Dividend Increase - Pinnacle West Capital Corporation (PNW)

 

Wednesday, October 23rd the Board of Directors of Pinnacle West Capital Corporation (PNW) announced a quarterly dividend increase of from $ 0.88 to $ 0.895 per share that’s payable December 2, 2024 to holders of record November 4, 2024. This represents a 1.7% increase over the last quarterly dividend.

With current price $88.23 (yesterday's close), this raise brings their dividend yield to 4.06%.

Pinnacle West Capital Corporation is a Dividend Contenders with an 13 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 1.8, 3.0, 4.2 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.

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 little disappointment.

This is the fourth 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 $0.895, or 7.8 percent.

This increase raises my YOC to 4.93%.

Summary of 2024 Dividend Increases / Cuts

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You can follow the development of my dividends here.

Full Disclosure: Long PNW

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