MILWAUKEE - Wisconsin Electric Power Co., known as We Energies and a subsidiary of WEC Energy Group (NYSE: NYSE:WEC), announced today its board of directors has declared quarterly cash dividends on the company's Preferred Stock. A dividend of 90 cents per share on the 3.60% Series Preferred Stock is to be paid on March 1, 2024, to shareholders of record as of February 14, 2024. Additionally, a dividend of $1.50 per share on the Six Per Cent Preferred Stock will be distributed on April 30, 2024, with the record date set for April 12, 2024.
We Energies provides service to over 1.1 million electric customers and more than 490,000 natural gas customers throughout Wisconsin. As a segment of WEC Energy Group, the company plays a significant role in the region's energy infrastructure.
The information in this article is based on a press release statement from Wisconsin Electric Power Co.
InvestingPro Insights
Wisconsin Electric Power Co.'s commitment to shareholder returns is further evidenced by its impressive track record of dividend payments, a streak that has been maintained for 26 consecutive years. This consistency is a testament to the company's financial resilience and strategic planning. According to recent data from InvestingPro, the company boasts a robust dividend yield of 5.21% as of the last measurement, which is particularly attractive to income-focused investors.
Moreover, the company's financial health is underlined by a remarkable gross profit margin of 92.39% over the last twelve months as of Q3 2023, suggesting efficient management and a strong market position. Adding to the positive outlook, analysts predict sales growth for the current year and anticipate the company will maintain profitability, which could signal further stability and potential for capital appreciation. Investors looking to delve deeper into the company's metrics can find additional InvestingPro Tips that highlight the company's low P/E ratio relative to near-term earnings growth and the fact that its liquid assets exceed short-term obligations.
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