UPDATE: PNM Resources (PNM) Raises Quarterly Dividend 9.4% to $0.29; 2.7% Yield; Affirms FY19 EPS Guidance
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(Updated - December 7, 2018 6:37 AM EST)
PNM Resources (NYSE: PNM) declared an al dividend of $0.29 per share, or $1.16 annualized. This is a 9.4% increase from the prior dividend of $0.265.
The dividend will be payable on February 15, 2019, to stockholders of record on February 1, 2019, with an ex-dividend date of January 31, 2019.
"In light of our financial forecasts, the board has determined that it is appropriate to move higher within our targeted payout ratio of 50 to 60% and begin targeting the mid to upper end of that range," said Pat Vincent-Collawn, PNM Resources' chairman, president and CEO. "The resulting increase to the dividend yield is also more consistent with that of our regulated electric industry peers. Going forward, dividend increases are expected to be consistent with the rate of targeted earnings growth."
The annual yield on the dividend is 2.7 percent.
Management also affirmed its consolidated ongoing earnings guidance of $2.08 to $2.18 per diluted share for 2019. Based on the guidance midpoint of $2.13, the indicated annual dividend rate of $1.16 represents a payout ratio of 54.5%.
For a dividend history and other dividend-related data on PNM Resources (PNM) click here.
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Create E-mail Alert Related CategoriesDividend Hike, Dividends, Guidance, Management Comments
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