Raymond James Financial Inc. Invests $3.52 Million in ALLETE, Inc. (NYSE:ALE)

Raymond James Financial Inc. bought a new stake in shares of ALLETE, Inc. (NYSE:ALE - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 54,352 shares of the utilities provider's stock, valued at approximately $3,522,000. Raymond James Financial Inc. owned approximately 0.09% of ALLETE as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Jones Financial Companies Lllp grew its position in shares of ALLETE by 30.9% during the fourth quarter. Jones Financial Companies Lllp now owns 729 shares of the utilities provider's stock valued at $47,000 after purchasing an additional 172 shares in the last quarter. Fifth Third Bancorp grew its holdings in 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. Headlands Technologies LLC purchased a new position in ALLETE during the 4th quarter valued at approximately $73,000. KBC Group NV increased its stake in ALLETE by 61.7% in 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, Alerus Financial NA purchased a new stake in shares of ALLETE during the 4th quarter worth approximately $202,000. 76.55% of the stock is owned by hedge funds and other institutional investors.

ALLETE Trading Up 0.2 %

NYSE ALE traded up $0.11 during trading hours on Friday, hitting $65.36. 85,411 shares of the company were exchanged, compared to its average volume of 378,038. ALLETE, Inc. has a 52 week low of $60.34 and a 52 week high of $65.99. The company has a quick ratio of 0.69, a current ratio of 1.08 and a debt-to-equity ratio of 0.50. The stock has a 50-day moving average price of $65.26 and a 200 day moving average price of $65.05. The stock has a market cap of $3.79 billion, a PE ratio of 21.08 and a beta of 0.69.

ALLETE (NYSE:ALE - Get Free Report) last released its earnings results on Tuesday, February 18th. The utilities provider reported $0.87 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.15). ALLETE had a net margin of 11.72% and a return on equity of 5.97%.

ALLETE Announces Dividend

The company 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 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 is presently 94.19%.

Wall Street Analyst Weigh In

Separately, StockNews.com began coverage on shares of ALLETE in a research report on Friday, January 10th. They issued a "hold" rating on the stock.

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.