DTE Energy increases dividend for seventh straight year; annualized rate increases 5.5 percent
DETROIT, June 23, 2016 /PRNewswire/ -- The DTE Energy Board of Directors today declared a $0.77 per share dividend on its common stock payable Oct. 15, 2016, to shareholders of record at the close of business Sept. 19, 2016.
This is a $0.04 per share, or 5.5 percent, increase from the previous quarterly dividend of $0.73 per share and reflects the Board's and management's confidence in DTE's long-range growth plan. The new annualized dividend is $3.08, up from $2.92. DTE Energy has issued a cash dividend for more than 100 years, dating back to the early twentieth century.
"We recognize the value of our long history of dividend growth and the role it plays in delivering above-average shareholder returns," said Gerry Anderson, DTE Energy chairman and CEO. "This dividend increase approved by our board of directors marks seven consecutive years DTE has increased its dividend payout, signaling a vote of confidence in the company's financial strength."
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. As one of Michigan's leading corporate citizens, DTE Energy is a force for growth and prosperity in the 450 Michigan communities it serves in a variety of ways, including philanthropy, volunteerism and economic progress. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.
SOURCE DTE Energy