American Electric Power Company (AEP) will increase its quarterly dividend by 5.7 percent to 74 cents per share in 2020. This follows a 4.5 percent increase to $0.70 per share in 2019 and will mark the 11th consecutive year of annual dividend increases by the utility holding company.

The next dividend is payable December 10, 2020, to shareholders of record as of November 10, 2020, and is the company's 442nd consecutive quarterly common stock cash dividend. A new annual rate of $2.96 per share yields 3.3% at a stock price of $90.63.

In Today's press release AEP states that the increase is in line with the company's 5% to 7% operating earnings growth range. "AEP remains focused on delivering reliable, affordable and clean energy to our customers, while providing value to our shareholders," said Nicholas K. Akins, AEP chairman, president and chief executive officer. "AEP has paid a cash dividend on its common stock every quarter since 1910, and we're pleased our strategic business decisions continue to provide increased returns to our shareholders."

Also today Whirlpool Corporation announced a dividend increase of 4.2 percent. AEP will now pay an estimated annual dividend of $1.469 billion to its shareholders.

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.