By Colin Kellaher

 

American Electric Power Co. on Tuesday said its board raised the quarterly dividend by 5.4%, to 78 cents from 74 cents.

The new payout, equal to $3.12 a year, represents an annual yield of about 3.76% based on Monday's closing price of $82.99, up from about 3.57%.

The Columbus, Ohio, utility holding company said the increased dividend is payable Dec. 10 to shareholders of record Nov. 10.

AEP said the increase is in line with its 5% to 7% operating earnings growth range.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

October 19, 2021 11:28 ET (15:28 GMT)

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