CMS Energy (CMS) will raise its quarterly dividend from $0.27 to $0.29 per share. The indicated dividend yield is 3.1% based on Wednesday's closing price of $37.22 per share.

John Russell, CMS Energy's president and chief executive officer, said the Board's decision to increase the dividend to $1.16 per share on an annualized basis reflects the underlying strength and successful execution of the company's business strategy.

"We're making substantial capital investments to serve customers and improve the environment while creating value for our investors. Our prudent, disciplined execution of this strategy allows CMS Energy to deliver operational excellence and provide consistent financial results for investors," Russell said.

"The common stock dividend increase announced today is the ninth increase in as many years. Our long-term business plan calls for 5 percent to 7 percent annual earnings growth, and we expect to continue to increase our dividend as we execute our investment strategy and increase our earnings."

CMS Energy is a Michigan-based company that has an electric and natural gas utility, Consumers Energy, as its primary business and also owns and operates independent power generation businesses. Consumers serves individuals and businesses operating in the alternative energy, automotive, chemical, metal, and food products industries, as well as a group of other industries.