PPL Corporation (PPL) will cut its quarterly dividend by 51.8 percent to 20 cents per share. The utility holding company last raised its quarterly dividend by 0.6 percent to $0.415 per share in 2020, at the time marking 19 consecutive years of increases.

From the company's press release: In addition, PPL announced a quarterly common stock dividend of $0.20 per share, payable April 1, 2022, to shareowners of record as of March 10, 2022. This will mark the company's 305th consecutive quarterly dividend paid since 1946. The dividend payment is based on projected earnings per share from PPL's existing business operations in Pennsylvania and Kentucky and the company's targeted payout ratio of 60%-65%. During its investor day, PPL plans to provide updated annualized dividend expectations and future dividend growth projections that are in line with earnings per share growth.

The new annual dividend rate of $0.80 for PPL per share yields 3.1% at a stock price of $26.10.

PPL Corporation is utility holding company.  PPL Electric was founded in 1920 as Pennsylvania Power & Light Company. PPL, through its regulated utility subsidiaries, delivers electricity to customers in the U.K., Pennsylvania, Kentucky and Virginia; delivers natural gas to customers in Kentucky; and generates electricity from power plants in Kentucky. PPL Corporation, headquartered in Allentown, Pennsylvania, was incorporated in 1994 and has paid a dividend in every quarter since 1946.