5 Best February Dividend Stocks To Buy

4. ALLETE, Inc. (NYSE:ALE)

Ex-Dividend Date: March 14

ALLETE, Inc. (NYSE:ALE) is a Minnesota-based electric services company. The company is involved in the generation of electricity through various sources, including renewable energy such as wind and hydroelectric power. The company declared a 4.1% hike in its quarterly dividend to $0.705 per share on January 26. This marked the company’s 14th consecutive year of dividend growth, which makes ALE one of the best dividend stocks on our list. The stock has a dividend yield of 4.59%, as of January 28.

At the end of September 2023, 20 hedge funds in Insider Monkey’s database reported having stakes in ALLETE, Inc. (NYSE:ALE), compared with 21 in the previous quarter. These stakes have a total value of more than $93.3 million. AQR Capital Management was the largest stakeholder of the company in Q3.