ALLETE, Inc. (NYSE:ALE) Shares Purchased by Bank of America Corp DE

Bank of America Corp DE boosted its position in shares of ALLETE, Inc. (NYSE:ALE - Free Report) by 65.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 210,466 shares of the utilities provider's stock after acquiring an additional 83,233 shares during the period. Bank of America Corp DE owned about 0.36% of ALLETE worth $13,638,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp lifted its position in shares of ALLETE by 30.9% during the 4th quarter. Jones Financial Companies Lllp now owns 729 shares of the utilities provider's stock worth $47,000 after purchasing an additional 172 shares during the last quarter. Fifth Third Bancorp lifted its holdings in ALLETE by 32.9% during the 4th quarter. Fifth Third Bancorp now owns 876 shares of the utilities provider's stock worth $57,000 after buying an additional 217 shares during the last quarter. Exchange Traded Concepts LLC lifted its holdings in ALLETE by 2.6% during 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. Xponance Inc. boosted its position in shares of ALLETE by 4.5% during the 4th quarter. Xponance Inc. now owns 8,198 shares of the utilities provider's stock worth $531,000 after acquiring an additional 356 shares in the last quarter. Finally, QRG Capital Management Inc. increased its holdings in shares of ALLETE by 6.7% in the 4th quarter. QRG Capital Management Inc. now owns 9,401 shares of the utilities provider's stock valued at $609,000 after acquiring an additional 591 shares during the last quarter. Institutional investors and hedge funds own 76.55% of the company's stock.

ALLETE Price Performance

Shares of NYSE ALE opened at $65.00 on Thursday. The stock's 50-day simple moving average is $65.24 and its 200-day simple moving average is $65.16. The firm has a market capitalization of $3.77 billion, a PE ratio of 20.97 and a beta of 0.82. ALLETE, Inc. has a fifty-two week low of $61.51 and a fifty-two week 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.

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

ALLETE Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Thursday, May 15th will be paid a dividend of $0.73 per share. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $2.92 annualized dividend and a yield of 4.49%. ALLETE's dividend payout ratio is currently 91.54%.

About ALLETE

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.

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