New Jersey Resources Pays About 69% Of Its Profit As Dividend

New Jersey Resources NJR's board has unanimously declared a quarterly dividend on its common stock of $0.24 per share. That meant that the company has been paying about 69 percent of its profit as a dividend.

According to the company, the dividend would be payable on July 1 to all shareowners. The company has fixed a record date of June 15 to determine the eligible shareholders. New Jersey Resources was one of the few companies that continuously rewarded investors with quarterly dividends since its inception in 1952.

New Jersey Resources, Chairman and CEO, Laurence Downes, commented to say, "Today's announcement is a reflection of the dedication of our employees and our way of rewarding shareowners for the confidence they place in us year after year."

The latest dividend provided a yield of 2.6 percent, which was lower than the 3.20 percent yield for the five-year average period. Its dividend payout ratio for the same five-year period was 56.0 percent and the dividend growth rate was 6.19 percent.

Shares of the company traded 1.09 percent down on Wednesday.