CMS Energy (CMS) will raise its quarterly dividend by 6.7 percent to 43.5 cents per share in 2021. This comes after a dividend hike of 6.5 percent to $0.4075 per share in the first quarter of 2020. This also marks the 14th consecutive year of dividend increases by the utility company.

The first quarter dividend for the common stock is payable Februari 26, 2021, to shareholders of record February 5, 2021. A new annual dividend rate of $1.74 per share yields 3.0% at a stock price of $58.11.

In today's press release Garrick Rochow, CMS Energy's president and chief executive officer, said the board's decision to increase the current dividend to $1.74 per share on an annualized basis reflects the successful execution of the company's strategy.

 "CMS Energy will remain committed in 2021 to our Triple Bottom Line strategy, focusing on people, planet and profit," Rochow said. "We've seen our approach lead to consistent industry-leading financial results that reward our investors, while we continue to deliver world-class performance for all stakeholders."

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. CMS Energy has been paying a dividend to shareholders every year since 2007.