AGL Resources Announce Regular Cash Dividend

AGL Resources Inc.

said that its board has declared a quarterly dividend of $0.53 per share on its common stock. According to the company, the dividend would be paid on June 1 to the eligible shareholders of record at the close of business on May 13, 2016. The company stated that the latest quarter marked the 274th straight dividend that the company has paid since 1948. AGL Resources said that while timing around the close of the proposed merger between AGL Resources and The Southern Company was expected to happen in the second half of 2016, should the proposed merger close before the corresponding quarter's dividend record date, the company does not expect to pay a pro-rata dividend. While the current dividend yield offered 3.2%, the five-year average dividend yield was 3.90%. The company has paid 70.0% of its quarterly profit as dividend, which was lower than the average 73% payout ratio in the last five-year period. The company, which has been paying a dividend since 1954, boosted its dividend rate in the last three straight years. On Tuesday, shares traded 0.08% higher.