Southern Co. SO, -0.14% said Monday it was raising its quarterly dividend by 3.1%, to 66 cents a share from 64 cents a share, with the utility company’s dividend yield staying well above its peer group and the broader stock market. The stock slipped 0.3% in afternoon trading. The new dividend will be payable June 7 to shareholders or record on May 17. Based on current stock prices, the new annual dividend rate of $2.64 a share implies a dividend yield of 4.07%, compared with the yield for the SPDR Utilities Select Sector ETF XLU, -0.52% of 2.93% and the implied yield for the S&P 500 SPX, -0.53% of 1.40%, according to FactSet. Southern said said the company has now increased its dividend for 20 consecutive years.
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