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In a recent shareholders’ meeting held virtually on January 30, 2025, Spire Inc. (NYSE:SR), a $4.1 billion utility company trading near its 52-week high of $73.64, addressed several key proposals, with the results filed with the SEC on January 31, 2025.
According to InvestingPro analysis, the company currently appears overvalued based on its Fair Value metrics. The meeting saw high shareholder participation, with over 90% of eligible shares represented.
The election of directors was a major agenda item, with three nominees confirmed for a three-year term ending in 2028. Carrie J. Hightman, Paul D. Koonce, and Brenda D. Newberry were elected with a substantial majority, although Newberry faced a slightly higher number of withheld votes. The company’s strong governance track record is reflected in its 21-year streak of consecutive dividend increases, as highlighted by InvestingPro.
Shareholders also cast a favorable advisory vote on the executive compensation for the company’s named executive officers. The vote, while not binding, indicates shareholder support for Spire’s executive pay structure.
Another significant proposal was the approval of the Spire 2025 Equity Incentive Plan, which passed despite a notable number of votes against it. The plan is designed to offer equity-based incentives to employees and align their interests with those of shareholders.
Finally, the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year 2025 was ratified with an overwhelming majority.
The detailed voting outcomes, demonstrating shareholder engagement and support for the company’s proposals, are based on a press release statement and reflect the decisions made by Spire Inc.’s investors regarding the company’s governance and future direction.
With the company’s next earnings report due on February 5, 2025, investors can access comprehensive analysis and additional insights through InvestingPro’s detailed Research Report, which is part of their coverage of over 1,400 US stocks.
In other recent news, Spire Inc. has announced an increased quarterly common stock dividend of $0.785 per share, marking the 22nd consecutive year of increased annualized dividends. The company’s board also declared a regular quarterly dividend for its preferred stock.
Spire’s CEO, Steven L. Lindsey, has taken an indefinite health-related leave of absence, with Executive Vice President and COO Scott E. Doyle assuming Lindsey’s responsibilities. Despite this change, operations are expected to remain unaffected.
Spire has requested a net increase of $235.9 million in base rates for natural gas services from the Missouri Public Service Commission, aiming to address system investments and operating costs. Mizuho (NYSE:MFG) Securities upgraded Spire’s stock from Neutral to Outperform, raising the price target to $76.00 due to an increased forecast for the company’s adjusted earnings per share (EPS) for fiscal year 2026.
Finally, Spire reported improved financial performance, with fourth-quarter earnings surpassing estimates. The company issued fiscal 2025 adjusted EPS guidance of $4.40 to $4.60, significantly higher than the current analyst consensus of $4.38.
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