ALLETE, Inc. (NYSE:ALE) Declares Quarterly Dividend of $0.73

ALLETE, Inc. (NYSE:ALE) declared 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%. This is a boost from ALLETE’s previous quarterly dividend of $0.71.

ALLETE has raised its dividend 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% indicating that its dividend is sufficiently covered by earnings.

ALLETE Stock Up 0.5 %

Shares of NYSE:ALE opened at $65.66 on Friday. ALLETE has a 1-year low of $55.86 and a 1-year high of $65.95. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.45 and a quick ratio of 0.95. The stock has a market cap of $3.80 billion, a P/E ratio of 21.04 and a beta of 0.80. The firm has a fifty day moving average price of $64.99 and a 200 day moving average price of $64.39.

ALLETE (NYSE:ALE) last announced 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 business had revenue of $407.20 million for the quarter. ALLETE had a return on equity of 5.99% and a net margin of 11.49%. The business’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same period last year, the business earned $1.49 EPS.

Analyst Ratings Changes

Separately, StockNews.com started coverage on ALLETE in a research report on Friday, January 10th. They set a “hold” rating for the company.

About ALLETE

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.