Shares of WEC Energy Group Inc. (NYS: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 (PSE:XLU) of 2.94% and the implied yield for the S&P 500 (S&P:SPX) 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 (S&P:SPX) has rallied 21.9%.
Dec. 2, 2021, 1:49 p.m. EST