NEW YORK (TheStreet) -- TerraForm Power (TERP) - Get Report shares are showing volatility on Monday after the clean power plant operator upped its quarterly dividend just five months after the company first went public. The stock was up as much as 0.8% before falling down 0.65% to $29.17.
The Beltsville, MD-based company raised its quarterly dividend to 27 cents per share, or $1.08 on an annualized basis, payable March 16 to shareholders of record on March 2. The new dividend will have an annualized yield of 3.7% based on the stock's previous closing price of $29.36.
"The 20% increase in our fourth quarter dividend is a direct result of TerraForm Power's continued strong performance and execution against strategy, including the closings of the Capital Dynamics and Hudson Energy Solar acquisitions as well as accelerated drop downs from SunEdison," said CEO Carlos Domenech.
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