Hawaiian Electric Industries Inc. (HE) will raise its quarterly dividend by 3.1 percent to $0.33 per share in 2020. This follows a 3.2 percent dividend hike by the utility company last year.

The next dividend is payable on March 10, 2020, to shareholders of record at the close of business on February 26, 2020. A new annualized dividend rate of $1.32 per share yields 2.6% at a stock price of $50.40.

Hawaiian Electric Industries Inc. supplies power to approximately 95% of Hawaii's population through its electric utility, Hawaiian Electric; provides a wide array of banking and other financial services to consumers and businesses through American, one of Hawaii's largest financial institutions; and helps advance Hawaii's clean energy and sustainability goals through investments by its non-regulated subsidiary, Pacific Current, LLC.