ALLETE (ALE) will raise its quarterly dividend by 5.1 percent to $0.6175 per share in the first quarter of 2020. Last year the utility company hiked its dividend by 4.9 percent.

The next regular quarterly dividend is payable March 1 to common shareholders of record at the close of business February 14, 2020. A new annualized dividend rate of $2.47 per share yields 3.0% at a stock price of $73.48.

From today's press release: “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.”

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.