WASHINGTON (dpa-AFX) - WEC Energy Group (WEC) announced that it is planning to raise the quarterly dividend on the company's common stock to 52 cents per share in the first quarter of 2017. This would represent an increase of 2.5 cents per share or 5.1 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 $2.08 per share - is expected to be payable March 1, 2017, to stockholders of record on Feb. 14, 2017.
Earnings in 2017 are expected to be in a range of $3.06 to $3.12 per share. This is consistent with the company objective to grow earnings per share at a 5 to 7 percent compound annual growth rate off a 2015 base of $2.72. Analysts polled by Thomson Reuters expect the company to report earnings of $3.11 per share for fiscal year 2017. Analysts' estimates typically exclude special items.
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