Edison International raised its annual common stock dividend rate by 13%, from $1.92 per share to $2.17 per share.

Along with the dividend rate hike, the company declared a quarterly common stock dividend of 54.25 cents per share, payable Jan. 31, 2017, to shareholders of record Dec. 30.

"We still have additional opportunity to move higher in the range of our targeted payout ratio of 45 to 55 percent of the earnings of Southern California Edison. Dividend growth remains an important element of Edison International's value proposition for investors as we target dividend growth in steps and over time, at a faster pace than SCE's earnings growth," Edison International president and CEO Pedro Pizarro said in a Dec. 8 statement.