Canadian utility form Fortis Inc. (FTS) has increased it's dividend by 4%, from $0.25 to $0.26 per share. Fortis has increased it's dividend for 36 straight years.
Shares of Fortis, which I own as part of my non-registered portfolio, are only down 13% year to date, and are currently yielding 4.1%. Utilities in general have really outperformed the market this year as investors have flocked to their relatively safe earnings streams in the midst of the credit crisis and recessionary fears. Here is a glance at Fortis' recent dividend activity:
2004 - $0.540
2005 - $0.588
2006 - $0.670
2007 - $0.820
2008 - $1.000
2009 - $1.040 (estimated)
This represents a compounded annual growth rate of the dividend of 14%.
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