Black Hills Corp (BKH) will raise its quarterly dividend by 6.3 percent to $0.505 per share in the fourth quarter of 2018. This marks the 48th consecutive year of annual dividend increases by the utility company.

Common shareholders of record at the close of business on November 19, 2018, will receive $0.505 per share, payable December 1, 2018.

The annual equivalent rate of $2.02 per share yields 3.3% at a stock price of $60.

"We are pleased to announce our 49(th) consecutive annual dividend increase, one of the longest records in the utility sector. This action demonstrates confidence in our long-term cash flow and earnings growth strategy," said David R. Emery, chairman and CEO of Black Hills Corp. "Our track record of dividend increases affirms our long-term strategy of sharing earnings growth with shareholders while maintaining the capital to continue building long-term customer and shareholder value."

Black Hills Corporation is a vertically integrated utility company headquartered in Rapid City, South Dakota. The company serves natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. The company also generates wholesale electricity and produces natural gas, oil and coal. Its predecessor company, Black Hills Power and Light Company, was incorporated and began providing electric utility service in 1941.