ST. LOUIS, Feb. 12, 2021 /PRNewswire/ -- The board of directors of Ameren Corporation (NYSE: AEE) today declared a quarterly cash dividend on its common stock of 55 cents per share, a 6.8% increase from the prior quarterly cash dividend of 51.5 cents per share, resulting in an annualized equivalent dividend rate of $2.20 per share. The previous annualized equivalent dividend rate was $2.06 per share.
"We are pleased to announce this increase to our first quarter dividend, which marks the eighth consecutive year of dividend growth," said Warner L. Baxter, chairman, president and chief executive officer of Ameren Corporation. "This increase, coupled with the dividend increase of 4% in October 2020, reflects confidence by the Ameren Board of Directors in the outlook for our business and management's ability to execute its strategy for the long-term benefit of its customers and shareholders. Ameren expects future dividend growth to be in line with its long-term earnings-per-share growth expectations and within a payout ratio of 55% to 70%. In addition to earnings growth considerations, future dividend decisions will be driven by cash flow, investment requirements and other business conditions."
The common share dividend is payable March 31, 2021 to shareholders of record at the close of business on March 10, 2021.
Separately, the board of directors of Union Electric Company, doing business as Ameren Missouri, declared regular quarterly cash dividends on all classes of Union Electric Company's preferred stock. These preferred stock dividends are payable May 15, 2021, to shareholders of record at the close of business on April 14, 2021.
In addition, the board of directors of Ameren Illinois Company declared regular quarterly cash dividends on all classes of Ameren Illinois Company's preferred stock. These preferred stock dividends are payable May 3, 2021, to shareholders of record at the close of business on April 12, 2021.
About Ameren Corporation
St. Louis-based Ameren Corporation powers the quality of life for 2.4 million electric customers and more than 900,000 natural gas customers in a 64,000-square-mile area through its Ameren Missouri and Ameren Illinois rate-regulated utility subsidiaries. Ameren Illinois provides electric transmission and distribution service and natural gas distribution service. Ameren Missouri provides electric service generation, transmission and distribution services, as well as, natural gas distribution service. Ameren Transmission Company of Illinois develops, owns and operates rate-regulated electric transmission projects. For more information, visit Ameren.com, or follow us on Twitter at @AmerenCorp, Facebook.com/AmerenCorp, or LinkedIn.com/company/Ameren.
Statements in this release not based on historical facts are considered "forward-looking" and, accordingly, involve risks and uncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking statements have been made in good faith and are based on reasonable assumptions, there is no assurance that the expected results will be achieved. These statements include (without limitation) statements as to future expectations, beliefs, plans, projections, strategies, objectives, events, conditions and financial performance. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, we are providing this cautionary statement to identify important factors that could cause actual results to differ materially from those anticipated. In addition to factors discussed in this release, Ameren's Annual Report on Form 10-K for the year ended December 31, 2019, its Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, and its other reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934 contain a list of factors and a discussion of risks which could cause actual results to differ materially from management expectations suggested in such "forward-looking" statements. All "forward-looking" statements included in this release are based upon information presently available, and Ameren, except to the extent required by the federal securities laws, undertakes no obligation to update or revise publicly any "forward-looking" statements to reflect new information or current events.
SOURCE Ameren Corporation