Wednesday, December 20th the Board of Directors of WEC Energy Group, Inc. (WEC) announced plan to increase a quarterly dividend from $0.78 to $0.835 per share that’s payable March 1, 2024 to holders of record February 14, 2024. This represents a 7.05% increase over the last quarterly dividend. The directors expect to declare the new dividend at their regularly scheduled meeting in January.
"The board's review today is consistent with our ongoing plan targeting a dividend payout ratio of 65 to 70 percent of earnings," said Gale Klappa, executive chairman.
With current price $84.05 (yesterday's close), this raise brings their dividend yield to 3.97%.
WEC Energy Group is a Dividend Contenders with a 21 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 7.4, 7.2, 6.9 and 9.3 (Dividend Champions.xls)
Since I own 15 shares of WEC, this will increase my portfolio's projected annual net dividend income by $2.46.
This increase was in line with my expectations and I’m happy to take it.
This is the sixth dividend increase I've received from WEC Energy Group since initiating a position in February 2018. During this period, the dividend has grown quite good from $0.553 to $0.835 or 51%.
This increase raises my YOC to 5.59%.
Summary of 2023 Dividend Increases / Cuts
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You can follow the development of my dividends here.
Full Disclosure: Long WEC
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