Avista Corp. (AVA) will raise its quarterly dividend by 4.5 percent to $0.4050 per share in the first quarter of 2020. This follows a 4.2 percent dividend hike by the energy company last year.

The next dividend is payable March 13, 2020, to shareholders of record at the close of business on February 21, 2020. A new annual dividend rate of $1.62 per share yields 3.2% at a stock price of $51.17.

“The dividend increase approved by the board of directors marks the eighteenth consecutive year the board has raised the dividend for our shareholders. I believe it demonstrates the board’s commitment to maximizing shareholder value,” said Avista President and Chief Executive Officer Dennis Vermillion in today's press release.

Avista Corp. is an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses. Avista Utilities is the company's operating division that provides customers with electric service and natural gas. Its service territory includes eastern Washington, northern Idaho and parts of southern and eastern Oregon. Alaska Energy and Resources Company is an Avista subsidiary that provides retail electric service in the city and borough of Juneau, Alaska, through its subsidiary Alaska Electric Light and Power Company. Avista, formery The Washington Water Power Company, has paid a dividend every year since at least 1950.