WEC Energy Group Inc (NYSE:WEC) declared a quarterly dividend on Wednesday, October 16th, RTT News reports. Shareholders of record on Thursday, November 14th will be paid a dividend of 0.59 per share by the utilities provider on Sunday, December 1st. This represents a $2.36 dividend on an annualized basis and a dividend yield of 2.54%.
WEC Energy Group has increased its dividend payment by an average of 8.2% per year over the last three years and has increased its dividend every year for the last 8 years. WEC Energy Group has a payout ratio of 71.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect WEC Energy Group to earn $3.77 per share next year, which means the company should continue to be able to cover its $2.36 annual dividend with an expected future payout ratio of 62.6%.
Shares of NYSE:WEC traded up $0.20 on Thursday, reaching $92.96. The company’s stock had a trading volume of 25,031 shares, compared to its average volume of 1,479,557. WEC Energy Group has a 52-week low of $66.46 and a 52-week high of $98.19. The company has a market cap of $29.25 billion, a P/E ratio of 27.92, a PEG ratio of 4.26 and a beta of 0.03. The company has a 50-day simple moving average of $94.16 and a 200 day simple moving average of $85.85. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.41 and a current ratio of 0.55.
In related news, Chairman Gale E. Klappa sold 90,610 shares of WEC Energy Group stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $96.43, for a total transaction of $8,737,522.30. Following the completion of the transaction, the chairman now directly owns 236,725 shares of the company’s stock, valued at approximately $22,827,391.75. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Mary Beth Straka sold 3,500 shares of WEC Energy Group stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $97.69, for a total transaction of $341,915.00. Following the transaction, the vice president now directly owns 5,252 shares of the company’s stock, valued at $513,067.88. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 245,849 shares of company stock valued at $22,963,496. 0.75% of the stock is owned by corporate insiders.
WEC has been the subject of a number of recent research reports. Wells Fargo & Co lifted their price objective on shares of WEC Energy Group from $93.00 to $102.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 27th. UBS Group lifted their price objective on shares of WEC Energy Group from $87.00 to $94.00 and gave the stock a “neutral” rating in a research note on Friday, September 6th. ValuEngine cut shares of WEC Energy Group from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Zacks Investment Research raised shares of WEC Energy Group from a “hold” rating to a “buy” rating and set a $97.00 price objective for the company in a research note on Monday, September 16th. Finally, Credit Suisse Group cut shares of WEC Energy Group from a “neutral” rating to an “underperform” rating and lifted their price target for the stock from $84.00 to $85.00 in a research note on Tuesday, August 6th. They noted that the move was a valuation call. Four analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $85.91.
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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