Increasing Dividends: Fortis (FTS.TO)

One of my favorite electric utility companies, Fortis Inc., announced an increase in its dividend to C$0.19 per share, up 18.75 percent from C$0.16 a share previously.

Fortis is on Mergent’s Dividend achiever list of Canadian companies, and rightfully so. After the announcement of this most recent increase, Fortis has now raised its dividend for the 33rd consecutive year.

The company is based out of St. John’s, Newfoundland and the share price is currently trading at $24.57 CAD. At the current price, Fortis’ dividend yield is close to 3.1%.

Be on the lookout for companies that raise their dividends substantailly. Fortis is still slightly too expensive for me with a PE Ratio of 18.9, but it is hard to argue with 33 straight years of dividend growth!

Have a great weekend.

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