York, Pennsylvania-based York Water Company (NASDAQ: YORW) has declared its 616th consecutive dividend, marking a consistent payout that extends over two centuries. The company's President and CEO, JT Hand, announced on Tuesday that the Board of Directors approved a 4% increase in the quarterly dividend to $0.2192 per share. This dividend is slated for distribution on January 15, 2025, to shareholders of record as of December 31, 2024.
The dividend increase follows a year in which York Water received accolades for completing the Lake Williams Dam Rehabilitation project, both on time and within budget. This project is part of the company's ongoing commitment to invest in infrastructure, ensuring the provision of safe and reliable water and wastewater services to its customers. The company's strategy has been focused on maintaining a sustainable utility infrastructure that supports growth and meets the needs of its expanding customer base.
York Water's commitment to its shareholders is underscored by its track record of increasing dividends for 28 consecutive years. This enduring approach to shareholder value is highlighted by the fact that York Water has never missed a dividend payment since its inception, boasting what is believed to be the longest streak of consecutive dividends in the United States, a testament to its stability and resilience.
The company, recognized as the oldest publicly traded company in the nation, has maintained a dividend payout for over 208 years, a significant milestone in corporate America. This announcement is based on a press release statement.
In other recent news, The York Water Company (NASDAQ:YORW) has seen significant changes in its Board of Directors. After a tenure of over 17 years, Ernest J. Waters (NYSE:WAT) retired from the board in line with the company's retirement policy. Waters was a member of the Audit Committee and will continue his association with the company as a Director Emeritus.
In addition to this, the company has appointed Robert F. Lambert as a new independent director. Lambert, who currently serves as the president of York County Libraries and holds directorship positions at Traditions Bank and Capital Blue Cross, is expected to bring valuable insights and guidance. He will serve on the Board's Audit Committee and his term will expire at the 2025 Annual Meeting of Shareholders.
InvestingPro Insights
York Water Company's commitment to shareholder value is further reinforced by InvestingPro data and tips. The company's impressive track record of dividend payments is highlighted by two key InvestingPro Tips: York Water has raised its dividend for 27 consecutive years and has maintained dividend payments for 51 consecutive years. These tips align perfectly with the article's emphasis on the company's long-standing dividend history.
The company's financial health is reflected in its profitability over the last twelve months, as noted by another InvestingPro Tip. This is supported by the company's strong gross profit margin of 73.97% for the last twelve months as of Q3 2024, indicating efficient operations and cost management.
York Water's recent dividend increase is consistent with its historical performance, with InvestingPro data showing a dividend growth of 4.0% over the last twelve months. The current dividend yield stands at 2.34%, offering a steady income stream for investors.
While the company's P/E ratio of 24.21 suggests a premium valuation, it may be justified by York Water's consistent performance and dividend reliability. Investors interested in a deeper analysis of York Water Company can access 6 additional InvestingPro Tips, providing further insights into the company's financial position and market performance.
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