Otter Tail Corporation (OTTR) will raise its quarterly dividend by 5.4 percent to 39 cents per share in 2021. This follows a 5.7 percent hike to $0.37 per share in the first quarter of 2020 and marks 8 straight years of increases.

The next dividend is payable on March 10, 2021 to shareholders of record on February 12, 2021. A new annual dividend rate of $1.56 per share yields 3.8% at a stock price of $41.18.

Otter Tail Corporation, through its subsidiaries, operates through three segments: Electric, Manufacturing and Plastics. The Company is engaged in the production, transmission, distribution and sale of electric energy in Minnesota, North Dakota and South Dakota. The Company's subsidiaries own facilities and equipment used for producing polyvinyl chloride (PVC) pipe, thermoformed products, heavy metal fabricated products, metal parts stamping, fabricating, painting and contract machining.