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. Stockholders of record on Friday, February 14th will be given 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 4.47%. This is a boost from ALLETE’s previous quarterly dividend of $0.71.

ALLETE has raised its dividend payment by an average of 3.8% per year over the last three years and has raised its dividend annually for the last 14 consecutive years. ALLETE has a dividend payout ratio of 64.2% indicating that its dividend is sufficiently covered by earnings.

ALLETE Stock Performance

Shares of ALE opened at $65.40 on Thursday. The company has a market capitalization of $3.78 billion, a PE ratio of 20.96 and a beta of 0.80. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.95 and a current ratio of 1.45. The company’s 50 day moving average price is $64.97 and its 200 day moving average price is $64.39. ALLETE has a 52 week low of $55.86 and a 52 week high of $65.95.

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

Analyst Upgrades and Downgrades

Separately, StockNews.com assumed coverage on ALLETE in a research report on Friday, January 10th. They issued a “hold” rating on the stock.

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.