New annualized rate is $2.68 per share
ST. LOUIS, Feb. 9, 2024 /PRNewswire/ -- The board of directors of Ameren Corporation (NYSE: AEE) today declared a quarterly cash dividend on its common stock of 67 cents per share, a 6.3% increase from the prior quarterly cash dividend of 63 cents per share, resulting in an annualized equivalent dividend rate of $2.68 per share. The previous annualized equivalent dividend rate was $2.52 per share.
"We are pleased to announce this is the eleventh consecutive year we've increased our dividend," said Martin J. Lyons, Jr., chairman, president and chief executive officer of Ameren Corporation. "Today's increase affirms the Ameren Board of Directors' confidence in our sustainable long-term growth strategy, which includes a robust pipeline of future investments that will continue to modernize the grid, enable our transition to a cleaner energy future, drive increasing value for our customers, support job creation and economic development and provide strong returns for our shareholders."
Lyons said Ameren anticipates dividend growth will be in line with the company's long-term earnings-per-share growth expectations and within a payout ratio range of 55% to 65%. Future earnings growth opportunities will be driven by cash flow, investments and other business considerations.
The common share dividend is payable March 29, 2024, to shareholders of record at the close of business on March 13, 2024.
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, 2024, to shareholders of record at the close of business on April 19, 2024.
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 1, 2024, to shareholders of record at the close of business on April 15, 2024.
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 generation, transmission and distribution services, as well as natural gas distribution service. Ameren Transmission Company of Illinois develops, owns and operates a rate-regulated electric transmission business in the Midcontinent Independent System Operator, Inc. For more information, visit Ameren.com, or follow us 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, targets, estimates, 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 Dec. 31, 2022, and its other reports filed with the Securities and Exchange Commission 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