Hawaiian Electric Industries hikes dividend by 3%

Hawaiian Electric Industries Inc. (HE) will raise its quarterly dividend by 3.0 percent to 34 cents per share in 2021. This follows a dividend hike of 3.1 percent to $0.33 per share in 2020 and marks the third consecutive year of dividend increases.

The next dividend is payable March 10, 2021, to shareholders of record at the close of business on February 25, 2021. Dividends have been paid on an uninterrupted basis since 1901. At the indicated annual dividend rate and based on the closing share price on February 9, 2021 of $33.98, HEI's dividend yield would be 4.0%.

Hawaiian Electric Industries will now pay shareholders an estimated $149 million in dividend annually. The company kept its dividend steady for more than a decade before the first hike was announced in 2019.

Hawaiian Electric Industries Inc. supplies power to approximately 95% of Hawaii's population through its electric utility, Hawaiian Electric; provides a wide array of banking and other financial services to consumers and businesses through American, one of Hawaii's largest financial institutions; and helps advance Hawaii's clean energy and sustainability goals through investments by its non-regulated subsidiary, Pacific Current, LLC.