DETROIT (AP) -- The DTE Energy said Wednesday that it has increased its quarterly dividend by nearly 6 percent, citing confidence in its growth strategy and commitment to shareholder value.
The energy company's new dividend of 65.5 cents per share is payable July 15 to shareholders of record as of June 17. This is up from its previous quarterly dividend of 62 cents per share.
DTE Energy, based in Detroit, develops and manages energy-related businesses nationwide. Its operating units include DTE Electric and DTE Gas, utilities serving customers in Michigan.
The company's shares fell 47 cents to $72.41 in late afternoon trading, in line with broader market trends.