Edison International (EIX) will raise its quarterly dividend to $0.5425 per share. The increased dividend will be payable on January 31, 2017, to shareholders of record on December 30, 2016.

“We are pleased to increase our dividend for the 13th consecutive year, one of only four companies in the Philadelphia Utility Index with at least a decade of annual dividend growth,” said Pedro Pizarro, president and CEO of Edison International. “We still have additional opportunity to move higher in the range of our targeted payout ratio of 45 to 55 percent of the earnings of Southern California Edison. Dividend growth remains an important element of Edison International’s value proposition for investors as we target dividend growth in steps and over time, at a faster pace than SCE’s earnings growth.”

Today’s dividend increase indicates an annualized rate of $2.17 per common share and a yield of approximately 3.1% based on the $69.44 closing price on December 8, 2016.

Edison International, through its subsidiaries, is a generator and distributor of electric power, as well as a provider of energy services and technologies, including renewable energy. Headquartered in Rosemead, Calif., Edison International is the parent company of electric utility Southern California Edison. EIX provides commercial and industrial customers with energy management and procurement services and distributed solar generation.  Edison Energy is independent from Southern California Edison. California Electric Power Company merged with and into Southern California Edison Company as of January 1, 1964. Southern California Edison Common Stock automatically became SCEcorp Common Stock on July 1, 1988. SCEcorp Common Stock automatically became Edison International Common Stock and began trading under the symbol "EIX" on February 5, 1996. The company restarted quarterly dividends in 2004 with a dividend history originally dating back to 1910.