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AEP boosts quarterly dividend to 49 cents

COLUMBUS, Ohio (AP) -- American Electric Power Co. said Tuesday that its board approved a 4 percent increase to the company's regular quarterly cash dividend, boosting it by 2 cents to 49 cents.

The increase marked the Columbus, Ohio-based utilities' first since October 2011. It will be paid on June 10 to shareholders of record as of May 10.

AEP said the increase is in line with its efforts to boost value for shareholders. Its shares rose 8 cents to $50.45 in afternoon trading.