WEC Energy Group is initiating a quarterly dividend of 89 cents a share, a nearly 7% increase from its current quarterly dividend, the company said. The new dividend is payable March 1 to stockholders of record on Feb. 14, the Milwaukee-based company said Thursday.

Group declared a quarterly cash dividend of 89.25 cents per share on the company’s common stock, an increase of 6.9% over the current quarterly dividend of 83.50 cents per share. This raises the annual dividend rate to $3.