Swiss National Bank Sells 134,000 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Swiss National Bank trimmed its holdings in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 5.0% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,571,700 shares of the utilities provider’s stock after selling 134,000 shares during the quarter. Swiss National Bank’s holdings in Algonquin Power & Utilities were worth $21,280,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. SVB Wealth LLC boosted its position in shares of Algonquin Power & Utilities by 4.7% during the second quarter. SVB Wealth LLC now owns 15,683 shares of the utilities provider’s stock worth $210,000 after buying an additional 704 shares during the period. Newbridge Financial Services Group Inc. boosted its position in Algonquin Power & Utilities by 33.3% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 5,000 shares of the utilities provider’s stock worth $41,000 after acquiring an additional 1,250 shares during the last quarter. Captrust Financial Advisors grew its stake 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 in the last quarter. Raymond James Trust N.A. boosted its holdings in Algonquin Power & Utilities by 12.9% during the first quarter. Raymond James Trust N.A. now owns 12,676 shares of the utilities provider’s stock worth $197,000 after purchasing an additional 1,450 shares during the last quarter. Finally, Cerity Partners LLC grew its position in Algonquin Power & Utilities by 4.3% in the first quarter. Cerity Partners LLC now owns 43,960 shares of the utilities provider’s stock valued at $369,000 after purchasing an additional 1,831 shares in the last quarter. 52.12% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Desjardins cut their price target on shares of Algonquin Power & Utilities from $6.50 to $4.75 and set a “sell” rating on the stock in a research report on Wednesday, October 25th. BMO Capital Markets dropped their price objective on Algonquin Power & Utilities from $8.50 to $8.00 and set a “market perform” rating on the stock in a research note on Friday, September 8th. TD Securities cut their price objective on Algonquin Power & Utilities from $8.00 to $6.00 and set a “hold” rating for the company in a report on Wednesday, October 18th. StockNews.com started coverage on shares of Algonquin Power & Utilities in a report on Thursday, October 5th. They set a “sell” rating on the stock. Finally, Scotiabank cut their price target on shares of Algonquin Power & Utilities from $8.00 to $7.00 and set a “sector perform” rating for the company in a research note on Monday, October 16th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Algonquin Power & Utilities currently has an average rating of “Hold” and an average price target of $8.19.

Algonquin Power & Utilities Stock Up 1.7 %

Algonquin Power & Utilities stock opened at $5.97 on Monday. Algonquin Power & Utilities Corp. has a twelve month low of $4.90 and a twelve month high of $9.14. The stock has a market cap of $4.11 billion, a P/E ratio of -17.06 and a beta of 0.59. The company’s 50-day moving average price is $5.91 and its two-hundred day moving average price is $7.34. The company has a quick ratio of 0.56, a current ratio of 0.66 and a debt-to-equity ratio of 1.22.

Algonquin Power & Utilities (NYSE:AQN) last released its quarterly earnings results on Friday, November 10th. The utilities provider reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.01). The firm had revenue of $624.70 million during the quarter, compared to the consensus estimate of $643.87 million. Algonquin Power & Utilities had a negative net margin of 8.35% and a positive return on equity of 6.13%. The business’s revenue for the quarter was down 6.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.11 earnings per share. As a group, analysts expect that Algonquin Power & Utilities Corp. will post 0.52 EPS for the current year.

Algonquin Power & Utilities Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 15th. Shareholders of record on Friday, December 29th will be paid a $0.216 dividend. This is a boost from Algonquin Power & Utilities’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $0.86 annualized dividend and a yield of 14.47%. Algonquin Power & Utilities’s payout ratio is -122.86%.

Algonquin Power & Utilities Profile

Algonquin Power & Utilities Corp., a renewable energy and utility company, that provides energy and water solutions and services in North America and internationally. The company operates through two segments, Regulated Services Group and Renewable Energy Group. The Regulated Services Group segment provides a portfolio of rate-regulated water, electricity, and gas utility services.