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 83.50 cents per share in the first quarter of 2024. This would represent an increase of 5.5 cents per share, or 7 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 $3.34 per share — would be payable March 1, 2024, to stockholders of record on Feb. 14, 2024.

“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.

WEC Energy