By Ben Glickman
Xcel Energy on Wednesday raised its quarterly dividend 5.3%, which the company said was a mark of the strength of its business.
The Minneapolis-based electricity and natural gas utility declared a dividend of 54.75 cents a share, compared with a prior dividend of 52 cents.
The new payout, equal to $2.19 a year, represents an annual yield of 3.7% based on the Tuesday closing price of $59.19 a share.
Xcel Chief Executive Bob Frenzel said the company had raised its dividend for 20 consecutive years, which was a sign of the company’s strong business and “recognition of the importance of dividend growth to our shareholders.”
The dividend is payable April 20 to shareholders of record as of March 15.
Write to Ben Glickman at ben.glickman@wsj.com
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