SJW Group announces a 5% increase in its quarterly dividend, marking 57 years of consecutive annual increases.
Quiver AI Summary
SJW Group has announced a quarterly cash dividend of $0.42 per share, reflecting a 5% increase from the previous dividend paid in December 2024. This dividend will be payable on March 3, 2025, to shareholders recorded by February 10, 2025. With this increase, SJW Group's projected annual dividend will rise to $1.68 per share, continuing a tradition of annual increases for 57 consecutive years and more than 80 years of uninterrupted dividend payments. President and CEO Eric W. Thornburg emphasized the board's confidence in the company's mission and commitment to delivering quality water services while enhancing community value and protecting the environment. SJW Group serves nearly 1.6 million customers through its various subsidiaries across several states.
Potential Positives
- 5% increase in annual dividend underscores the company's commitment to returning value to shareholders.
- 57 consecutive years of annual dividend increases highlights the company's financial stability and long-term growth prospects.
- More than 80 consecutive years of dividend payments positions SJW Group as a reliable investment choice within the utility sector.
Potential Negatives
- The need to issue a press release detailing a dividend increase may indicate previous concerns about the company's financial performance or stability, prompting emphasis on its dividend history as a reassuring factor.
- Forward-looking statements included in the release highlight significant uncertainties and risks that may impact the company's future performance, which could undermine investor confidence.
- Potential regulatory challenges and environmental policy changes outlined in the risks may pose long-term operational and financial hurdles for SJW Group, affecting its competitiveness in the market.
FAQ
What is the new quarterly dividend amount for SJW Group?
The new quarterly cash dividend is $0.42 per share, reflecting a 5% increase from December 2024.
How many consecutive years has SJW Group increased its dividend?
SJW Group has increased its annual dividend for 57 consecutive years, showcasing its commitment to shareholders.
When will the dividend be paid to shareholders?
The dividend will be payable on March 3, 2025, to shareholders of record as of February 10, 2025.
How many years has SJW Group been paying dividends?
SJW Group and its predecessors have paid dividends for more than 80 consecutive years, demonstrating long-term reliability.
What services does SJW Group provide?
SJW Group provides high-quality water and wastewater services to nearly 1.6 million people across several states in the U.S.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$SJW Insider Trading Activity
$SJW insiders have traded $SJW stock on the open market 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $SJW stock by insiders over the last 6 months:
- BRUCE A HAUK (Chief Operating Officer) sold 115 shares for an estimated $6,643
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$SJW Hedge Fund Activity
We have seen 114 institutional investors add shares of $SJW stock to their portfolio, and 116 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- NUANCE INVESTMENTS, LLC removed 360,909 shares (-23.1%) from their portfolio in Q3 2024, for an estimated $20,972,421
- BLACKROCK, INC. added 349,756 shares (+6.2%) to their portfolio in Q3 2024, for an estimated $20,324,321
- GOLDMAN SACHS GROUP INC added 231,555 shares (+163.3%) to their portfolio in Q3 2024, for an estimated $13,455,661
- INVESCO LTD. removed 198,425 shares (-26.0%) from their portfolio in Q3 2024, for an estimated $11,530,476
- MORGAN STANLEY added 174,862 shares (+33.7%) to their portfolio in Q3 2024, for an estimated $10,161,230
- AMUNDI added 169,456 shares (+14.1%) to their portfolio in Q3 2024, for an estimated $9,847,088
- MILLENNIUM MANAGEMENT LLC added 127,425 shares (+112.0%) to their portfolio in Q3 2024, for an estimated $7,404,666
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
- 5% increase in annual dividend
- 57 consecutive years of annual dividend increases
-
More than 80 consecutive years of dividend payments
SAN JOSE, Calif., Jan. 29, 2025 (GLOBE NEWSWIRE) -- The Board of Directors of SJW Group (NASDAQ: SJW) has declared a quarterly cash dividend of $0.42 per share payable on March 3, 2025, to all shareholders of record at the close of business on Feb. 10, 2025.
The March dividend will represent a 5% increase over the dividend paid in December 2024. The 2025 annualized dividend is expected to be $1.68 per share compared with $1.60 per share in 2024.
“The action by our board to increase the annual dividend demonstrates its continuing confidence in SJW Group’s mission and employees,” said President, Chief Executive Officer and Chair of the Board Eric W. Thornburg. “Our team of trusted, passionate and socially responsible professionals is committed to delivering life-sustaining, high-quality water and exceptional service while protecting the environment, enhancing our communities and delivering value for shareholders.”
SJW Group and its predecessors have paid a dividend on common stock for more than 80 consecutive years, and the annual dividend amount has increased in each of the past 57 years, placing SJW Group in an exclusive group of companies.
About SJW Group
SJW Group is among the largest investor-owned pure-play water and wastewater utilities in the United States, providing life-sustaining and high-quality water service to nearly 1.6 million people. SJW Group’s locally led and operated water utilities - San Jose Water Company in California, The Connecticut Water Company in Connecticut, The Maine Water Company in Maine, and SJWTX, Inc. (dba The Texas Water Company) in Texas - possess the financial strength, operational expertise, and technological innovation to safeguard the environment, deliver outstanding service to customers, and provide opportunities to employees. SJW Group remains focused on investing in its operations, remaining actively engaged in its local communities, and delivering continued sustainable value to its stockholders. For more information about SJW Group, please visit www.sjwgroup.com .
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Some of these forward-looking statements can be identified by the use of forward-looking words such as “believes,” “expects,” “estimates,” “anticipates,” “intends,” “seeks,” “plans,” “projects,” “may,” “should,” “will,” or the negative of those words or other comparable terminology. These forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict.
These forward-looking statements involve a number of risks, uncertainties and assumptions including, but not limited to, the following factors: (1) the effect of water, utility, environmental and other governmental policies and regulations, including regulatory actions concerning rates, authorized return on equity, authorized capital structures, capital expenditures, PFAS and other decisions; (2) changes in demand for water and other services; (3) unanticipated weather conditions and changes in seasonality including those affecting water supply and customer usage; (4) the effect of the impact of climate change; (5) unexpected costs, charges or expenses; (6) our ability to successfully evaluate investments in new business and growth initiatives; (7) contamination of our water supplies and damage or failure of our water equipment and infrastructure; (8) the risk of work stoppages, strikes and other labor-related actions; (9) catastrophic events such as fires, earthquakes, explosions, floods, ice storms, tornadoes, hurricanes, terrorist acts, physical attacks, cyber-attacks, epidemic, or similar occurrences; (10) changes in general economic, political, business and financial market conditions; (11) the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, changes in interest rates, compliance with regulatory requirements, compliance with the terms and conditions of our outstanding indebtedness, and general market and economic conditions; and (12) legislative, and general market and economic developments. The risks, uncertainties and other factors may cause the actual results, performance or achievements of SJW Group to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Results for a quarter are not indicative of results for a full year due to seasonality and other factors. In addition, actual results, performance or achievements are subject to other risks and uncertainties that relate more broadly to our overall business, including those more fully described in our filings with the SEC, including our most recent reports on Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements are not guarantees of future performance, and speak only as of the date made, and SJW Group undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
SJW Group Contacts:
Andrew F. Walters
Chief Financial Officer and Treasurer
408.279.7818
[email protected]
Daniel J. Meaney, APR
Director of Investor Relations
860.664.6016
[email protected]