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PNM Resources increases annual dividend on common stock by 6%

PNM Resources Inc. on Dec. 6 increased its annual dividend by 6% to $1.23 per share of common stock, in line with the company's target to pay out 50% to 60% of ongoing yearly earnings.

This results in a quarterly stock dividend of 30.75 cents per share, payable Feb. 14, 2020, to shareholders of record as of Feb. 3, 2020.

On the same day, PNM subsidiary Public Service Co. of New Mexico declared a regular quarterly dividend of $1.145 per share on its 4.58% series of cumulative preferred stock, payable Jan. 15, 2020, to shareholders of record as of Dec. 30, 2019.

In November, PNM announced ongoing net earnings of $103.6 million, or $1.29 per share, in the third quarter, up from $86.5 million, or $1.08 per share, in the prior-year quarter.