Duluth-based Allete increases quarterly dividend

Allete’s board of directors has increased the quarterly dividend on the company’s common stock to 46 cents per share.

The dividend had been 44.5 cents per share for the previous four quarters. Before that, the company paid a 44-cent dividend for eight consecutive quarters, up from the 43 cents per share it paid in late 2008.

“This increase reflects the board’s confidence in Allete’s earnings growth outlook for the future,” Al Hodnik, Allete chairman, president and CEO, said in a news release announcing the increase.

The increased dividend is equivalent to $1.84 per share on an annual basis. The quarterly dividend is payable March 1 to common shareholders of record at the close of business Feb. 15.

Allete is the parent company of Minnesota Power and Superior Water, Light & Power. Its headquarters is in Duluth.

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