Why American States Water Stock Tumbled 11% in January

Shares of American States Water (NYSE: AWR) tumbled 10.8% in January, according to data provided by S&P Global Market Intelligence. There was no news specific to the regulated water utility to cause its decline, but it was coming off a stellar 2021 during which it had returned over 30% for investors, outperforming even the S&P 500.

Utilities aren't typically known for being growth stocks; instead, they're attractive because they provide their investors with a steady stream of income. American States' dividend currently yields 1.6%, putting it pretty much in the middle of the pack of water utilities, but its advantage is its longevity and consistency.

American States, which provides Southern California with clean water and electricity, has paid dividends for over 81 consecutive years and has increased the payout each year for 67 years, putting it in that rare group of stocks known as Dividend Kings, or stocks that have raised their dividends annually for 50 years or more.

Source Fool.com