The board of directors approved the hike from the previous rate of 44.5 cents, bringing the total annual distribution to $1.86 per share. Based on the company's recent closing price of $47.93, the new payout provides an annual dividend yield of approximately 3.9%.

Payment and Eligibility

According to the company’s announcement, the increased dividend is scheduled for distribution on June 1. Shareholders must be on the company's books by the close of business on May 7 to receive the payment.

The decision to raise the payout follows the company's latest financial review. By increasing the quarterly distribution to 46.5 cents, FirstEnergy aligns its yield with industry standards for regulated utilities, maintaining its appeal to income-oriented investors.