DETROIT, Nov. 4, 2016 /PRNewswire/ -- The DTE Energy Board of Directors today declared an $0.825 per share dividend on its common stock payable Jan. 15, 2017, to shareholders of record at the close of business Dec. 19, 2016.
This is a $0.055 per share − or 7.1 percent − increase from the previous quarterly dividend of $0.77 per share and reflects the Board's confidence in the company's growth plans. The new annualized dividend per share is $3.30, up from $3.08. This continues DTE Energy's consistent dividend history, having issued a cash dividend for more than 100 years.
"This increase reflects the company's strong and consistent performance," said Gerry Anderson, DTE Energy Chairman and CEO. "Over the past five years, DTE Energy has provided average annual dividend increases of more than 5 percent, giving investors confidence in our ability to consistently achieve the goals the company sets. The Board's approval of this increase signals confidence in the company's performance and long-term strategic plan."
In addition, DTE is targeting an annual dividend increase of approximately 7 percent through 2019 - higher than the 5.6 percent average dividend increase over the past five years. The targeted increases, which are subject to Board approval, are intended to bring DTE Energy's dividend payout ratio in line with industry peers.
"We recognize the value of our long history of dividend growth and the role it plays in delivering above-average shareholder returns. We're optimistic about the upcoming year and our longer-term outlook is strong," Anderson added.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
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SOURCE DTE Energy