MILWAUKEE, Dec. 7, 2017 /PRNewswire/ — The board of directors of WEC Energy Group (NYSE: WEC) today announced that it is planning to raise the quarterly dividend on the company’s common stock to 55.25 cents per share in the first quarter of 2018. This would represent an increase of 3.25 cents per share or 6.25 percent over the current quarterly rate.
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 $2.21 per share – is expected to be payable March 1, 2018, to stockholders of record on Feb. 14, 2018.
“The board’s action today is consistent with our objective to target a dividend payout ratio of 65 to 70 percent of earnings,” said Gale Klappa, chairman of the board and chief executive officer.
The projected dividend growth for 2018 is also in line with the company’s longer term objective to grow earnings per share at a 5 to 7 percent average annual rate.
WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation’s premier energy companies, serving 4.4 million 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 Energy Group (wecenergygroup.com), a component of the S&P 500, has approximately 55,000 stockholders of record, 8,500 employees, and more than $30 billion of assets.
Certain statements contained in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based upon management’s current expectations and are subject to risks and uncertainties that could cause our actual results to differ materially from those contemplated in the statements. Readers are cautioned not to place undue reliance on these statements. Forward-looking statements include, among other things, statements concerning management’s expectations and projections regarding dividend payments and dividend and earnings growth rates. In some cases, forward-looking statements may be identified by reference to a future period or periods or by the use of forward-looking terminology such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “guidance,” “intends,” “may,” “objectives,” “plans” “possible,” “potential,” “projects,” “should,”