Otter Tail Corporation Increases Quarterly Dividend

Rhea-AI Summary

Otter Tail Corporation (NASDAQ: OTTR) increased its quarterly common stock dividend to $0.39 per share, raising the annual indicated dividend rate to $1.56, an $0.08 increase over 2020. The dividend, reflecting a 5.4% hike, demonstrates the board's confidence in sustainable earnings. This is the 82nd year of consistent dividends, with the payout scheduled for March 10, 2021 to shareholders of record on February 12, 2021. An announcement for the year-end 2020 financial results will occur on February 15, 2021.

Positive

• Quarterly dividend increased to $0.39 per share.
• Annual dividend rate now at $1.56, an $0.08 increase over 2020.
• Demonstrates a 5.4% increase, indicating strong shareholder commitment.
• 82nd year of consecutive dividends paid.

Negative

• None.

Otter Tail Corporation (NASDAQ: OTTR) announced today the Board of Directors increased the company’s quarterly common stock dividend to $0.39 per share. The increase brings the annual indicated dividend rate to $1.56 per share, an $.08 increase over the 2020 rate. The dividend is payable on March 10, 2021 to shareholders of record on February 12, 2021.

This 5.4 percent increase demonstrates our strong commitment to our shareholders and shows the confidence the board of directors has in our ability to deliver sustainable earnings and cash flows. We expect future dividend increases to be in line with earnings growth while maintaining a targeted payout ratio in the range of 60 to 70 percent.

This represents the 82^nd year (329^th consecutive quarter) dividends have been paid on common stock.

The corporation will issue a news release announcing year end 2020 financial results on Monday, February 15, 2021 and has scheduled an earnings call for Tuesday, February 16, 2021 at 10:00 CT.

About Otter Tail Corporation: Otter Tail Corporation has interests in diversified operations that include an electric utility and manufacturing businesses. Otter Tail Corporation stock trades on the NASDAQ Global Select Market under the symbol OTTR. The latest investor and corporate information is available at www.ottertail.com. Corporate offices are located in Fergus Falls, Minnesota, and Fargo, North Dakota.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210202005900/en/

FAQ

What is the new dividend amount for Otter Tail Corporation (OTTR)?

The new dividend amount is $0.39 per share.

When is the dividend payable for Otter Tail Corporation (OTTR)?

The dividend is payable on March 10, 2021.

What is the annual indicated dividend rate for Otter Tail Corporation (OTTR)?

The annual indicated dividend rate is $1.56 per share.

What date is the record for shareholders for the dividend?

The record date for shareholders is February 12, 2021.

How long has Otter Tail Corporation (OTTR) paid dividends?

Otter Tail Corporation has paid dividends for 82 years, marking 329 consecutive quarters.