WEC Energy boosts dividend, to push the implied yield even further above its peer group
Shares of WEC Energy Group Inc. (WEC) announced Thursday plans to raise its quarterly dividend by 7.4%, to 72.75 cents a share from 67.75 cents, in the first quarter of 2022. The Milwaukee-based utility company's stock rallied 1.8% in afternoon trading. Based on current stock prices, the new annual dividend rate implies a dividend yield of 3.26%, which compares with the current yield for the SPDR Utilities Select Sector ETF (XLU) of 2.94% and the implied yield for the S&P 500 of 1.35%. Separately, WEC introduced 2022 earnings per share guidance of $4.29 to $4.33, which surrounds the current FactSet consensus of $4.30. The stock has slipped 3.0% year to date, while the utilities ETF has gained 7.2% and the S&P 500 has rallied 21.9%.
-Tomi Kilgore
(END) Dow Jones Newswires
December 02, 2021 13:49 ET (18:49 GMT)
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