New Jersey Resources Corporation (NYSE: NJR) has recently made a significant announcement that will undoubtedly delight its shareholders. The board of directors unanimously approved a substantial 7.7 percent increase in the quarterly dividend rate, showcasing the company's commitment to providing value to its investors.

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A Generous Dividend Boost

Effective with the dividend payable on October 2, 2023, NJR will increase its quarterly dividend rate to $0.42 per share, up from the previous rate of $0.39 per share. This announcement reflects the Board's confidence in the company's financial position and its dedication to rewarding shareholders.

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Steady Dividend Growth

NJR's impressive track record in dividend management is a testament to its stability and commitment to its investors. The company has paid quarterly dividends consistently since its inception in 1952 and has raised the dividend every year for the last 28 years. This consistent growth has undoubtedly contributed to its reputation as a reliable investment choice.

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CEO's Perspective

Steve Westhoven, President and CEO of NJR, expressed the company's strategy and confidence in the decision, stating, "Our long-term business strategy and financial position give the Board confidence to increase the quarterly dividend. We are committed to providing strong long-term returns to shareholders, and a growing dividend is a key component of increasing shareholder value." This sentiment underscores the company's focus on both short-term gains and long-term value creation.

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About New Jersey Resources

New Jersey Resources (NYSE: NJR) is a Fortune 1000 company known for providing safe and reliable natural gas and clean energy services. Comprising five primary businesses, including New Jersey Natural Gas, Clean Energy Ventures, Energy Services, Storage and Transportation, and Home Services, NJR has built a robust presence in the energy sector, serving a wide range of customers and contributing to cleaner, more sustainable energy solutions.

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New Jersey Resources Corporation's recent dividend increase is a clear indication of the company's financial strength and dedication to its shareholders. With a history of consistent dividend growth and a commitment to long-term value creation, NJR continues to be an attractive choice for investors seeking stability and reliable returns.