ST. LOUIS - Spire (NYSE:SR) Inc., serving 1.7 million homes and businesses across Alabama, Mississippi, and Missouri, announced an increase in its quarterly common stock dividend, signaling a continued commitment to shareholder value and financial growth. Under the leadership of Chairman Ed Glotzbach, the NYSE-listed company's board declared on Monday that the dividend will rise from $0.72 to $0.755 per share.
This strategic move reflects Spire's robust financial standing and its longstanding practice of delivering value to its shareholders. The company has a history of consistent dividend payments dating back to 1946 and is now entering its 21st consecutive year of common stock dividend increases. Shareholders on record by December 11 will be eligible for this dividend, which is set to be distributed on January 3, 2024.
Spire's operations span essential gas utilities and natural gas-related ventures including Spire Marketing and Spire Midstream. The company underscores the pivotal role of energy in enhancing lives and maintaining economic vitality within the regions it serves.
Additionally, preferred stockholders can anticipate their regular quarterly dividend payment on February 15, 2024. For further details regarding this announcement and Spire's financial activities, interested parties can visit SpireEnergy.com. Scott W. Dudley Jr. and Jessica B. Willingham are available for investor and media inquiries respectively.
InvestingPro Insights
Spire Inc., a leading provider of gas utilities and natural gas-related ventures, has demonstrated a strong financial profile, as evidenced by its consistent dividend payments and robust market cap. According to InvestingPro data, the company boasts an adjusted market cap of 3000M USD and a P/E ratio of 13.23 as of Q3 2023. The company's revenue growth in the last twelve months as of Q3 2023 was an impressive 22.79%.
Two key InvestingPro Tips are particularly relevant to Spire. Firstly, the company has raised its dividend for 19 consecutive years, a testament to its commitment to shareholder value. Secondly, despite operating with a significant debt burden, analysts predict the company will remain profitable this year.
For those interested in a deeper dive into Spire's financials and potential investment opportunities, InvestingPro offers a plethora of additional tips and insights.
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