Truist Financial Corp Sells 589 Shares of ALLETE, Inc. (NYSE:ALE)

Truist Financial Corp lessened its stake in shares of ALLETE, Inc. (NYSE:ALE) by 6.6% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,291 shares of the utilities provider’s stock after selling 589 shares during the period. Truist Financial Corp’s holdings in ALLETE were worth $537,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. State Street Corp raised its stake in ALLETE by 0.5% in the third quarter. State Street Corp now owns 2,459,692 shares of the utilities provider’s stock valued at $157,888,000 after buying an additional 13,335 shares during the period. Geode Capital Management LLC raised its stake in ALLETE by 1.6% in the third quarter. Geode Capital Management LLC now owns 1,395,362 shares of the utilities provider’s stock valued at $89,584,000 after buying an additional 21,850 shares during the period. Charles Schwab Investment Management Inc. raised its stake in ALLETE by 1.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 766,343 shares of the utilities provider’s stock valued at $49,192,000 after buying an additional 7,739 shares during the period. Alpine Associates Management Inc. raised its stake in ALLETE by 12.9% in the third quarter. Alpine Associates Management Inc. now owns 398,047 shares of the utilities provider’s stock valued at $25,551,000 after buying an additional 45,447 shares during the period. Finally, Rhumbline Advisers raised its stake in ALLETE by 3.5% in the fourth quarter. Rhumbline Advisers now owns 209,532 shares of the utilities provider’s stock valued at $13,578,000 after buying an additional 7,153 shares during the period. Institutional investors own 76.55% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com started coverage on ALLETE in a research note on Friday, January 10th. They issued a “hold” rating on the stock.

ALLETE Trading Down 0.2 %

Shares of NYSE:ALE opened at $65.58 on Tuesday. The company has a market capitalization of $3.80 billion, a P/E ratio of 21.15 and a beta of 0.80. ALLETE, Inc. has a 1 year low of $56.45 and a 1 year high of $65.99. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.08 and a quick ratio of 0.69. The business’s 50 day simple moving average is $65.37 and its 200 day simple moving average is $64.62.

ALLETE (NYSE:ALE) last issued its quarterly earnings results on Tuesday, February 18th. The utilities provider reported $0.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.15). ALLETE had a return on equity of 5.97% and a net margin of 11.72%.

ALLETE Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Friday, February 14th were issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.45%. The ex-dividend date was Friday, February 14th. This is an increase from ALLETE’s previous quarterly dividend of $0.71. ALLETE’s dividend payout ratio (DPR) is currently 94.19%.

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.