NOVI, Mich., Aug. 17, 2016 /PRNewswire/ -- ITC Holdings Corp. (NYSE: ITC) announced today that its board of directors declared a quarterly cash dividend of $0.2155 per share, an increase of approximately 15 percent from the previous quarterly rate of $0.1875 per share. This represents the eleventh consecutive year that ITC has raised the dividend rate on its common stock.
The quarterly cash dividend is payable on September 15, 2016 to shareholders of record on September 1, 2016.
"We are very pleased with today's announcement as we continue to deliver on our commitments to shareholders while concurrently focusing on the transaction with Fortis," said Joseph L. Welch, chairman, president and CEO. "This increase aligns with our dividend policy as well as the terms of the merger agreement with Fortis."
About ITC Holdings Corp.
ITC Holdings Corp. (NYSE: ITC) is the nation's largest independent electric transmission company. Based in Novi, Michigan, ITC invests in the electric transmission grid to improve reliability, expand access to markets, lower the overall cost of delivered energy and allow new generating resources to interconnect to its transmission systems. Through its regulated operating subsidiaries ITCTransmission, Michigan Electric Transmission Company, ITC Midwest and ITC Great Plains, ITC owns and operates high-voltage transmission facilities in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma, serving a combined peak load exceeding 26,000 megawatts along approximately 15,700 circuit miles of transmission line. ITC's grid development focus includes growth through regulated infrastructure investment as well as domestic and international expansion through merchant and other commercial development opportunities. For more information, please visit ITC's website at www.itc-holdings.com. (ITC-itc-F)
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SOURCE ITC Holdings Corp.