Otter Tail increases quarterly common stock dividend 6.1% to 43.75c per share

Otter Tail announced the board of directors increased the company’s quarterly common stock dividend to 43.75c per share. The increase brings the annual indicated dividend rate to $1.75 per share, a 10c increase over the 2022 rate. The dividend is payable on March 10 to shareholders of record on February 14. The company said: "This 6.1% increase demonstrates our strong commitment to our shareholders and shows the confidence the board of directors has in our ability to deliver sustainable earnings and cash flows. We expect future dividend increases to be in line with our stated long term earnings growth rate of 5-7% while maintaining a targeted payout ratio in the range of 55 to 65%."