CMS Energy (CMS) will raise its quarterly dividend by 6.5 percent to $0.4075 per share in the first quarter of 2020. This marks the 13th consecutive year of dividend increases by the utility company and follows a 7.0 percent dividend hike last year.

The first quarter dividend for the common stock is payable Februari 28, 2020, to shareholders of record February 7, 2020. A new annual dividend rate of $1.63 per share yields 2.5% at a stock price of $65.65.

In today's press release Patti Poppe, CMS Energy's president and chief executive officer, said the board's decision to increase the current dividend to $1.63 per share on an annualized basis reflects the successful execution of the company's business strategy.

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.