DTE Energy (DTE) will raise its quarterly dividend by 7.2 percent to $1.085 per share in 2020. This follows a 7.1 percent increase to $1.0125 per share in 2019. This will also mark the 11th consecutive year of dividend increases by the utility company.

The DTE Energy Board of Directors declared a $1.085 per share dividend on its common stock, payable January 15, 2021, to shareholders of record at the close of business December 21, 2020. A new annual rate of $4.34 per share yields 3.5% at a stock price of $125.39.

After this new dividend increase the company will pay an estimated $836 million in dividends to shareholders annually. The average dividend growth rate in the last five years is 8.2 percent annually.

DTE Energy is a Detroit-based energy company. Its operating units include an electric utility serving customers in Southeastern Michigan and a natural gas utility serving customers in Michigan. The company's non-utility energy businesses are focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. The company has issued a cash dividend for more than 100 years.