT) will raise its quarterly dividend by 5.9 percent to 40.25 cents per share in 2021. Last year the utility announced a 7.0 percent dividend hike to $0.38 per share in the first quarter of 2020. This new hike will mark the 18th consecutive year of annual dividend increases by the utility company.
The next dividend is payable on February 16, 2021, to shareowners of record as of the close of business on January 29, 2021. A new annualized dividend rate of $1.61 per share yields 3.2% at a stock price of $49.63.
Alliant Energy Corporation will now pay an estimated $402 million in dividends to shareholders annually. The last time the company announced a double digit dividend hike was in 2008. At the time the dividend was raised by 10.1 percent, following a 10.4 percent increase in 2007. Because of this new dividend hike the average growth rate in the last five years will drop to 6.5 percent.
Alliant Energy Corporation, headquartered in Madison, Wis., provides regulated electric and natural gas service to electric and natural gas customers across Iowa and Wisconsin. Interstate Power and Light Company and Wisconsin Power and Light Company are Alliant Energy's two public utility subsidiaries. The Utility segment includes the operations of Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL), which serve retail customers in Iowa and Wisconsin. IPL and WPL own a portfolio of electric generating units located in Iowa, Wisconsin and Minnesota with a fuel mix, including coal, natural gas and renewable resources. The company has paid dividends on its common stock since 1946.