Hello everyone today I wanted to share with you a dividend increase I received from Fortis back on October 15th. During Fortis annual investor day they announced a 5.9% increase to their dividend. The raise was expected as Fortis has raised it’s dividend now for 45 straight years. Also the company made a couple announcements during investor day, the company has extended its 6 per cent annual dividend growth target by a year through 2023, and they also updated their five year capital investment plan of $17.3 billion for 2019 through 2023 which is about a 20 per cent increase from last years plan. The news about the new capital investment plan is very positive as it will increase Fortis rate base.
I currently own 205 shares of Fortis and with them increasing the dividend to $0.45 a share from $0.425, my income will increase $5.13 a quarter and $20.52 annually.
Also this is the 5th raise I have received since I started owning the stock, I look forward to many more raises.
If you own Fortis congrats on the raise. 🙂
Thanks for reading