WEC Energy Group Inc (WEC) Declares Dividend Increase – $0.59 Per Share
WEC Energy Group Inc (NYSE:WEC) announced a quarterly dividend on Thursday, December 6th, RTT News reports. Investors of record on Thursday, February 14th will be given a dividend of 0.59 per share by the utilities provider on Friday, March 1st. This represents a $2.36 annualized dividend and a dividend yield of 3.20%. This is a boost from WEC Energy Group’s previous quarterly dividend of $0.55.
WEC Energy Group has raised its dividend by an average of 10.1% per year over the last three years and has raised its dividend every year for the last 7 years. WEC Energy Group has a dividend payout ratio of 66.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect WEC Energy Group to earn $3.51 per share next year, which means the company should continue to be able to cover its $2.21 annual dividend with an expected future payout ratio of 63.0%.
WEC stock opened at $73.75 on Friday. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.51 and a quick ratio of 0.34. WEC Energy Group has a 1 year low of $58.48 and a 1 year high of $74.16. The firm has a market capitalization of $23.12 billion, a P/E ratio of 23.49, a price-to-earnings-growth ratio of 5.02 and a beta of -0.01.
In other WEC Energy Group news, CEO Gale E. Klappa sold 10,000 shares of the business’s stock in a transaction on Monday, December 3rd. The shares were sold at an average price of $72.48, for a total transaction of $724,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Joseph Kevin Fletcher sold 72,455 shares of the business’s stock in a transaction on Tuesday, November 27th. The stock was sold at an average price of $70.65, for a total transaction of $5,118,945.75. The disclosure for this sale can be found here. In the last three months, insiders have sold 319,073 shares of company stock valued at $22,864,524. Company insiders own 0.97% of the company’s stock.
WEC has been the subject of several analyst reports. Zacks Investment Research lowered shares of WEC Energy Group from a “buy” rating to a “hold” rating in a research note on Thursday, August 9th. Howard Weil initiated coverage on shares of WEC Energy Group in a research note on Tuesday, September 4th. They issued a “sector outperform” rating and a $72.00 price objective for the company. Scotia Howard Weill began coverage on shares of WEC Energy Group in a research note on Tuesday, September 4th. They issued a “sector outperform” rating and a $72.00 price objective for the company. Wells Fargo & Co boosted their target price on shares of WEC Energy Group from $71.00 to $75.00 and gave the stock an “outperform” rating in a research report on Monday, September 17th. Finally, Citigroup set a $66.00 target price on shares of WEC Energy Group and gave the stock a “neutral” rating in a research report on Wednesday, October 3rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $71.36.
About WEC Energy Group
WEC Energy Group, Inc, through its subsidiaries, provides regulated natural gas and electricity, and nonregulated renewable energy services in the United States. The company operates through six segments: Wisconsin, Illinois, Other States, Electric Transmission, Non-Utility Energy Infrastructure, and Corporate and Other.
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