Pentair hikes dividend by 5%

Dividend Aristocrat Pentair PLC (PNR) has announced a 5 percent dividend hike to 21 cents quarterly per share. Last year PNR raised its quarterly dividend by 5.3 percent to $0.20 per share. This new hike just announced will mark the 46th consecutive year that Pentair has increased its dividend, if adjusted for the separation of nVent Electric (NVT).

The next PNR dividend will be paid on February 4, 2021 to shareholders of record at the close of business on January 21, 2022. A new annualized dividend rate of 84 cents per share yields 1.1% at a stock price of $74. Pentair now pays shareholders an estimated $139 million in dividends annually. The company has a great dividend history but PNR dividend growth has been slowing since 2015 with a 5.6 percent hike in 2019 being the biggest increase in the last couple of years.

Pentair plc is engaged in Water Quality Systems business and Flow and Filtration Solutions business. The company designs, manufactures, markets and services water system products and solutions to meet filtration and fluid management challenges in food and beverage, water, swimming pools and aquaculture applications. Its Flow and Filtration Solutions business is involved in the water treatment and wastewater system business.