Bank of America Corp DE Increases Stake in ALLETE, Inc. (NYSE:ALE)

Bank of America Corp DE grew its holdings in shares of ALLETE, Inc. (NYSE:ALE - Free Report) by 65.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 210,466 shares of the utilities provider's stock after acquiring an additional 83,233 shares during the quarter. Bank of America Corp DE owned about 0.36% of ALLETE worth $13,638,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. Barclays PLC raised its stake in ALLETE by 187.1% in the third quarter. Barclays PLC now owns 100,079 shares of the utilities provider's stock valued at $6,425,000 after purchasing an additional 65,222 shares in the last quarter. Exchange Traded Concepts LLC increased its holdings in shares of ALLETE by 2.6% in the 4th quarter. Exchange Traded Concepts LLC now owns 11,786 shares of the utilities provider's stock worth $764,000 after buying an additional 295 shares during the last quarter. Fifth Third Bancorp raised its position in shares of ALLETE by 32.9% during the 4th quarter. Fifth Third Bancorp now owns 876 shares of the utilities provider's stock valued at $57,000 after buying an additional 217 shares in the last quarter. KBC Group NV lifted its holdings in shares of ALLETE by 61.7% during the 4th quarter. KBC Group NV now owns 2,431 shares of the utilities provider's stock worth $158,000 after acquiring an additional 928 shares during the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. bought a new stake in shares of ALLETE during the 4th quarter worth $5,378,000. Institutional investors own 76.55% of the company's stock.

ALLETE Price Performance

ALE traded up $0.28 during trading on Tuesday, reaching $65.26. The stock had a trading volume of 428,101 shares, compared to its average volume of 342,435. The business has a 50-day moving average of $65.20 and a 200-day moving average of $65.17. ALLETE, Inc. has a one year low of $61.51 and a one year high of $65.99. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.69 and a current ratio of 1.08. The stock has a market cap of $3.78 billion, a PE ratio of 21.05 and a beta of 0.82.

ALLETE (NYSE:ALE - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The utilities provider reported $1.01 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.01. The firm had revenue of $400.20 million during the quarter, compared to analysts' expectations of $456.30 million. ALLETE had a return on equity of 5.97% and a net margin of 11.72%. The company's revenue for the quarter was down .8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.90 EPS.

ALLETE Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Thursday, May 15th will be paid a $0.73 dividend. The ex-dividend date is Thursday, May 15th. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.47%. ALLETE's dividend payout ratio (DPR) is 91.54%.

ALLETE Profile

ALLETE, Inc operates as an energy company. The company operates through Regulated Operations, ALLETE Clean Energy, and Corporate and Other segments. It generates electricity from coal-fired, biomass co-fired / natural gas, hydroelectric, wind, and solar. In addition, the company provides regulated utility electric services in northwestern Wisconsin to approximately 15,000 electric customers, 13,000 natural gas customers, and 10,000 water customers, as well as regulated utility electric services in northeastern Minnesota to approximately 150,000 retail customers and 14 non-affiliated municipal customers.