Today Unisource Energy (UNS) raised its quarterly dividend 2.4%. With 13 years of consecutive increases UNS is part of the dividend contenders category of dividend growth stocks. Unisource is a electric & gas utility located in Arizona.
An increase of only 2.4% is disappointing because it doesn't keep up with inflation. I've been worried UNS was going to give investors a small increase this year. I made a comment about this yesterday before the news was released.
The past is the past, looking forward I want to be a shareholder in this company. UNS has been stuck in a rate freeze, but it can't last forever. They will be able to file for new rates in July. On a positive note, its gas business has performed well. I now have a 4.81% YOC with this position. I made an initial purchase February 2011 and averaged down last November.