Ameriprise Financial Inc. Cuts Holdings in Avista Corporation (AVA)
Ameriprise Financial Inc. trimmed its position in shares of Avista Corporation (NYSE:AVA) by 17.1% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 362,479 shares of the utilities provider’s stock after selling 74,795 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.56% of Avista Corporation worth $15,391,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. Boyer & Corporon Wealth Management LLC bought a new stake in Avista Corporation during the 2nd quarter valued at approximately $2,239,000. Teacher Retirement System of Texas bought a new stake in Avista Corporation during the 2nd quarter valued at approximately $218,000. Swiss National Bank boosted its position in Avista Corporation by 1.0% during the 1st quarter. Swiss National Bank now owns 105,700 shares of the utilities provider’s stock valued at $4,128,000 after acquiring an additional 1,000 shares in the last quarter. Legal & General Group Plc boosted its position in Avista Corporation by 6.1% during the 2nd quarter. Legal & General Group Plc now owns 327,969 shares of the utilities provider’s stock valued at $13,926,000 after acquiring an additional 18,828 shares in the last quarter. Finally, Federated Investors Inc. PA boosted its position in Avista Corporation by 31.5% during the 2nd quarter. Federated Investors Inc. PA now owns 145,642 shares of the utilities provider’s stock valued at $6,184,000 after acquiring an additional 34,917 shares in the last quarter. 69.66% of the stock is currently owned by institutional investors and hedge funds.
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Shares of Avista Corporation (NYSE AVA) opened at 52.05 on Friday. The company has a market capitalization of $3.35 billion, a PE ratio of 24.21 and a beta of 0.45. The stock has a 50 day moving average price of $51.62 and a 200-day moving average price of $45.57. Avista Corporation has a 12 month low of $37.78 and a 12 month high of $52.83.
Avista Corporation (NYSE:AVA) last issued its earnings results on Wednesday, August 2nd. The utilities provider reported $0.34 EPS for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.03). The company had revenue of $314.50 million for the quarter, compared to analysts’ expectations of $326.33 million. Avista Corporation had a return on equity of 8.19% and a net margin of 9.35%. The business’s revenue was down 1.3% compared to the same quarter last year. During the same period last year, the business posted $0.43 earnings per share. Analysts forecast that Avista Corporation will post $1.95 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Thursday, August 31st were given a dividend of $0.3575 per share. This represents a $1.43 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date of this dividend was Tuesday, August 29th. Avista Corporation’s dividend payout ratio (DPR) is presently 67.77%.
Several analysts have weighed in on AVA shares. Zacks Investment Research cut Avista Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 4th. Williams Capital cut Avista Corporation from a “hold” rating to a “sell” rating and lifted their price objective for the company from $38.00 to $42.00 in a research report on Thursday, July 20th. BMO Capital Markets reaffirmed a “hold” rating and set a $53.00 price objective on shares of Avista Corporation in a research report on Friday, July 21st. Finally, BidaskClub raised Avista Corporation from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, June 20th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. Avista Corporation presently has an average rating of “Hold” and a consensus target price of $47.75.
Avista Corporation Profile
Avista Corporation is an electric and natural gas utility company. The Company operates through two segments: Avista Utilities, and Alaska Electric Light and Power Company (AEL&P). The Company’s regional services include government and higher education, medical services, retail trade and finance. The Company’s businesses also include sheet metal fabrication, venture fund investments, real estate investments, a company that explores markets that could be served with liquefied natural gas (LNG), as well as certain other investments of Avista Capital, which is a subsidiary of the Company.
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