Allete, Inc. (NYSE:ALE) announced a quarterly dividend on Thursday, July 27th, RTT News reports. Investors of record on Tuesday, August 15th will be paid a dividend of 0.535 per share by the utilities provider on Friday, September 1st. This represents a $2.14 dividend on an annualized basis and a dividend yield of 2.96%.

Allete has increased its dividend by an average of 3.1% annually over the last three years and has increased its dividend every year for the last 6 years. Allete has a dividend payout ratio of 62.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Allete to earn $3.66 per share next year, which means the company should continue to be able to cover its $2.14 annual dividend with an expected future payout ratio of 58.5%.

Shares of Allete (NYSE ALE) traded up 0.51% during midday trading on Thursday, hitting $72.66. The company had a trading volume of 19,954 shares. Allete has a 1-year low of $56.48 and a 1-year high of $74.59. The firm has a market capitalization of $3.70 billion, a P/E ratio of 22.82 and a beta of 0.48. The stock has a 50 day moving average price of $72.25 and a 200 day moving average price of $68.77.

Allete (NYSE:ALE) last released its quarterly earnings data on Thursday, May 4th. The utilities provider reported $0.97 EPS for the quarter, beating the consensus estimate of $0.94 by $0.03. Allete had a net margin of 11.55% and a return on equity of 8.78%. The business had revenue of $365.60 million during the quarter, compared to the consensus estimate of $338 million. During the same quarter in the prior year, the firm earned $0.93 EPS. The business’s revenue was up 9.5% on a year-over-year basis. On average, equities analysts anticipate that Allete will post $3.46 EPS for the current fiscal year.

Several research firms have commented on ALE. Zacks Investment Research raised shares of Allete from a “hold” rating to a “buy” rating and set a $81.00 price objective for the company in a report on Wednesday. BidaskClub downgraded shares of Allete from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Williams Capital increased their price objective on shares of Allete from $75.00 to $78.00 and gave the company a “buy” rating in a report on Monday, June 19th. Finally, Ladenburg Thalmann Financial Services increased their price objective on shares of Allete from $71.00 to $77.00 and gave the company a “buy” rating in a report on Friday, June 9th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $75.38.

TRADEMARK VIOLATION WARNING: “Allete, Inc. (ALE) Declares Quarterly Dividend of $0.54” was first posted by American Banking News and is the sole property of of American Banking News. If you are viewing this news story on another publication, it was illegally stolen and reposted in violation of U.S. & international trademark & copyright legislation. The correct version of this news story can be read at https://www.americanbankingnews.com/2017/07/27/allete-inc-ale-declares-quarterly-dividend-of-0-54.html.

In other news, insider Steven Q. Devinck sold 2,000 shares of the company’s stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $69.67, for a total transaction of $139,340.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.42% of the stock is currently owned by corporate insiders.

About Allete

ALLETE, Inc is an energy company. The Company’s segments include Regulated Operations, ALLETE Clean Energy, Inc (ALLETE Clean Energy), U.S. Water Services Holding Company (U.S. Water Services), and Corporate and Other. The Regulated Operations segment includes its regulated utilities, Minnesota Power, and Superior Water, Light and Power Company, and its investment in American Transmission Company LLC.

Dividend History for Allete (NYSE:ALE)

Receive News & Ratings for Allete Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Allete Inc. and related companies with MarketBeat.com's FREE daily email newsletter.