American Electric Power Declares $0.56/Share Dividend

American Electric Power Co. AEP disclosed that its board has given its approval for a regular quarterly cash dividend of $0.56 a share on its common stock. According to the company, the dividend would be payable on June 10.

American Electric Power said that it fixed May 10 as the record date for determining the eligible shareholders to get the dividend. The company claimed that it was the 424th straight quarterly common stock cash dividend. The company has been paying a cash dividend for every quarter since July 1910.

However, in the last six-year period, the company has been boosting its dividend rate continuously. Its five-year average dividend growth rate was 4.39 percent while the three-year average rate was 5.06 percent. The company's dividend yield worked out to 3.6 percent, which was lower than the five-year average dividend yield of 3.90 percent.

On Tuesday, shares of the company traded 0.2 percent higher.