Citigroup Inc. reduced its holdings in Algonquin Power & Utilities Corp. (NYSE:AQN) by 9.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 63,708 shares of the utilities provider’s stock after selling 6,648 shares during the period. Citigroup Inc.’s holdings in Algonquin Power & Utilities Corp. were worth $670,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Swiss National Bank increased its stake in Algonquin Power & Utilities Corp. by 60.4% in the 2nd quarter. Swiss National Bank now owns 621,100 shares of the utilities provider’s stock valued at $6,539,000 after buying an additional 234,000 shares during the last quarter. Russell Investments Group Ltd. acquired a new stake in Algonquin Power & Utilities Corp. in the 2nd quarter valued at $3,364,000. Naples Global Advisors LLC increased its stake in Algonquin Power & Utilities Corp. by 3.8% in the 2nd quarter. Naples Global Advisors LLC now owns 135,205 shares of the utilities provider’s stock valued at $1,425,000 after buying an additional 5,000 shares during the last quarter. Bank of America Corp DE increased its stake in Algonquin Power & Utilities Corp. by 2.5% in the 1st quarter. Bank of America Corp DE now owns 1,241,009 shares of the utilities provider’s stock valued at $11,889,000 after buying an additional 30,645 shares during the last quarter. Finally, Sprott Inc. acquired a new stake in Algonquin Power & Utilities Corp. in the 2nd quarter valued at $337,000. Hedge funds and other institutional investors own 38.06% of the company’s stock.

Algonquin Power & Utilities Corp. (NYSE:AQN) opened at 10.77 on Wednesday. The firm has a market capitalization of $4.15 billion, a price-to-earnings ratio of 60.17 and a beta of 0.81. The stock’s 50 day moving average is $10.75 and its 200 day moving average is $10.30. Algonquin Power & Utilities Corp. has a 1-year low of $7.75 and a 1-year high of $11.21.

The company also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be given a dividend of $0.1165 per share. This represents a $0.47 dividend on an annualized basis and a dividend yield of 4.33%. The ex-dividend date of this dividend is Thursday, September 28th. Algonquin Power & Utilities Corp.’s payout ratio is currently 156.67%.

AQN has been the topic of several recent analyst reports. Zacks Investment Research upgraded shares of Algonquin Power & Utilities Corp. from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a research note on Monday, August 14th. Wells Fargo & Company initiated coverage on shares of Algonquin Power & Utilities Corp. in a research note on Tuesday, June 20th. They set a “market perform” rating on the stock.

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Algonquin Power & Utilities Corp. Company Profile

Algonquin Power & Utilities Corp., through its subsidiaries, engages in the generation, transmission, and distribution of utility assets in North America. The company generates and sells electrical energy through a portfolio of non-regulated renewable and clean energy power generation facilities.

Institutional Ownership by Quarter for Algonquin Power & Utilities Corp. (NYSE:AQN)

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