Southern Company (SO) will raise its quarterly dividend by 3.1 percent to 66 cents per share quarterly in 2021. This comes after a dividend hike of 3.2 percent to $0.64 per share in 2020 and marks 20 consecutive years of dividend increases by the energy holding company.

The next dividend is payable June 7, 2021, to shareholders of record as of May 17, 2021. Today's action by the board ensures 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. A new annualized rate of $2.64 per share yields 4.1% at a stock price of $65.

"Twenty consecutive years of dividend increases is an accomplishment everyone at Southern Company can be proud of," said Southern Company Chairman, President and CEO Thomas A. Fanning. "Today's action by the board reinforces our more than 70 year history of overall shareholder value proposition that has included dividends and dividend growth and once again proves the superior performance, 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.