ST. LOUIS - Spire Inc. (NYSE: NYSE:SR), a natural gas utility company, has announced that its board of directors approved a quarterly dividend for its common and preferred stock. The company declared a dividend of $0.755 per share on its common stock, which is scheduled for payment on July 2, 2024, to shareholders of record as of June 11, 2024.
This dividend declaration continues Spire's long-standing tradition of rewarding shareholders, as the company has consistently distributed cash dividends since 1946. Notably, this year marks the 21st consecutive year that Spire has increased its annualized common stock dividend.
In addition, a regular quarterly dividend of $0.36875 per depository share on the company's 5.90% Series A Cumulative Redeemable Perpetual Preferred Stock has been declared. This preferred stock dividend is payable on August 15, 2024, to shareholders on record as of July 25, 2024.
Spire Inc. is among the largest publicly traded natural gas companies in the United States, serving approximately 1.7 million homes and businesses across Alabama, Mississippi, and Missouri. The company's operations extend beyond gas utilities to include Spire Marketing and Spire Midstream, focusing on organic growth, infrastructure investment, and innovation.
The information provided in this article is based on a press release statement from Spire Inc.
InvestingPro Insights
Following the announcement of Spire Inc.'s (NYSE: SR) dividend declaration, investors may be interested in key financial metrics and expert analysis. According to InvestingPro data, Spire currently boasts a market capitalization of $3.57 billion and maintains a P/E ratio of 16.58, which adjusts to 18.07 on a last twelve months basis as of Q1 2024. The dividend yield as of the latest data stands at an attractive 4.87%, which is particularly noteworthy for dividend-seeking investors.
Spire's commitment to shareholder returns is underscored by its impressive track record of dividend growth, as highlighted by one of the InvestingPro Tips, which states that the company has raised its dividend for 20 consecutive years. This trend aligns with the recent dividend announcement and signals a stable financial policy geared towards providing consistent shareholder value.
Moreover, the company's stock generally trades with low price volatility, offering a more predictable investment environment, which is another InvestingPro Tip that potential and current investors might find reassuring.
For those considering a deeper analysis or looking for additional strategic insights, InvestingPro offers more tips that could guide investment decisions. For instance, there are more InvestingPro Tips available on the platform, including aspects such as the company's debt burden and liquidity situation. By using the coupon code PRONEWS24, investors can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to access these valuable insights.
As Spire Inc. continues to navigate the energy sector's dynamics and maintain its growth trajectory, these InvestingPro Insights can serve as a valuable resource for investors looking to make informed decisions about their investments in the company.
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