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Edison International boosts dividend 3.8 percent

ROSEMEAD, Calif. (AP) -- Edison International said Thursday its board increased its quarterly dividend by 3.8 percent to 33.75 cents from 32.5 cents

The dividend is payable Jan. 31 to shareholders of record Dec. 31.

The electric utility said it's the ninth consecutive year it has increased its dividend.

"We want to begin the process of returning to our target dividend payout ratio of 45 to 55 percent of the earnings of Southern California Edison, and this year's slightly larger increase in our dividend rate is the first step," said Ted Craver, chairman and CEO of Edison International.

Shares of the company closed at $46.05, up 51 cents.