1/22/2013

PHOTO: Al Hodnik

Duluth-based ALLETE, Inc. (NYSE: ALE) has increased the quarterly dividend on the company’s common stock to 47.5 cents per share.

“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.”

The 3.3 percent increase results in the equivalent of a $1.90 per share annualized dividend, the company said in a news release.

ALLETE’s regular quarterly dividend is payable March 1 to common shareholders of record at the close of business Feb. 15.

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