The board approved a new quarterly rate of 54.55 cents per share, rising from the previous 50.4 cents. This adjustment brings the annualized payout to approximately $2.18. Based on the utility holding company's Tuesday closing price of $88.06, the move lifts the annual yield to roughly 2.48%, up from 2.29%.

Shareholders of record as of August 17 are set to receive the payment on September 2. This consistent performance distinguishes the firm among the 58 companies recognized as dividend kings, holding the longest active streak of annual increases in the group.