IDACORP Increases Common Stock Dividend From $0.79 To $0.83/Share
Portfolio Pulse from Benzinga Newsdesk
IDACORP, Inc. (NYSE:IDA) has announced a 5.1% increase in its regular quarterly cash dividend on its common stock to $0.83 per share. The company's Board of Directors has approved a dividend increase every year since 2011, resulting in a cumulative dividend increase of 177% since 2011. The company plans to recommend future annual increases in the dividend of around 5% and aims to move towards a target payout ratio of 60% to 70% of sustainable IDACORP earnings.
September 22, 2023 | 8:37 pm
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POSITIVE IMPACT
IDACORP's dividend increase could attract income-focused investors, potentially driving up the stock price in the short term. The company's consistent dividend growth and future plans for increases may also boost investor confidence.
Dividend increases are often seen as a sign of a company's strong financial health. A higher dividend can make a stock more attractive to investors who seek regular income, potentially leading to increased demand for the stock and a rise in its price. Furthermore, IDACORP's consistent history of dividend growth and its plans for future increases could signal to investors that the company has a stable and potentially growing income, which could further boost investor confidence and the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100