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

ALLETE, Inc. (NYSE:ALE) announced 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 dividend on an annualized basis and a yield of 4.44%. 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 increased its dividend by an average of 3.8% annually over the last three years and has raised its dividend annually for the last 15 consecutive years. ALLETE has a dividend payout ratio of 66.5% indicating that its dividend is sufficiently covered by earnings.

ALLETE Stock Up 0.1 %

ALE opened at $65.76 on Wednesday. The company has a fifty day moving average of $65.11 and a two-hundred day moving average of $64.49. The stock has a market capitalization of $3.80 billion, a price-to-earnings ratio of 21.08 and a beta of 0.80. ALLETE has a fifty-two week low of $55.86 and a fifty-two week high of $65.95. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.95 and a current ratio of 1.45.

Analysts Set New Price Targets

Separately, StockNews.com began coverage on 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.