Consolidated Water raises dividend to boost yield to 1.4%

Consolidated Water Co. Inc.
CWCO,
+1.10%
said Tuesday that it raised its quarterly cash dividend by 11.8%, to 9.5 cents a share from 8.5 cents a share. Shareholders of record on Oct. 2 will be paid the dividend on Oct. 31. Based on the Monday closing price of the water supply and treatment plants company’s stock of $27.36, the new annual dividend rate implies a dividend yield of 1.39%, which compares with the implied yield for the S&P 500
SPX,
+1.45%
of 1.55%. “Our strong growth across all four of our business segments has resulted in increased profitability and cash flow,” said Chief Executive Rick McTaggart. “This performance and positive outlook supported our board of directors’ decision to increase our quarterly dividend for our stockholders.” The stock, which was still inactive in premarket trading, has soared 38.9% over the past three months while the S&P 500 has gained 5.4%.