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PNM Resources boosts annual dividend by 9.3%

PNM Resources Inc. raised its annual dividend payment by 9 cents per share, or 9.3%, to $1.06 per common share.

The resulting quarterly stock dividend of 26.5 cents per share is payable Feb. 1, 2018, to shareholders of record at the close of business Jan. 18, 2018.

The company targets a payout of 50% to 60% of its annual ongoing earnings. For comparison, PNM has a latest dividend yield of 2.3%, which is below Pinnacle West Capital Corp.'s 3.1% and Xcel Energy Inc.'s 2.8%, according to S&P Capital IQ data.