This Magnificent Dividend Stock Expects to Continue Producing Powerful Income Growth
NextEra Energy (NYSE: NEE) has been a powerful income producer over the years. The utility has more than a quarter century of dividend increases under its belt. These haven't been token raises to keep its streak alive. NextEra has grown its payout at an 11% compound annual rate over the last 10 years. That's impressive, considering it operates in the slower-growing utility sector.
The company recently delivered its latest dividend increase, boosting the payout by 10%. It expects to maintain that rate for at least the next couple of years. That makes it a great stock for those seeking a rapidly rising income stream.
NextEra Energy recently updated its dividend policy. The utility set its prior plan in 2022, targeting to increase its dividend by around 10% per year off that year's base through at least 2024. With this year's 10% raise, the company has delivered on its original plan.
Source Fool.com
