IDACORP, Inc. (IDA) will raise its quarterly dividend by 6.3 percent to $0.67 per share in 2019. This follows a 6.8 percent dividend hike last year and marks the company's 8th consecutive year of dividend increases. 

The new annual dividend rate of $2.68 yields 2.4% at a stock price of $111. The company did not yet announce a record and payment date for the next quarterly dividend.

"IDACORP's Board of Directors has approved an annual dividend increase every year since 2012, resulting in a cumulative average growth rate of over 9%," said Darrel Anderson, IDACORP President and Chief Executive Officer. "These changes represent an overall increase of 123% in IDACORP's quarterly dividend over that period. Our customer and earnings growth have allowed us to increase the dividend to shareholders, while Idaho Power customers continue to benefit from some of the lowest energy prices in the nation.

"At this time, management expects to recommend to the Board of Directors future annual increases in the dividend of 5% or more which would keep the company near the upper end of the current target payout ratio of between 50 and 60 percent of sustainable IDACORP earnings. However, we expect to further discuss with the board the appropriate target payout ratio in mid-November."

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.