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Pinnacle West Capital Corporation (NYSE: PNW) announced a 2.4% increase in its annual dividend, raising it by $0.08 per share to $3.40 annually or $0.85 quarterly. The new dividend will be paid on December 1, 2021, to shareholders of record as of November 16, 2021. This marks the 10th consecutive year of dividend growth, reflecting the company’s commitment to provide attractive yields and long-term growth, despite ongoing regulatory uncertainties.
Positive
10 consecutive years of dividend growth.
Quarterly dividend increase to $0.85 per share, indicating strong shareholder value.
Negative
Recent state regulatory decisions create uncertainty in delivering capital appreciation.
Company to Provide Update to Long-Term Financial Outlook on Nov. 5 Earnings Call
PHOENIX--(BUSINESS WIRE)--
Pinnacle West Capital Corporation’s (NYSE: PNW) board of directors voted today to raise the Company’s dividend by 2.4 percent, or 8 cents per common share annually. This action will result in an indicated annual dividend of $3.40 per share – or $0.85 per share quarterly. The declared quarterly dividend is payable Dec. 1, 2021, to shareholders of record at the close of business Nov. 16, 2021.
“Despite recent state regulatory decisions and uncertainty that has made it difficult to deliver capital appreciation in the current environment, today’s board action sends a message to our shareholders that their investment in our company and the communities we serve is valued and appreciated,” said Chairman, President and CEO Jeff Guldner. “We have consistently grown our dividend for 10 consecutive years, and we remain committed to providing an attractive yield and long-term growth.”
Earnings Release, Webcast and Conference Call
In addition, as previously announced, Pinnacle West plans to release its 2021 third-quarter results before the U.S. financial markets open tomorrow, Friday, Nov. 5, 2021.
That same day at noon ET (9 a.m.Arizona time), the Company will host a live webcast of management’s conference call to discuss the Company’s financial results and recent developments, and to provide an update on the company’s long-term financial outlook. The webcast can be accessed at pinnaclewest.com/presentations and will be available for replay on the website for 30 days. To access the live conference call by telephone, dial (888) 506-0062 or (973) 528-0011 for international callers and enter participant access code 360712. A replay of the call also will be available at pinnaclewest.com/presentations or by telephone until 11:59 p.m. ET, Friday, Nov. 12, 2021, by calling (877) 481-4010 in the U.S. and Canada or (919) 882-2331 internationally and entering passcode 37822.
General Information
Pinnacle West Capital Corp., an energy holding company based in Phoenix, has consolidated assets of approximately $22 billion, about 6,300 megawatts of generating capacity and more than 6,000 employees in Arizona and New Mexico. Through its principal subsidiary, Arizona Public Service, the company provides retail electricity service to more than 1.3 million Arizona homes and businesses. For more information about Pinnacle West, visit the company’s website at pinnaclewest.com.
