ALLETE, Inc. (NYSE:ALE) Increases Dividend to $0.73 Per Share

ALLETE, Inc. (NYSE:ALE) declared a quarterly dividend on Thursday, January 30th,RTT News reports. Investors of record on Friday, February 14th will be paid a dividend of 0.73 per share by the utilities provider on Saturday, March 1st. This represents a $2.92 annualized dividend and a yield of 4.45%. This is a boost from ALLETE’s previous quarterly dividend of $0.71.

ALLETE has increased its dividend payment by an average of 3.8% annually over the last three years and has increased its dividend every year for the last 14 years. ALLETE has a dividend payout ratio of 64.2% meaning its dividend is sufficiently covered by earnings.

ALLETE Price Performance

NYSE:ALE opened at $65.66 on Friday. The company has a market capitalization of $3.80 billion, a P/E ratio of 21.04 and a beta of 0.80. The company has a quick ratio of 0.95, a current ratio of 1.45 and a debt-to-equity ratio of 0.51. ALLETE has a 52 week low of $55.86 and a 52 week high of $65.95. The stock’s fifty day moving average is $64.99 and its two-hundred day moving average is $64.39.

ALLETE (NYSE:ALE) last posted its earnings results on Wednesday, October 30th. The utilities provider reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.21). The company had revenue of $407.20 million during the quarter. ALLETE had a net margin of 11.49% and a return on equity of 5.99%. The business’s revenue was up 7.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.49 EPS.

Analyst Upgrades and Downgrades

Separately, StockNews.com assumed coverage on shares of ALLETE in a research note on Friday, January 10th. They issued a “hold” rating for the company.

ALLETE Company Profile

ALLETE, Inc operates as an energy company. The company operates through Regulated Operations, ALLETE Clean Energy, and Corporate and Other segments. It generates electricity from coal-fired, biomass co-fired / natural gas, hydroelectric, wind, and solar. In addition, the company provides regulated utility electric services in northwestern Wisconsin to approximately 15,000 electric customers, 13,000 natural gas customers, and 10,000 water customers, as well as regulated utility electric services in northeastern Minnesota to approximately 150,000 retail customers and 14 non-affiliated municipal customers.