WEC Energy Group, Inc. (NYSE:WEC) to Issue Quarterly Dividend of $0.84

WEC Energy Group, Inc. (NYSE:WECGet Free Report) declared a quarterly dividend on Wednesday, December 20th, Wall Street Journal reports. Stockholders of record on Wednesday, February 14th will be paid a dividend of 0.835 per share by the utilities provider on Friday, March 1st. This represents a $3.34 annualized dividend and a dividend yield of 4.31%. The ex-dividend date of this dividend is Tuesday, February 13th. This is a boost from WEC Energy Group’s previous quarterly dividend of $0.78.

WEC Energy Group has raised its dividend payment by an average of 7.2% annually over the last three years and has raised its dividend every year for the last 21 years. WEC Energy Group has a dividend payout ratio of 63.7% meaning its dividend is sufficiently covered by earnings. Analysts expect WEC Energy Group to earn $5.24 per share next year, which means the company should continue to be able to cover its $3.34 annual dividend with an expected future payout ratio of 63.7%.

WEC Energy Group Price Performance

Shares of NYSE:WEC opened at $77.55 on Monday. WEC Energy Group has a 1-year low of $75.47 and a 1-year high of $99.26. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.55 and a quick ratio of 0.40. The business has a fifty day moving average price of $82.48 and a 200-day moving average price of $83.24. The company has a market capitalization of $24.46 billion, a PE ratio of 18.38, a PEG ratio of 2.70 and a beta of 0.41.

WEC Energy Group (NYSE:WECGet Free Report) last issued its quarterly earnings results on Thursday, February 1st. The utilities provider reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.02. WEC Energy Group had a return on equity of 12.17% and a net margin of 14.98%. The firm had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.82 billion. During the same period last year, the company earned $0.80 earnings per share. The company’s revenue was down 13.3% on a year-over-year basis. As a group, equities analysts expect that WEC Energy Group will post 4.88 EPS for the current fiscal year.

Insider Activity

In other news, Director Ulice Payne, Jr. sold 600 shares of WEC Energy Group stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $83.46, for a total transaction of $50,076.00. Following the transaction, the director now directly owns 20,933 shares of the company’s stock, valued at approximately $1,747,068.18. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Geode Capital Management LLC raised its stake in WEC Energy Group by 1.0% during the 1st quarter. Geode Capital Management LLC now owns 6,805,548 shares of the utilities provider’s stock valued at $643,696,000 after purchasing an additional 69,710 shares during the period. Morgan Stanley increased its stake in WEC Energy Group by 9.4% in the 4th quarter. Morgan Stanley now owns 3,236,416 shares of the utilities provider’s stock worth $303,446,000 after acquiring an additional 277,337 shares during the last quarter. Invesco Ltd. increased its stake in WEC Energy Group by 3.4% in the 1st quarter. Invesco Ltd. now owns 2,505,757 shares of the utilities provider’s stock worth $250,098,000 after acquiring an additional 83,354 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in WEC Energy Group by 3.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,591,654 shares of the utilities provider’s stock worth $158,864,000 after acquiring an additional 52,389 shares during the last quarter. Finally, Renaissance Technologies LLC increased its stake in WEC Energy Group by 563.3% in the 1st quarter. Renaissance Technologies LLC now owns 1,320,077 shares of the utilities provider’s stock worth $131,757,000 after acquiring an additional 1,121,075 shares during the last quarter. 75.75% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on WEC shares. Barclays reduced their price objective on WEC Energy Group from $79.00 to $75.00 and set an “underweight” rating for the company in a report on Thursday. KeyCorp lifted their price objective on WEC Energy Group from $94.00 to $95.00 and gave the stock an “overweight” rating in a report on Thursday, January 4th. JPMorgan Chase & Co. downgraded WEC Energy Group from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $90.00 to $84.00 in a report on Friday, February 2nd. StockNews.com downgraded WEC Energy Group from a “hold” rating to a “sell” rating in a report on Saturday, January 13th. Finally, Bank of America reiterated an “underperform” rating and issued a $78.00 price objective (down from $84.00) on shares of WEC Energy Group in a report on Thursday, January 4th. Four research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, WEC Energy Group presently has an average rating of “Hold” and a consensus target price of $86.17.

Get Our Latest Analysis on WEC

About WEC Energy Group

(Get Free Report)

WEC Energy Group, Inc, through its subsidiaries, provides regulated natural gas and electricity, and renewable 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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Dividend History for WEC Energy Group (NYSE:WEC)

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