MADISON, Wis. - MGE Energy, Inc. (NASDAQ:MGEE), a public utility holding company, has declared a regular quarterly dividend of $0.4275 per share. The dividend is payable on June 15, 2024, to shareholders of record as of the close of business on June 1, 2024.
This announcement continues the company's long-standing tradition of returning value to its shareholders. MGE Energy has a history of increasing its dividend annually for the past 48 years and has maintained a consistent practice of paying cash dividends for over 110 years.
The company's principal subsidiary, Madison Gas and Electric (MGE), serves a significant customer base, providing electricity to approximately 163,000 customers in Dane County, Wisconsin. Moreover, it handles the purchase and distribution of natural gas for roughly 176,000 customers across seven south-central and western Wisconsin counties.
This regular dividend payment reflects MGE Energy's commitment to its shareholders and is indicative of its financial health and stable revenue streams from its utility operations.
The information in this article is based on a press release statement from MGE Energy, Inc.
InvestingPro Insights
MGE Energy, Inc. (NASDAQ:MGEE) continues to demonstrate its commitment to shareholders with its recent dividend announcement. This is underscored by the company's impressive track record of raising its dividend for 31 consecutive years, as highlighted by InvestingPro Tips. Moreover, the company has not just been consistent with its dividend payments but has maintained them for an outstanding 54 consecutive years, signaling a strong historical commitment to shareholder returns.
InvestingPro Data provides a snapshot of MGEE's financial metrics, revealing a market capitalization of approximately $2.96 billion USD. The company's price-to-earnings (P/E) ratio stands at 24.54, which, in conjunction with a PEG ratio of 2.11, suggests that MGEE is trading at a high valuation relative to near-term earnings growth.
Despite a decline in revenue growth over the last twelve months as of Q1 2024, with a decrease of 8.49%, MGEE has managed a strong return over the last three months, boasting a 24.93% price total return. This performance is particularly notable as it trades near its 52-week high, at 98.47% of this benchmark.
Investors interested in exploring further insights about MGEE's financial health and future prospects can find additional InvestingPro Tips by visiting https://www.investing.com/pro/MGEE. Currently, there are over six additional tips available, providing a deeper dive into the company's valuation, performance, and analyst predictions. For those looking to subscribe, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, offering a valuable resource for informed investment decisions.
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