Thursday, December 5th the Board of Directors of WEC Energy Group, Inc. (WEC) announced plan to increase a quarterly dividend from $0.835 to $0.8925 per share that’s payable March 1, 2025 to holders of record February 14, 2025. This represents a 6.89% 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 Scott Lauber, president and CEO. "The projected dividend for 2025 is in line with the company's longer-term objective to grow earnings per share at a 6.5 to 7 percent compound annual growth rate."
With current price $95.52 (today's open), this raise brings their dividend yield to 3.74%.
WEC Energy Group is a Dividend Contenders with a 22 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 7.2, 7.2, 7.1 and 8.0 (DividendChampions.xls)
Since I own 30 shares of WEC, this will increase my portfolio's projected annual net dividend income by $5.14.
This increase was in line with my expectations and I’m happy to take it.
This is the seventh dividend increase I've received from WEC Energy Group since initiating a position in February 2018. During this period, the dividend has increased in line with expectations from $0.553 to $0.8925, or 61.4%.
This increase raises my YOC to 5.11%.
Summary of 2024 Dividend Increases / Cuts
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You can follow the development of my dividends here.
Full Disclosure: Long WEC
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