5 Best High-Yield Dividend Stocks for Retirees in 2022

1. ALLETE, Inc. (NYSE:ALE)

Dividend Yield as of August 21: 4.11%

ALLETE, Inc. (NYSE:ALE) is a Minnesota-based electric services company that provides energy and also invests in transmission infrastructure. The company was a popular stock among money managers in Q2 2022, as 22 hedge funds owned positions in the company, up from 16 in the previous quarter, according to Insider Monkey’s data. The stakes owned by hedge funds have a total value of over $107.2 million.

ALLETE, Inc. (NYSE:ALE) has one of the strongest dividend policies, offering uninterrupted payouts to shareholders since 1950. It’s quarterly dividend stands at $0.65 per share, with a dividend yield of 4.11%, as recorded on August 21.

In Q2 2022, ALLETE, Inc. (NYSE:ALE) reported revenue of $373 million, showing an 11.2% year-over-year growth. The company ended first six months of the year with $74.6 million available in cash and cash equivalents, up from $45 million at the end of December. Its cash generation is strong as it pays 71.3% of its net income in dividends.

You can also take a look at Low-Risk Retirement Portfolio: Top 10 Stocks and 10 Dividend ETFs to Buy in August

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