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PNM Resources Hikes Dividend; Affirms FY Ongoing EPS View

PNM Resources (PNM) said that its Board voted to increase the company's annual dividend payment by $0.10, a 9.4 percent increase, to an indicated annual rate of $1.16 per share of common stock. This increase to the annual dividend payment is consistent with the company's target to pay out 50 to 60 percent of annual ongoing earnings.

The company also affirmed its consolidated ongoing earnings guidance of $2.08 to $2.18 per share for 2019. Analysts polled by Thomson Reuters expected the company to report earnings of $ per share. Analysts' estimates typically exclude special items. Based on the guidance midpoint of $2.13, the indicated annual dividend rate of $1.16 represents a payout ratio of 54.5%.

The board has declared the resulting quarterly stock dividend of $0.29 per share, payable February 15, 2019, to shareholders of record at the close of business February 1, 2019.

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