Dividend Increase - Pinnacle West Capital Corporation (PNW)

 

Wednesday, October 18th the Board of Directors of Pinnacle West Capital Corporation’s (PNW) announced a quarterly dividend increase of from $ 0.865 to $ 0.88 per share that’s payable December 1, 2023 to holders of record November 1, 2023. This represents a 1.73% increase over the last quarterly dividend.

With current price $75.30 (yesterday's close), this raise brings their dividend yield to 4.67%.

Pinnacle West Capital Corporation is a Dividend Contenders with an 12 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 2.2, 4.5, 5.1 and 4.9 (Dividend Champions.xls)

Since I own 65 shares of PNW, this will increase my portfolio's projected annual net dividend income by $ 2.91.

A year ago the increase was the same as now, so this was no surprise, but I was expecting a bigger increase, so this announcement was a disappointment.

This is the third 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 $ 0.88, or 6.0 percent.

This increase raises my YOC to 4.85%.

Summary of 2023 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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