ALLETE, Inc. (ALE: Quote) said Wednesday that its Board of Directors has increased the quarterly dividend on the company’s common stock to $0.475 per share.
The 3.3% increase results in the equivalent of a $1.90 per share annualized dividend.
The company’s regular quarterly dividend is payable on March 1 to common shareholders of record on February 15.
“This increase reflects our confidence in ALLETE’s near-term financial performance and long-term earnings outlook, and our ongoing commitment to building value for shareholders,” said ALLETE Chairman, President and CEO Al Hodnik. “ALLETE’s Board of Directors recognizes the importance of dividends as part of total shareholder return. We expect to continue paying an attractive dividend as we execute our long-term growth strategy.”
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by RTT Staff Writer
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