SVB Wealth LLC lessened its stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQN – Get Rating) by 42.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,410 shares of the utilities provider’s stock after selling 7,802 shares during the period. SVB Wealth LLC’s holdings in Algonquin Power & Utilities were worth $68,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ten Capital Wealth Advisors LLC bought a new position in shares of Algonquin Power & Utilities in the third quarter worth $28,000. US Bancorp DE increased its holdings in Algonquin Power & Utilities by 83.7% in the 3rd quarter. US Bancorp DE now owns 2,485 shares of the utilities provider’s stock valued at $28,000 after buying an additional 1,132 shares during the period. Power Corp of Canada acquired a new position in shares of Algonquin Power & Utilities in the 1st quarter valued at approximately $31,000. Captrust Financial Advisors lifted its holdings in shares of Algonquin Power & Utilities by 66.4% during the 2nd quarter. Captrust Financial Advisors now owns 3,526 shares of the utilities provider’s stock worth $47,000 after acquiring an additional 1,407 shares during the period. Finally, HBK Sorce Advisory LLC boosted its position in shares of Algonquin Power & Utilities by 100.0% during the 4th quarter. HBK Sorce Advisory LLC now owns 50,000 shares of the utilities provider’s stock worth $48,000 after acquiring an additional 25,000 shares in the last quarter. 41.26% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several brokerages have commented on AQN. TD Securities boosted their price objective on shares of Algonquin Power & Utilities from $8.00 to $9.00 and gave the company a “hold” rating in a research report on Monday, April 17th. Royal Bank of Canada raised their price objective on Algonquin Power & Utilities from $8.00 to $9.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 12th. CIBC downgraded Algonquin Power & Utilities from a “sector outperform” rating to a “neutral” rating and lowered their target price for the stock from $17.00 to $10.00 in a research note on Monday, April 17th. Wells Fargo & Company raised their price target on shares of Algonquin Power & Utilities from $9.50 to $10.00 in a research note on Friday, May 12th. Finally, Bank of America cut shares of Algonquin Power & Utilities from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $9.00 to $8.50 in a research report on Tuesday, April 18th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Algonquin Power & Utilities has a consensus rating of “Hold” and an average target price of $10.13.
Algonquin Power & Utilities Price Performance
Algonquin Power & Utilities (NYSE:AQN – Get Rating) last posted its quarterly earnings data on Thursday, May 11th. The utilities provider reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.01. Algonquin Power & Utilities had a negative net margin of 1.17% and a positive return on equity of 6.74%. The company had revenue of $778.60 million for the quarter, compared to analyst estimates of $770.77 million. As a group, research analysts expect that Algonquin Power & Utilities Corp. will post 0.57 EPS for the current year.
Algonquin Power & Utilities Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, July 14th. Shareholders of record on Friday, June 30th will be issued a $0.216 dividend. This represents a $0.86 dividend on an annualized basis and a yield of 10.41%. This is a boost from Algonquin Power & Utilities’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend is Thursday, June 29th. Algonquin Power & Utilities’s dividend payout ratio (DPR) is presently -716.55%.
Algonquin Power & Utilities Profile
Algonquin Power & Utilities Corp. is an investment holding company, which engages in energy generation and water distribution facilities. It operates through the following business segments: Regulated Services Group, Renewable Energy Group, and Corporate. The Regulated Services Group segment owns and operates a portfolio of electric, natural gas, water distribution, and wastewater collection utility systems and transmission.
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