WEC Energy Group (WEC) will raise its quarterly dividend by 6.8 percent to $0.59 per share in the first quarter of 2019. This will mark the 16th consecutive year of annual dividend increases by the utility company.

The company expects to declare the new dividend at their regularly scheduled meeting in January. The dividend – which would be equivalent to an annual rate of $2.36 per share –would be payable March 1, 2019, to stockholders of record on February 14, 2019.

A new annualized dividend rate of $2.36 yields 3.2% at a stock price of $73.77.

WEC Energy Group, Inc., formerly Wisconsin Energy Corporation, is a holding company, which has electric and natural gas utility operations. The company's principal utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources. The company's other major subsidiary, We Power, designs, builds and owns electric generating plants.