On July 30, 2024, the Board of Directors of American States Water Company approved an increase in the company’s third quarter cash dividend to $0.4655 per share from $0.4300 per share on the common shares of the company. The annualized dividend rate after this increase is $1.862 per share, which represents an 8.3% increase from the current annualized dividend rate of $1.72 per share. This action marks the 353rd consecutive dividend payment by the company. American States Water Company has paid dividends every year since 1931, increasing the dividends received by shareholders each calendar year for 70 consecutive years, which places it in an exclusive group of companies on the New York Stock Exchange that have achieved that result. The company has grown its quarterly dividend rate at a compound annual growth rate (CAGR) of 8.8% over the last five years since the third quarter of 2019 and is on pace to achieve an 8.0% CAGR in its calendar year dividend payments from 2014 – 2024. The company’s current policy is to achieve a compound annual growth rate in the dividend of more than 7% over the long-term.
“This dividend increase reflects our Board of Directors’ continued confidence in the company’s financial strength and ability to achieve long-term, sustainable earnings growth, along with its desire to be one of the leaders in the industry for dividend growth,” said Robert J. Sprowls, President and CEO of American States Water Company. “A growing dividend allows the company to attract capital for investments in its infrastructure that enable us to provide safe and reliable services to our customers and return value to our shareholders.”
Dividends on the common shares will be payable on September 3, 2024 to shareholders of record at the close of business on August 16, 2024.
