Energy holding company Pinnacle West Capital Corporation (PNW) will raise its quarterly dividend by 6.1 percent to $0.7825 per share in 2019, matching last year's dividend increase of 6.1 percent.

The next dividend is payable December 2, 2019, to shareholders of record on November 4, 2019. A new annual rate of $3.13 per share yields 3.3% at a stock price of $94.

“Today’s board action is consistent with prior guidance to investors that we intend to target dividend growth at about 6 percent per year,” said Chairman, President and CEO Don Brandt. “This payout keeps our total shareholder return competitive with peer utilities, while also allowing us to retain earnings to finance growth and investment in one of the country’s fastest growing states.”

Pinnacle West Capital Corp is an energy holding company based in Phoenix. The company operates through regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses and related activities, and includes electricity generation, transmission and distribution. Through its principal subsidiary, Arizona Public Service (APS), the company provides retail electricity service to homes and businesses in Arizona. Pinnacle West’s other principal subsidiary Bright Canyon Energy focuses on new growth opportunities that leverage PNW’s core expertise in the electric energy industry.