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

ALLETE, Inc. (NYSE:ALE - Get Free Report) announced a quarterly dividend on Thursday, January 30th,RTT News reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 4.45%. The ex-dividend date of this dividend is Friday, February 14th. This is a positive change from ALLETE's previous quarterly dividend of $0.71.

ALLETE has raised its dividend by an average of 3.8% per year over the last three years and has raised 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

Shares of ALLETE stock traded up $0.05 during trading hours on Monday, reaching $65.67. The company's stock had a trading volume of 331,049 shares, compared to its average volume of 413,107. The stock has a market cap of $3.80 billion, a P/E ratio of 21.05 and a beta of 0.80. ALLETE has a one year low of $55.86 and a one year high of $65.95. The firm has a 50 day moving average price of $65.02 and a 200-day moving average price of $64.43. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.45 and a quick ratio of 0.95.

Analyst Ratings Changes

Separately, StockNews.com initiated coverage on ALLETE in a research report 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.