Wednesday, February 7th the Board of Directors of Avista Corporation (AVA) announced a quarterly dividend increase of from $0.46 to $0.475 per share that’s payable March 15, 2024 to holders of record February 23, 2024. This represents a 3.26% increase over the last quarterly dividend.
“The dividend increase approved by the board of directors marks the twenty-second consecutive year the board has raised the dividend for our shareholders. I believe it demonstrates the board’s commitment to maximizing shareholder value,” said Avista Chief Executive Officer Dennis Vermillion.
With current price $33.16 (yesterday's close), this raise brings their dividend yield to 5.73%.
Avista is a Dividend Contenders with a 22 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 4.5, 4.3, 4.3 and 4.2 (Dividend Champions.xls)
Since I own 50 shares of AVA, this will increase my portfolio's projected annual net dividend income by $2.23.
I was expecting a rise of around 5%, so this announcement was a bit disappointing.
This is the 4th dividend increase I've received from Avista Corporation since initiating a position in July 2020. During this period, the dividend has increased as expected from $0.405 to $0.475 or 17.3%.
This increase raises my yield on cost to 5.31%.
Summary of 2024 Dividend Increases / Cuts
Click here to see my portfolio holdings.
You can follow the development of my dividends here.
Full Disclosure: Long AVA
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