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

Truist Financial Corp lowered its position in shares of ALLETE, Inc. (NYSE:ALE) by 6.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,291 shares of the utilities provider’s stock after selling 589 shares during the quarter. Truist Financial Corp’s holdings in ALLETE were worth $537,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in ALE. Longfellow Investment Management Co. LLC acquired a new stake in shares of ALLETE during the third quarter worth $38,000. Fifth Third Bancorp grew its stake in shares of ALLETE by 32.9% during the fourth quarter. Fifth Third Bancorp now owns 876 shares of the utilities provider’s stock worth $57,000 after purchasing an additional 217 shares during the period. Point72 Asia Singapore Pte. Ltd. grew its stake in shares of ALLETE by 31.0% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,563 shares of the utilities provider’s stock worth $100,000 after purchasing an additional 370 shares during the period. KBC Group NV grew its stake in shares of ALLETE by 61.7% during the fourth quarter. KBC Group NV now owns 2,431 shares of the utilities provider’s stock worth $158,000 after purchasing an additional 928 shares during the period. Finally, Meeder Asset Management Inc. grew its stake in shares of ALLETE by 14.8% during the third quarter. Meeder Asset Management Inc. now owns 3,135 shares of the utilities provider’s stock worth $201,000 after purchasing an additional 405 shares during the period. Institutional investors own 76.55% of the company’s stock.

Wall Street Analysts Forecast Growth

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

ALLETE Stock Down 0.2 %

NYSE:ALE opened at $65.58 on Tuesday. ALLETE, Inc. has a 1 year low of $56.45 and a 1 year high of $65.99. The company has a current ratio of 1.08, a quick ratio of 0.69 and a debt-to-equity ratio of 0.50. The stock has a market cap of $3.80 billion, a price-to-earnings ratio of 21.15 and a beta of 0.80. The stock has a 50-day moving average price of $65.37 and a two-hundred day moving average price of $64.62.

ALLETE (NYSE:ALE) last posted its 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 net margin of 11.72% and a return on equity of 5.97%.

ALLETE Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Stockholders 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%. This is a positive change from ALLETE’s previous quarterly dividend of $0.71. The ex-dividend date was Friday, February 14th. ALLETE’s payout ratio is 94.19%.

ALLETE Company 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.