NEWARK, Del. - Artesian Resources (NASDAQ:ARTNA) Corporation (NASDAQ:ARTNA), a key water utility on the Delmarva Peninsula, has announced a 2% increase in its quarterly dividend for Class A and Class B common stock. This adjustment sets the annualized dividend at $1.182 per share, with a forthcoming quarterly rate of $0.2955 per share. Shareholders on record as of the close of business on May 17, 2024, will be eligible for the dividend, scheduled for payment on May 28, 2024.
This recent increase marks Artesian's 126th consecutive quarterly dividend and extends its record to 28 years of consistent dividend growth. Dian C. Taylor, Chair, President, and CEO of Artesian Resources, highlighted the dividend increase as evidence of the company's ongoing commitment to its long-term strategy, which includes proactive investments in infrastructure and customer base expansion.
Artesian Resources, through its main subsidiary Artesian Water Company, has established a significant presence in the water utility sector since 1905. The company delivers approximately 8.8 billion gallons of water annually, running through a network of 1,470 miles of water mains, serving over a third of Delaware's population.
InvestingPro Insights
Artesian Resources Corporation (NASDAQ:ARTNA) continues to demonstrate its commitment to shareholder returns with its recent dividend increase announcement. A deeper look into the company's financial health through InvestingPro data reveals that Artesian has maintained a stable financial performance. With a market capitalization of $381.38 million and a P/E ratio of 22.1, the company shows a solid valuation in the water utility industry. The adjusted P/E ratio for the last twelve months as of Q4 2023 stands at 24.17, indicating investors' confidence in the company's earnings potential.
InvestingPro Tips for Artesian Resources highlight the company's impressive track record of raising its dividend for 31 consecutive years and maintaining dividend payments for 32 consecutive years. Additionally, the company's liquid assets exceed its short-term obligations, which underscores its financial stability. These attributes are particularly noteworthy for investors seeking consistent and reliable dividend-paying stocks.
With a dividend yield of 3.11% as of 2024, Artesian Resources offers an attractive income stream for investors. The company's commitment to its dividend policy is further exemplified by a 4.06% dividend growth in the last twelve months as of Q4 2023. For investors interested in further insights and tips, there are additional InvestingPro Tips available at https://www.investing.com/pro/ARTNA, which can provide a more comprehensive understanding of Artesian's investment potential. Utilize the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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