MGE Energy (MGEE) will raise its quarterly dividend by 5.0 percent to 37 cents per share in 2020. This follows a 4.4 percent dividend hike to $0.3525 per share by the utility company in 2019 and marks the 45th consecutive year of dividend increases.

The next dividend is payable September 15, 2020, to shareholders of record September 1, 2020. A new annual rate of $1.48 per share yields 2.3% at a stock price of $65.41.

"Today's 5% dividend increase marks the company's 45th consecutive year of increasing its dividend. We recognize the importance of dividend growth to our shareholders," Chairman, President and CEO Jeff Keebler said in the company's press release dated July 17, 2020 announcing this dividend hike. "Our board's action today to increase the regular quarterly dividend rate reinforces the strength and resilience of MGE Energy's long-term business strategy in building your community energy company for the future."

MGE Energy (Madison Gas and Electric) is a public utility holding company. Its principal subsidiary, Madison Gas and Electric, generates and distributes electricity to customers in Dane County, Wis., and purchases and distributes natural gas to customers in south-central and western Wisconsin counties. MGE Energy has paid cash dividends for more than 100 years.