Dividend Contenders List: Top 15

9. ALLETE, Inc. (NYSE:ALE)

Dividend Yield as of November 11: 4.30%

ALLETE, Inc. (NYSE:ALE) is a Minnesota-based electric services company. It produces electricity using coal-fired plants and biomass combined with natural gas, hydroelectric power, wind, and solar energy. The company is actively working on multiple fronts to implement its Sustainability in Action strategy, alongside initiatives tied to the merger agreement with the Canada Pension Plan Investment Board and Global Infrastructure Partners.

In the third quarter of 2024, ALLETE, Inc. (NYSE:ALE) reported revenue of over $407 million, which showed a 7.5% growth from the same period last year. The company’s cash position was also stable as it ended the quarter with $102 million available in cash and cash equivalents, compared with $72 million nine months ago. Its total assets amounted to over $6.7 billion.

On October 25, ALLETE, Inc. (NYSE:ALE) announced a quarterly dividend of $0.705 per share, which was consistent with its previous dividend. Overall, the company maintains a 14-year streak of consistent dividend growth, which makes it one of the best stocks on our dividend contenders list. The stock’s dividend yield on November 11 came in at 4.3%.

The number of hedge funds owning stakes in ALLETE, Inc. (NYSE:ALE) grew to 30 in Q2 2024, from 22 in the previous quarter. These stakes have a total value of over $250 million.