Artesian Resources Corporation Announces a 2% Increase in 2nd Quarter Common Stock Dividend

Rhea-AI Summary

Artesian Resources Corporation (Nasdaq: ARTNA) has increased its quarterly dividend by 2%, now at $0.2729 per share, raising the annualized rate to $1.0916. This dividend will be paid on May 23, 2022, to shareholders of record by May 9, 2022. Additionally, the company has entered an agreement to acquire the Town of Clayton's water system, which serves around 4,000 residents, enhancing its service area in northern Kent County. This marks Artesian's 118th consecutive quarterly dividend payment, reflecting its strong commitment to shareholder returns.

Positive

• 2% increase in quarterly dividend to $0.2729 per share, annualized rate of $1.0916.
• Acquisition of Clayton's water system to serve 4,000 residents, expanding customer base.
• 118 consecutive quarterly dividends paid, showcasing long-term commitment to shareholders.

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• None.

NEWARK, Del. , April 13, 2022 (GLOBE NEWSWIRE) -- Artesian Resources Corporation (Nasdaq: ARTNA) is pleased to announce that its Board of Directors approved a 2% increase in the quarterly dividend per share on the company’s Class A and Class B Common Stock, which raises the annualized dividend rate to $1.0916 per share. The quarterly dividend rate of $0.2729 is payable May 23, 2022 to shareholders of record at the close of business on May 9, 2022.

Artesian announced recently that it has entered into an agreement with the Town of Clayton to acquire the Town’s water system, which serves approximately 4,000 residents. Included in this acquisition are a water treatment plant, three wells and two elevated storage tanks. Closing is anticipated by the end of the second quarter. Clayton’s water system will be joined with Artesian’s established, regionalized water system in northern Kent County, which will serve existing and new customers in this growing area. “Our 20-year relationship with Clayton and strategic initiatives in growth, infrastructure, and investments in surrounding communities, enabled the agreement with Clayton to come to fruition and provides the Town with a sustainable approach for high-quality, safe, and reliable drinking water,” said Nicholle R. Taylor, President of Artesian Water Company.

“We are pleased to continuously deliver a fair return to our shareholders, and to deliver another dividend increase, as we have done consistently over the past 25 years,” said Dian C. Taylor, Chair and CEO.

This marks Artesian’s 118^th consecutive quarterly dividend paid to shareholders.

About Artesian Resources
Artesian Resources Corporation operates as a holding company of wholly-owned subsidiaries offering water and wastewater services, and related core business services, on the Delmarva Peninsula. Artesian Water Company, the principal subsidiary, is the oldest and largest regulated water utility on the Delmarva Peninsula and has been providing water service since 1905. Artesian supplies 8.4 billion gallons of water per year through 1,398 miles of water main to over a third of Delawareans.

Contact:
Nicholle R. Taylor
Investor Relations
(302) 453-6900
ntaylor@artesianwater.com 

FAQ

What is the new dividend amount for Artesian Resources (ARTNA)?

Artesian Resources has increased its quarterly dividend to $0.2729 per share.

When will the dividend for ARTNA be paid?

The dividend will be paid on May 23, 2022, to shareholders of record on May 9, 2022.

What is the significance of the Clayton water system acquisition for ARTNA?

The acquisition enhances Artesian's market presence, serving approximately 4,000 additional residents in northern Kent County.

How many consecutive dividends has ARTNA paid?

Artesian Resources has paid 118 consecutive quarterly dividends.

How does ARTNA's dividend increase reflect on investor returns?

The consistent dividend increase demonstrates Artesian's commitment to delivering value and returns to its shareholders.