NSTAR Increases Common Share Dividend 7.4%.BOSTON -- NSTAR (NYSE NYSE See: New York Stock Exchange :NST NST nonstress test. NST Nonstress test, see there ) announced today that its Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. voted to increase the dividend on its common shares to an annual rate of $1.30 per share, a 7.4 percent increase over the previous rate of $1.21. The Board declared a quarterly dividend of $0.325 per share. This is the Company's 471st consecutive dividend, payable February 1, 2007 to shareholders of record as of January 10, 2007. The Company has one of the longest consecutive payment records on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . Chairman, President and Chief Executive Officer Thomas J. May said, "NSTAR's solid financial condition and optimism about our prospects in the future have prompted the Board to take today's dividend action. We have delivered solid earnings growth in the past and we believe that we can achieve a long-term earnings growth rate of between 6 and 8 percent. This will allow us to maintain a healthy balance between dividends paid to shareholders and earnings reinvested into the business. With a current dividend payout ratio Dividend Payout Ratio The percentage of earnings paid to shareholders in dividends. Calculated as: of approximately 63%, we are well positioned to provide consistent, sustainable dividend growth for investors." Also, the Board of Directors of Boston Edison Company, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of NSTAR, declared the following preferred stock dividends payable February 1, 2007 to holders of record as of January 10, 2007: * A quarterly dividend of $1.0625 per share on Boston Edison's cumulative preferred stock Cumulative preferred stock Preferred stock whose dividends accrue, should the issuer not make timely dividend payments. Related: Non-cumulative preferred stock. , 4.25% series; and * A quarterly dividend of $1.195 per share on Boston Edison's cumulative preferred stock, 4.78% series. Profile NSTAR, headquartered in Boston, is an energy delivery company with revenues of approximately $3.6 billion and assets of $7.7 billion that serves 1.4 million customers in Massachusetts, including approximately 1.1 million electric distribution customers in 81 communities and 300,000 natural gas distribution customers in 51 communities. NSTAR also conducts non-utility, unregulated operations. For more information, go to www.nstaronline.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion