DULUTH, Minn.--(BUSINESS WIRE)--The ALLETE (NYSE:ALE) Board of Directors has increased the quarterly dividend on the company’s common stock to 44.5 cents per share.
“This increase reflects ALLETE’s strong balance sheet and the Board’s confidence in the company’s positive long-term earnings expectations, and meets the objective of maintaining a dividend payout ratio in the same range as similar companies,” said Donald Shippar, ALLETE Chairman of the Board. “ALLETE expects to pay an attractive dividend while, at the same time, funding its growth. The Board of Directors is committed to returning value to its shareholders.”
On an annual basis, the increased dividend is equivalent to $1.78 per share. The regular quarterly dividend is payable March 1 to common shareholders of record at the close of business on February 15, 2011.
ALLETE’s corporate headquarters are in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power in northeast Minnesota and Superior Water, Light & Power Co. in northwest Wisconsin, ALLETE owns BNI Coal in Center, N. D. and has an eight percent equity interest in American Transmission Co.
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. 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.