New Jersey Resources Dividend Provides 2.5% Yield

New Jersey Resources Corp NJR said that its board has unanimously declared a quarterly dividend on its common stock of $0.24 per share. That meant $0.96 a share for the full year if it is translated. The latest dividend provided 2.5 percent yield, which is lower than the average five-year dividend yield of 3.2 percent.

New Jersey Resources has fixed September 23 as the record date for determining the eligible shareholders. The company indicated the dividend would be paid before October 3.

The company's Chairman and CEO, Laurence Downes, commented, "Once again, we have the opportunity to reward our shareowners with a quarterly dividend as we have done continuously since 1952. The board's action today is an acknowledgement of our team's consistent performance and strong financial profile and reaffirms our continued commitment to our shareowners."

The company pays about 71 percent as its dividend, which was higher than the five-year average payout ratio of 58.0 percent. In the last two years, it boosted the dividend rate. As a result, its average dividend growth rate for the three-year period was 6.27 percent.