BRYN MAWR, Pa. (AP) -- Aqua America Inc. said Thursday that its board approved a 1.5-cent, or 9 percent, increase to the water utility's quarterly cash dividend.
In addition, the Bryn Mawr, Pa.-based company's board approved a stock split that will take place through a 5-for-4, or 25 percent, stock distribution.
Both the new dividend and stock split will take effect on Sept. 1 and apply shareholders of record as of Aug. 16. The new dividend will be applied to the shares prior to the stock split.
The equivalent quarterly dividend rate after the stock split would be 15.2 cents on the increased number of shares resulting from the stock distribution, Aqua America said.
Aqua America shares rose 12 cents to $31.97 in premarket trading.