Energy holding company Pinnacle West Capital Corporation (PNW) will raise its quarterly dividend by another 6.1 percent to $0.83 per share in 2020, matching last year's dividend increase of 6.1 percent.

The next dividend is payable December 1, 2020, to shareholders of record on November 2, 2020. A new annual rate of $3.32 per share yields 3.8% at a stock price of $86.73.

“Today’s board action keeps our shareholder dividend payout competitive with peer utilities, while also allowing us to retain earnings to finance continued investment in our customers and communities,” said Chairman, President and CEO Jeff Guldner.

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.