Shares of WEC Energy Group Inc. /zigman2/quotes/207419035/composite WEC -0.60% 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 /zigman2/quotes/206645117/composite XLU -0.21% of 2.94% and the implied yield for the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.46% 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 /zigman2/quotes/210599714/realtime SPX +1.46% has rallied 21.9%.