IDACORP, Inc. (IDA) will raise its quarterly dividend by 6.8 percent to $0.63 per share in 2018. This follows a 7.3 percent dividend hike last year and marks the company's 7th consecutive year of dividend increases. However IDA did cut its dividend in 2003, when the quarterly payment was lowered from 46.5 to 30 cents per share.

The dividend record and payable dates will be announced during the fourth quarter of 2018. The new annual dividend of $2.52 per share yields 2.4% at a stock price of $99.20.

"IDACORP remains committed to a target dividend payout ratio of between 50 and 60 percent of sustainable IDACORP earnings. Management currently expects to recommend to the Board of Directors future annual increases of 5 percent or more to remain near the upper end of the target payout range. As always, we will continue to evaluate the appropriate future target dividend payout ratio considering various factors and economic conditions," added Anderson.

IDACORP, Inc. is a holding company comprised of Idaho Power, a regulated electric utility; IDACORP Financial, a holder of affordable housing projects and other real estate investments; and Ida-West Energy, an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978.