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The Board of Directors of PNM Resources (NYSE:PNM) today voted to increase the company's annual dividend payment by $0.08, a 5.8% increase, to an indicated annual rate of $1.47 per share of common stock. The increase reflects the third increase to the dividend during the company's pending merger. Based on the midpoint of the company's 2023 ongoing earnings guidance range of $2.60 to $2.75 per diluted share, the dividend increase is consistent with the company's target to pay out 55% of annual ongoing earnings.
The board has declared the resulting quarterly stock dividend of $0.3675 per share, payable February 17, 2023, to shareholders of record at the close of business February 3, 2023.
Also today, the Board of Directors of Public Service Company of New Mexico, a subsidiary of PNM Resources, declared the regular quarterly dividend of $1.145 per share on the 4.58 percent series of cumulative preferred stock. The preferred stock dividend is payable January 15, 2023 to shareholders of record at the close of business December 30, 2022.
Posted In: PNM
