Image Source: PixabayOn Dec. 5, 2024, WEC Energy Group, Inc. (WEC) increased its quarterly dividend by 6.87%, from 83.5 cents to 89.25 cents per share. The dividend will be paid on March 1, 2025 to shareholders of record. The ex-dividend date is Feb. 14, 2025.The stock’s contribution to my portfolio’s projected annual dividend income will increase by $69 to $1,071.I own 300 shares of WEC Energy Group’s stock at an average cost basis of $92.38 per share. Following this increase, my yield on cost is 3.86% (the stock’s forward yield is 3.73% at $95.74 per share).Since opening my position in August 2022, the stock has generated a total return of 9%, including $1,393.86 in dividend income. That’s a disappointing annualized rate of return of only 3.5%.
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