Wisconsin Energy Corporation (WEC)

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WEC Energy Group announces plan to increase dividend by 7 percent

1:29 pm ET December 5, 2019 (PR Newswire) Print


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 63.25 cents per share in the first quarter of 2020. This would represent an increase of 4.25 cents per share.

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 $2.53 per share - would be payable March 1, 2020, to stockholders of record on Feb. 14, 2020.

"The board's review today is consistent with our ongoing plan to target a dividend payout ratio of 65 to 70 percent of earnings," said Gale Klappa, executive chairman.

The projected dividend growth for 2020 is in line with the company's longer-term objective to grow earnings per share at a 5 to 7 percent average annual rate.

In addition, the company introduced earnings guidance for 2020. Calendar year 2020 earnings are expected to be in a range of $3.71 to $3.75 per share.