IDACORP Inc. IDA announced that the board of directors has approved a 5.6% increase in the quarterly dividend rate. The revised quarterly dividend will be 75 cents up from the previous quarterly rate of 71 cents. The company’s new annualized dividend rate is $3 and the current dividend yield is 2.9%, better than the Zacks S&P 500 composite’s 1.4%.IDACORP’s management has been annually raising the dividend rate and it belongs to an exclusive group of companies that have raised the dividend rate every year over the last decade. The board of directors approved a dividend increase this month, leading to a 150% total increase in annualized dividend over the aforesaid period.For the long term, the company’s management aims at upwardly revising the dividend rate by 5% or more. This would keep IDACORP near the upper end of the current target payout ratio between 60% and 70%.Can IDACORP Sustain Dividend Hikes?IDACORP’s regulated electric operations in Idaho generate a relatively stable earnings stream. Ongoing economic improvements in its service territories have helped the company in expanding the customer base. These factors are positively impacting its operating income.It projects capital expenditure to be $2 billion in the 2021-2025 time period. Owing to systematic investments for strengthening the generation portfolio, Idaho Power Hydroelectric Generation will be able to cater to the rising demand of the expanding customer base.The company has undertaken initiatives to enhance financial strength and improve the core business. An ongoing increase in the customer base results in an improvement in operating income and its steady performance paves the way for further increase in the annual dividend rate.Price MovementIn the past 12 months, IDACORP’s shares have outperformed the industry it belongs to.Image Source: Zacks Investment ResearchZacks Rank & Key PicksIDACORP currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the same industry include Exelon Corporation EXC, Otter Tail Corporation OTTR and Black Hills Corporation BKH. While Exelon and Otter Tail sport a Zacks Rank #1 (Strong Buy), Black Hills has a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.Exelon, Otter Tail, and Black Hills have a long-term (three to five years) earnings growth rate of 2.99%, 4.7%, and 5.09%, respectively.The Zacks Consensus Estimate for 2021 earnings for Exelon and Otter Tail has increased 1.07% and 39.2%, respectively, in the past 60 days. Black Hills delivered an average surprise of 5.65% in the last four quarters. Its Zacks Consensus Estimate for 2021 earnings has been unchanged in the past 60 days. Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $2.4 trillion by 2028 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Recommendations from previous editions of this report have produced gains of +205%, +258% and +477%. The stocks in this report could perform even better.See these 7 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Exelon Corporation (EXC): Free Stock Analysis Report IDACORP, Inc. (IDA): Free Stock Analysis Report Black Hills Corporation (BKH): Free Stock Analysis Report Otter Tail Corporation (OTTR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research