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Wisconsin Energy CEO Gale Klappa
Wisconsin Energy Corp. said it will accelerate a planned 4.25-cents-per-share quarterly dividend increase to the second half of 2013 from the first quarter of 2014.
The Milwaukee-based public utility company?s (NYSE: WEC) board declared a quarterly cash dividend of 38.25 cents per share, Wisconsin Energy said Thursday.
The higher quarterly dividend raises the company?s annual rate to $1.53 per share from $1.36 per share. The dividend is payable Sept. 1 to stockholders of record on Aug. 14.
?Today?s action by our board of directors is underscored by the company?s sound financial position and positive free cash flow,? said Gale Klappa, Wisconsin Energy?s chairman, president and CEO. ?This marks yet another positive step toward making our dividend payout more competitive with our peers across the utility industry.?
The company?s board also reaffirmed a policy that targets a dividend payout ratio trending to 65 percent to 70 percent of earnings in 2017.
Rich Kirchen is The Business Journal's senior reporter. He covers health care, insurance, politics, media and marketing/advertising.
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