Dominion Resources (D) will raise its quarterly dividend by 7.9 percent from $0.60 to $0.6475 per share. 2015 will mark the 12th consecutive year of annual dividend increases by the utility holding company.

The board also set a new goal to achieve a 70-75 percent dividend payout ratio in 2015 through the end of the decade. The new policy replaces one established in December 2012 to achieve a 65-70 percent payout ratio.

Thomas F. Farrell II, chairman, president and chief executive officer, said: "The new targeted dividend payout ratio and rate reflect Dominion's confidence in achieving 6-7 percent operating earnings per share growth through 2020 and in the expected value of Dominion Midstream's cash flows to Dominion shareholders."

Dividends are payable on March 20, 2015, to shareholders of record at the close of business Feb. 27, 2015.

This is the 348th consecutive dividend that Dominion or its predecessor company has paid holders of common stock. The company's last quarterly dividend was declared Oct. 15, 2014.

Subject to quarterly declaration by the board, the annual dividend rate will have increased nearly 88 percent since 2006, when Dominion announced a strategic repositioning that has included the sell-off of most of the company's commodity-sensitive businesses and has focused on regulated and long-term contracted energy infrastructure operations and customer demand-oriented growth.

Dominion Resources, Inc. is a diversified utility holding company. Dominion produces and sells electric energy in Virginia and northeastern North Carolina. The company operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers.