Portland General Electric (POR) will raise its quarterly dividend by 6.2 percent to $0.385 per share in the second quarter of 2019. This marks the 13th consecutive year of dividend increases by the utility company.

The next dividend is payable on or before July 15, 2019 to shareholders of record at the close of business on June 25, 2019. A new annualized rate of $1.54 per share yields 3% at today's closing price of $51.19.

In its press release the company states that the dividend is evaluated based on capital requirements and financial performance and that PGE targets a dividend payout ratio of 60 to 70% over the long term.

Portland General Electric Company is a vertically-integrated electric utility with corporate headquarters located in Portland, Oregon, is engaged in the generation, wholesale purchase, transmission, distribution, and retail sale of electricity in the state of Oregon. The company participates in the wholesale market through the purchase and sale of electricity and natural gas. PGE was incorporated in 1930 and has paid a dividend every year since 2006. The company has natural gas-fired generating facilities  and operates wind farms and hydroelectric projects.