Novi-based ITC Holdings Corp. (NYSE: ITC) announced this week that its board of directors declared a quarterly cash dividend of 35.25 cents per share, an increase of 5.2 percent from the previous quarterly rate of 33.5 cents per share.
The quarterly cash dividend is payable on Sept. 15 to shareholders of record on Sept. 1.
“Today’s announced increase marks the sixth consecutive year that ITC has raised the dividend on its common stock and further underscores the confidence we have in our ability to execute on our long-term strategy,” said Joseph L. Welch, chairman, president and CEO. “We continue to view our dividend as an important component of our total shareholder return proposition and remain focused on growing it in a manner that appropriately reflects our desire to efficiently fund our capital investment program and future growth prospects.”
ITC is the nation’s largest independent electricity transmission company. ITC invests in the electric transmission grid to improve system reliability, expand access to markets, lower the overall cost of delivered energy and allow new generating resources to interconnect to its transmission systems. ITC’s regulated operating subsidiaries include ITCTransmission, Michigan Electric Transmission Company, ITC Midwest and ITC Great Plains. Through these subsidiaries, ITC owns and operates high-voltage transmission facilities in Michigan, Iowa, Minnesota, Illinois, Missouri and Kansas, serving a combined peak load exceeding 25,000 megawatts along 15,000 circuit miles of transmission line. Through ITC Grid Development and its subsidiaries, the company also focuses on expansion in areas where significant transmission system improvements are needed.
More at www.itc-holdings.com.