Middlesex Water hikes dividend by 7.8%

On October 21, 2022, Middlesex Water (MSEX) announced that it will raise its quarterly dividend by 7.8% to $0.3125 per share. This marks 50 consecutive years of dividend growth by the water utility company.

This increase raises the annual dividend rate to $1.25 from $1.16 per share of common stock. The dividend is payable December 1, 2022 to shareholders of record as of November 16, 2022. Middlesex Water Company has paid cash dividends in varying amounts continually since 1912. The new annual dividend rate yields 1.6% to MSEX shareholders at a stock price of $80.23.

“Since 1912, Middlesex Water has demonstrated a consistent record of dividend growth. We are pleased, as we mark our 125th year, to attain a new milestone -- our 50th consecutive year of dividend increases. Our teams remain committed to continually enhancing the quality of our operations, to growing and developing our talented workforce and to further driving shareholder value,” said President and Chief Executive Officer Dennis W. Doll.

Middlesex Water Company is a water utility company. Organized in 1897, Middlesex Water provides regulated and unregulated water and wastewater utility services in New Jersey, Delaware and Pennsylvania through various subsidiary companies. Middlesex Water engages in collecting, treating, distributing and selling water for domestic, commercial, municipal, industrial and fire protection purposes. The company has paid cash dividends in varying amounts continually since 1912.