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WEC Energy raises dividend by 7%

WEC Energy Group Inc. raised its quarterly cash dividend to 63.25 cents per share of common stock, from the current dividend of 59 cents per share.

It will be payable March 1 to shareholders of record Feb. 14.

The new dividend represents a rate of $2.53 per share on an annual basis. The company will continue to target a dividend payout of 65% to 70% of earnings.