Shares of Idacorp Inc. IDA, +0.89% rose 0.7% in afternoon trading Friday, after the Idaho-based utility raised its quarterly dividend by 5.6%, to 75 cents a share from 71 cents. The new dividend’s payable and record dates will be announced during the fourth quarter. Based on current stock prices, the new annual dividend rate of $3.00 a share implies a dividend yield of 2.91%, compared with the yield for the SPDR Utilities Select Sector ETF XLU, -1.54% of 2.95% and the implied yield for the S&P 500 SPX, -0.91% of 1.37%. Idacorp said it now plans to recommend to the board of directors future increases in the annual dividend by 5% or more. The stock has gained 7.5% year to date, while the utilities ETF has tacked on 6.8% and the S&P 500 has gained 17.9%.
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