Yahoo Finance Cleco raises quarterly dividend and increases target range for dividend payout ratio
Shareholders to receive 10 percent increase in dividend payments
PINEVILLE, La., April 24, 2014 - Cleco Corporation (CNL) today announced that its board of directors voted to raise the quarterly dividend to $0.40 per share from $0.3625 per share on its common stock for the May 15, 2014 payment. The new dividend amount on an annualized basis totals $1.60 per share.
Cleco also announced that it will now target a dividend payout ratio of 55 to 65 percent. This represents a 5 percent increase from its previous target ratio of 50 to 60 percent.
"This dividend increase marks the fifth time in the past three years that we have raised dividends for our shareholders and reflects the financial strength of our company," said Bruce Williamson, Cleco Corporation`s president and CEO. "The new dividend amount puts us at a payout ratio of approximately 59 percent based on the midpoint of our current year`s earnings guidance. Increasing the target range will allow us to grow our dividend in a manner that is consistent with earnings growth."
Cleco has paid dividends to its shareholders since 1935. Below is a summary of the dividend payment, as declared by the board of directors:
Class of Stock | Dividend Declared | Record Date | Payment Date |
Common Stock | $0.40 | May 6, 2014 | May 15, 2014 |
The company has a Dividend Reinvestment Plan (DRIP) which allows dividends on its common stock to be reinvested in additional shares of common stock at market price. Under the DRIP, there are no administrative fees to purchase stock and reinvest dividends. For more information about Cleco`s DRIP, visit www.cleco.com/investors.
Cleco Corporation is a regional energy company headquartered in Pineville, La. Cleco owns a regulated electric utility company, Cleco Power LLC, which owns 11 generating units with a total nameplate capacity of 3,340 megawatts. The utility serves approximately 284,000 customers in Louisiana through its retail business and supplies wholesale power in Louisiana and Mississippi. For more information about Cleco, visit www.cleco.com.
Analyst & Investor Contact
Tom Miller
Office: 318.484.7642
tom.miller@cleco.com
Media Contact
Robbyn Cooper
Office: 318.484.7136
robbyn.cooper@cleco.com
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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Cleco Corp. via GlobeNewswire
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