WEC Energy Group plans 6.9% dividend hike in 2025

WEC Energy Group (WEC) will raise its quarterly dividend by 6.9 percent to 89.25 cents per share in 2024. This will mark the 22nd consecutive year of annual dividend increases by the utility company.

The board of directors of WEC Energy Group announced that it is planning to raise the quarterly dividend on the company's common stock to 89.25 cents per share in the first quarter of 2025. This would represent an increase of 5.75 cents per share, or 6.9 percent.

The directors expect to declare the new dividend at their regularly scheduled meeting in January. The dividend — which would be equivalent to an annual rate of $3.57 per share — would be payable March 1, 2025, to stockholders of record on Feb. 14, 2025.

"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."

At a stock price of $97 the dividend yield for WEC is 3.7%. Last year the company announced a dividend hike of 7.1% to 83.5 cents per share quarterly. Other utility companies announcing a dividend hike recently in the USA include York Water and Spire.

WEC Energy Group, Inc. is a holding company, which has electric and natural gas utility operations with customers in Wisconsin, Illinois, Michigan and Minnesota. The company's principal utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources. The company's other major subsidiary, We Power, designs, builds and owns electric generating plants. WEC has paid a dividend every year since 1942.