Avangrid, Inc. (NYSE:AGR) Position Trimmed by Comerica Bank

Comerica Bank cut its stake in Avangrid, Inc. (NYSE:AGR) by 49.0% during the first quarter, HoldingsChannel reports. The fund owned 1,366 shares of the utilities provider’s stock after selling 1,310 shares during the quarter. Comerica Bank’s holdings in Avangrid were worth $50,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Headlands Technologies LLC bought a new position in Avangrid during the first quarter valued at approximately $26,000. Bell Investment Advisors Inc raised its holdings in shares of Avangrid by 163.9% during the 1st quarter. Bell Investment Advisors Inc now owns 863 shares of the utilities provider’s stock valued at $31,000 after purchasing an additional 536 shares in the last quarter. Central Pacific Bank Trust Division acquired a new stake in shares of Avangrid in the 1st quarter valued at $36,000. Toronto Dominion Bank bought a new stake in Avangrid in the first quarter worth $41,000. Finally, Quent Capital LLC increased its position in Avangrid by 31.0% during the first quarter. Quent Capital LLC now owns 1,486 shares of the utilities provider’s stock worth $54,000 after buying an additional 352 shares during the last quarter. 13.12% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, StockNews.com began coverage on Avangrid in a research report on Sunday. They issued a “hold” rating for the company. One analyst has rated the stock with a sell rating and three have assigned a hold rating to the company. According to MarketBeat.com, Avangrid currently has an average rating of “Hold” and an average price target of $34.67.

Avangrid Price Performance

NYSE AGR opened at $35.90 on Tuesday. Avangrid, Inc. has a 1 year low of $27.46 and a 1 year high of $37.70. The company has a fifty day simple moving average of $35.51 and a 200 day simple moving average of $35.09. The company has a current ratio of 0.52, a quick ratio of 0.44 and a debt-to-equity ratio of 0.49. The company has a market cap of $13.89 billion, a P/E ratio of 15.54, a P/E/G ratio of 2.69 and a beta of 0.55.

Avangrid (NYSE:AGR) last released its quarterly earnings results on Tuesday, July 23rd. The utilities provider reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.22. The company had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.72 billion. Avangrid had a net margin of 11.35% and a return on equity of 4.87%. The business’s quarterly revenue was up 21.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.21 earnings per share. On average, sell-side analysts predict that Avangrid, Inc. will post 2.23 EPS for the current year.

Avangrid Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 2nd will be issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 4.90%. The ex-dividend date of this dividend is Friday, August 30th. Avangrid’s dividend payout ratio (DPR) is currently 76.19%.

About Avangrid

Avangrid, Inc, an energy services holding company, engages in the regulated energy transmission and distribution, and renewable energy generation businesses in the United States. The company operates through Networks and Renewables segments. It is involved in the generation, transmission, and distribution of electricity; and distribution, transportation, and sale of natural gas.