IDACORP (IDA) Announces 7.8% Qtr. Dividend Hike to 55c/Share
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IDACORP (NYSE: IDA) announced that its Board of Directors approved an increase in the regular quarterly cash dividend on IDACORP's common stock of 7.8 percent to $0.55 per share. At the new rate, the indicated dividend on an annual basis is $2.20 per share.
"Today's action by the Board of Directors maintains the dividend payout ratio within IDACORP's stated long-term goal of between 50 and 60 percent of sustainable IDACORP earnings, based on the midpoint of projected 2016 annual earnings," said Darrel Anderson, IDACORP President and Chief Executive Officer. "IDACORP's Board of Directors has now approved dividend increases in each of the last five years, representing a cumulative increase of 83 percent in IDACORP's quarterly dividend. These increases are reflective of continued strong performance by the company.
"IDACORP remains committed to the target dividend payout ratio, and management anticipates recommending to the Board of Directors future annual increases of 5 percent or more until we reach the upper end of our target payout range," added Anderson.
The declaration of dividend payments and the approval of management's recommendations are at the discretion of the Board of Directors. In determining future dividend actions, the Board of Directors will continue to take into account factors such as current and projected capital requirements, the company's liquidity position and earnings, the competitiveness of the dividend yield, business cycles, credit rating impacts, legal requirements, long-term sustainability, and other factors.
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