AES Corp (AES) will raise its quarterly dividend by another 5.0 percent to $0.1505 per share in the first quarter of 2021, matching last year's five percent dividend hike. This will mark the 8th consecutive year of dividend increases by the utility company and matches last year's dividend hike by the power company.

The next dividend is payable on February 12, 2021 to shareholders of record at the close of business on January 29, 2021. A new annualized dividend of approximately $0.60 per share for AES yields 2.9% at a stock price of $20.87.

AES Corp will now pay an estimated $400 million in dividends to shareholders annually. The average dividend growth rate based on the last five years is 6.5 percent annually. The company hiked its dividend by exactly five percent in each of the last three years. The last time a double digit increase was announced was back in 2015, with a 10.0 percent increase.

The AES Corporation is a global power company, operating a portfolio of electricity generation and distribution businesses through its subsidiaries and affiliates. AES operates worldwide through its portfolio of distribution businesses as well as thermal and renewable generation facilities. The company is organized into four market-oriented SBUs: US and Utilities (United States, Puerto Rico and El Salvador); South America (Chile, Colombia, Argentina and Brazil); MCAC (Mexico, Central America and the Caribbean); and Eurasia (Europe and Asia). AES went public on June 25, 1991. The company was originally founded as Applied Energy Services, which was later contracted to AES. Today the company’s legal name is The AES Corporation. AES has paid a dividend to shareholders every year since 2012.