US Bancorp DE Sells 5,407 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

US Bancorp DE reduced its stake in Algonquin Power & Utilities Corp. (NYSE:AQN) by 41.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,496 shares of the utilities provider’s stock after selling 5,407 shares during the period. US Bancorp DE’s holdings in Algonquin Power & Utilities were worth $41,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in Algonquin Power & Utilities by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 26,248,892 shares of the utilities provider’s stock worth $165,893,000 after acquiring an additional 262,333 shares in the last quarter. National Bank of Canada FI grew its stake in Algonquin Power & Utilities by 3.4% in the 2nd quarter. National Bank of Canada FI now owns 10,565,940 shares of the utilities provider’s stock worth $61,759,000 after acquiring an additional 342,528 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in Algonquin Power & Utilities by 156.0% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 8,905,059 shares of the utilities provider’s stock worth $52,341,000 after acquiring an additional 5,426,523 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Algonquin Power & Utilities by 320.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,273,228 shares of the utilities provider’s stock worth $42,633,000 after acquiring an additional 5,544,063 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its stake in Algonquin Power & Utilities by 31.2% in the 2nd quarter. Point72 Asset Management L.P. now owns 5,956,389 shares of the utilities provider’s stock worth $34,989,000 after acquiring an additional 1,415,889 shares in the last quarter. 62.28% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

AQN has been the topic of a number of research analyst reports. Desjardins dropped their target price on shares of Algonquin Power & Utilities from $5.50 to $5.25 and set a “hold” rating on the stock in a research note on Monday, August 12th. Scotiabank dropped their price objective on shares of Algonquin Power & Utilities from $5.75 to $5.25 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. National Bank Financial upgraded shares of Algonquin Power & Utilities from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Royal Bank of Canada reiterated a “sector perform” rating and set a $6.00 price objective on shares of Algonquin Power & Utilities in a research note on Friday, October 11th. Finally, Raymond James downgraded shares of Algonquin Power & Utilities from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $7.75 to $7.00 in a research note on Monday, August 12th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $6.18.

Algonquin Power & Utilities Trading Up 0.2 %

NYSE:AQN opened at $4.82 on Monday. Algonquin Power & Utilities Corp. has a 52 week low of $4.67 and a 52 week high of $6.79. The firm has a 50 day moving average of $5.14 and a 200 day moving average of $5.69. The company has a quick ratio of 0.73, a current ratio of 0.92 and a debt-to-equity ratio of 1.17. The stock has a market capitalization of $3.70 billion, a price-to-earnings ratio of -3.74 and a beta of 0.68.

Algonquin Power & Utilities (NYSE:AQN) last posted its earnings results on Thursday, November 7th. The utilities provider reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. The firm had revenue of $573.20 million for the quarter, compared to analysts’ expectations of $620.46 million. During the same period in the previous year, the company earned $0.11 EPS. The company’s revenue was up 1.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Algonquin Power & Utilities Corp. will post 0.4 earnings per share for the current fiscal year.

Algonquin Power & Utilities Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.065 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.26 dividend on an annualized basis and a dividend yield of 5.39%. Algonquin Power & Utilities’s dividend payout ratio is currently -20.16%.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp. operates in the power and utility industries in the United States, Canada, and other regions. The company operates in two segments, Regulated Services Group and Renewable Energy Group. The company primarily owns and operates a regulated electric, water distribution and wastewater collection, and natural gas utility systems and transmission operations.