By Colin Kellaher
American Electric Power Co. on Tuesday said its board raised the quarterly dividend by 5.4%, to 78 cents from 74 cents.
The new payout, equal to $3.12 a year, represents an annual yield of about 3.76% based on Monday's closing price of $82.99, up from about 3.57%.
The Columbus, Ohio, utility holding company said the increased dividend is payable Dec. 10 to shareholders of record Nov. 10.
AEP said the increase is in line with its 5% to 7% operating earnings growth range.
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(END) Dow Jones Newswires
October 19, 2021 11:28 ET (15:28 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.