ALLETE, Inc. (NYSE:ALE) has increased the quarterly dividend on the company’s common stock to 61.75 cents per share, a five percent increase. 

“ALLETE’s board is confident with this dividend increase given our strong earnings growth outlook for ALLETE Clean Energy," 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 $2.47 per share. The regular quarterly dividend is payable Mar. 1 to common shareholders of record at the close of business Feb. 14.