IDACORP (IDA) Offers Dividend Hike: Time To Buy The Stock?
Zacks Investment Research | Sep 14, 2016 05:47AM ET
The board of directors of IDACORP, Inc. (NYSE:IDA) has approved a 7.8% increase in its quarterly dividend rate.
The latest hike marks an increase of 4 cents from the last quarterly dividend rate of 51 cents per share and it reflects management's confidence in the company’s long-term financial strength and performance. The new annualized dividend amounts to $2.20 per share, up from $2.04 paid earlier, resulting in a dividend yield of 2.9%.
IDACORP's management has been raising the dividend payout since the last five years, having increased the amount by a cumulative 83% so far.
Long-Term Dividend Goals
IDACORP affirmed that its long term goal of between 50 and 60% of sustainable earnings will be maintained on the support of the midpoint of projected 2016 annual earnings.
With no near-term debt, management plans to offer annual dividend hikes of 5% until it touches the high end of its payout target.
IDACORP INC Price
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