MILWAUKEE - WEC Energy Group (NYSE:WEC), a major energy company operating in the Midwest, announced an increase in its quarterly cash dividend. The dividend has been raised by 7 percent, from 78 cents to 83.50 cents per share on the company's common stock. This adjustment advances the annual dividend rate to $3.34 per share.
The new dividend is scheduled to be paid on March 1, 2024, to shareholders on record as of February 14, 2024. This upcoming dividend payment continues WEC Energy Group's long-standing practice of rewarding its stockholders, marking the 326th consecutive quarter, dating back to 1942, that the company has issued a dividend.
Gale Klappa, the executive chairman of WEC Energy Group, highlighted the company's consistent history of dividend growth, stating, "With today's action by our board, 2024 will be the twenty-first consecutive year of dividend increases for our stockholders." Klappa also mentioned the company's dividend payout target, which aims for a range of 65 to 70 percent of earnings.
WEC Energy Group serves nearly 4.7 million customers across Wisconsin, Illinois, Michigan, and Minnesota through its principal utilities which include We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources, and Upper Michigan Energy Resources. The company also operates a subsidiary, We Power, which specializes in the design, construction, and ownership of electric generating plants. Additionally, WEC Infrastructure LLC owns a portfolio of renewable generation facilities across various states.
As a Fortune 500 entity and a component of the S&P 500, WEC Energy Group holds more than $43 billion in assets, employs around 7,000 individuals, and has approximately 35,000 stockholders of record.
The information in this report is based on a press release statement.
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