ALLETE (ALE) will raise its quarterly dividend by 4.7 percent to $0.56 per share in the first quarter of 2018. Last year the utility company hiked its dividend by 2.9 percent.

The new dividend will be paid on March 1, 2018 to shareholders of record on February 15, 2018. The new dividend yield for ALE is 2.9%.

“This increase is supported by ALLETE’s solid financial position and positions us for future dividend increases as financial performance from our non-regulated businesses is expected to accelerate after 2018,” said ALLETE Chairman, CEO and President Al Hodnik. “ALLETE is proud of its track record of returning value to its shareholders and this represents the 68(th) consecutive year of dividends on its common stock.”

On an annual basis, the increased dividend is equivalent to $2.24 per share. The regular quarterly dividend is payable March 1 to common shareholders of record at the close of business February 15, 2018. “Consistent with this dividend action and our broader confidence in our future growth, we are also upward revising our stated annual average long-term earnings growth outlook from a 'minimum of 5 percent' to a 'range of 5-7 percent,'” Hodnik said.

ALLETE is an energy company headquartered in Duluth, Minn. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth, U.S. Water Services headquartered in St. Michael, Minn., BNI Energy in Center, N.D., and has an eight percent equity interest in the American Transmission Co.