COLUMBUS, Ohio, Oct. 25, 2016 /PRNewswire/ -- The Board of Directors of American Electric Power Co. (NYSE: AEP) today declared a regular quarterly cash dividend of 59 cents a share on the company's common stock, increasing the dividend 5.4 percent from the previous 56 cents a share. AEP last increased its dividend in October 2015.
The dividend is payable Dec. 9, 2016, to shareholders of record as of Nov. 10, 2016. AEP has paid a cash dividend on its common stock every quarter since July 1910.
"This dividend increase reflects our confidence in growing shareholder value through our regulated business strategy," said Nicholas K. Akins, AEP chairman, president and chief executive officer. "Our dividend has grown 20 percent over the past five years, thanks to the hard work of our employees and their focus on continuous improvement. We are pleased to continue AEP's tradition of delivering strong financial results and rewarding our investors with a dividend for the 426th consecutive quarter."
American Electric Power is one of the largest electric utilities in the United States, delivering electricity and custom energy solutions to nearly 5.4 million customers in 11 states. AEP owns the nation's largest electricity transmission system, a more than 40,000-mile network that includes more 765-kilovolt extra-high voltage transmission lines than all other U.S. transmission systems combined. AEP also operates 224,000 miles of distribution lines. AEP ranks among the nation's largest generators of electricity, owning approximately 31,000 megawatts of generating capacity in the U.S. AEP also supplies 3,200 megawatts of renewable energy to customers. AEP's utility units operate as AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). AEP's headquarters are in Columbus, Ohio.
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SOURCE American Electric Power