American Electric Power Company (AEP) will raise its quarterly dividend by 4.5 percent to $0.70 per share in 2019. This will mark the 10th consecutive year of annual dividend increases by the utility holding company.

The next dividend will be paid on December 10, 2019 to shareholders of record on November 8, 2019. A new annual rate of $2.80 per share yields 2.9% at a stock price of $95.72.

"AEP's Board of Directors also voted earlier this week to boost our quarterly dividend by 3 cents to 70 cents per share, an increase of 4.5%. Over the last two years, we've grown our dividend by an average of 6.3%, in line with our 5% to 7% earnings growth range and well within our targeted 60% to 70% payout ratio," said Nicholas K. Akins, AEP's chairman, president and chief executive officer.

American Electric Power Company, Inc. (AEP) is an electric utility company. AEP's family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners, and AEP Renewables, which provide innovative competitive energy solutions nationwide. AEP has paid a cash dividend on its common stock every quarter since July 1910.