Thursday, October 20th the Board of Directors of Pinnacle West Capital Corporation (PNW) announced a quarterly dividend increase of from $ 0.85 to $ 0.865 per share that’s payable December 1, 2022 to holders of record November 1, 2022. This represents a 1.76% increase over the last quarterly dividend.
With current price $ 64.61 (yesterday's close), this raise brings their dividend yield to 5.36%.
Pinnacle West Capital Corporation is a Dividend Contenders with an 11 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 5.1, 5.8, 5.7 and 4.7 (Dividend Champions.xls)
Since I own 65 shares of PNW, this will increase my portfolio's projected annual net dividend income by $ 2.91.
I was expecting an increase of around 4%, so the one now announced is considerably lower than my own expectations, anyway it is something which is better than nothing.
This is the second dividend increase I received from Pinnacle West Capital Corporation since initiating a position September 2020. During this period, the quarterly dividend has risen pathetic from $ 0.83 to $ 0.865, or 4.2 percent.
This increase raises my YOC to 4.77%.
Summary of 2022 Dividend Increases / Cuts
Click here to see my portfolio holdings.
You can follow the development of my dividends here.
Full Disclosure: Long PNW
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