DULUTH, Minn.--(BUSINESS WIRE)--Feb. 1, 2019--
ALLETE, Inc. (NYSE:ALE) today announced that its Board of Directors has
increased the quarterly dividend on the company’s common stock to 58.75
cents per share, a five percent increase.
“ALLETE’s board is confident with this dividend increase given our
strong earnings growth outlook,” said ALLETE Chairman, CEO and President
Al Hodnik. “We are well positioned for dividend increases in the coming
years while maintaining an appropriate dividend payout ratio.”
On an annual basis, the increased dividend is equivalent to $2.35 per
share. The regular quarterly dividend is payable Mar. 1 to common
shareholders of record at the close of business Feb. 15, 2019.
ALLETE, Inc. is an energy company headquartered in Duluth, Minnesota. In
addition to its electric utilities, Minnesota Power and Superior Water,
Light and Power of Wisconsin; ALLETE owns ALLETE Clean Energy, based in
Duluth; BNI Energy in Bismarck; North Dakota; U.S. Water in St. Michael,
Minnesota; and has an eight percent equity interest in the American
Transmission Co. More information about ALLETE is available at www.allete.com.
The statements contained in this release and statements that ALLETE
may make orally in connection with this release that are not historical
facts, are forward-looking statements. Actual results may differ
materially from those projected in the forward-looking statements. These
forward-looking statements involve risks and uncertainties and investors
are directed to the risks discussed in documents filed by ALLETE with
the Securities and Exchange Commission.
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Source: ALLETE, Inc.