Boston, MA 09/19/2014 (wallstreetpr) – Holding company for electric utility company, IDACORP Inc (NYSE:IDA) said that its Board of Directors had given its nod for an increase of 9.3% in quarterly dividend rate to 47 cents a share from 43 cents a share. The increase happens after maintaining dividend for four quarters.
For a long time, IDACORP Inc (NYSE:IDA) was paying a dividend of 30 cents a share until the period November 2011. Therefore, an increase in dividend has been happening only from February 2012. This has lifted the average dividend growth pace for both the three-year and five-year period.
Dividend Payment
According to the company’s statement, the dividend of 47 cents a share would be paid to the shareholders of record as on November 5. The latest dividend rate works out to $1.88 a share on an annualized basis. IDACORP Inc (NYSE:IDA) has set the date of December 1 for paying a dividend. The stock would become ex-dividend from November 3.
The latest dividend provides 3.4% yield, and the average projected ten-year yield would climb to 12.18%. The current dividend yield is better than the five-year average dividend yield of 3.2%. Similarly, the recently announced dividend payout ratio worked out to 49%, which was higher than the five-year average payout ratio of 42.00%.
Growth Rate And History
The current dividend announcement has also had its impact on the growth rate for the three-year and five-year period. While the average dividend growth rate for the three-year worked out to 12.83%, the five-year average dividend growth pace represented 7.7%.
IDACORP Inc (NYSE:IDA) has been paying dividend since 1917. However, a continuous increase in dividend has been recorded in the last two years only.
According to Nasdaq data, IDACORP Inc (NYSE:IDA) was paying a dividend of 30 cents a share from November 2003 till November 2011 after slashing it from 46.5 cents a share in August 2003. It was increased to 33 cents a share in February 2012 and to 38 cents a share in November same year. The quarterly dividend jumped to 43 cents a share in November 2013 and was retained it for four quarters.
