Avista raised its quarterly dividend by 3.2% on Wednesday, which the company said reflected its commitment to maximizing shareholder value.
The Spokane, Wash.-based utility company declared a dividend of 47.5 cents, up from 46 a share in the prior quarter.
The new payout, equal to $1.90 a year, represents an annual yield of 5.8% based on the Wednesday closing price of $32.64.
Avista said that the dividend raise marked its 22nd consecutive year raising its payout to shareholders.
“I believe it demonstrates the board’s commitment to maximizing shareholder value,” said Chief Executive Dennis Vermillion.