Prudential Financial Inc. Raises Stake in Avista Corp. (AVA)
Prudential Financial Inc. increased its position in Avista Corp. (NYSE:AVA) by 1.9% during the second quarter, according to its most recent filing with the SEC. The fund owned 250,910 shares of the company’s stock after buying an additional 4,580 shares during the period. Prudential Financial Inc. owned about 0.39% of Avista Corp. worth $11,241,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Acadian Asset Management LLC bought a new stake in Avista Corp. during the first quarter worth approximately $1,040,000. BlackRock Institutional Trust Company N.A. boosted its stake in Avista Corp. by 6.0% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,692,007 shares of the company’s stock worth $69,000,000 after buying an additional 95,891 shares during the period. Global X Management Co. LLC boosted its stake in Avista Corp. by 10.8% in the second quarter. Global X Management Co. LLC now owns 155,170 shares of the company’s stock worth $6,952,000 after buying an additional 15,124 shares during the period. First Trust Advisors LP boosted its stake in Avista Corp. by 31.6% in the second quarter. First Trust Advisors LP now owns 422,174 shares of the company’s stock worth $18,913,000 after buying an additional 101,326 shares during the period. Finally, Los Angeles Capital Management & Equity Research Inc. boosted its stake in Avista Corp. by 6.2% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 17,001 shares of the company’s stock worth $693,000 after buying an additional 995 shares during the period. 68.07% of the stock is currently owned by institutional investors.
Avista Corp. (NYSE:AVA) traded down 1.29% on Tuesday, reaching $40.61. 19,208 shares of the company were exchanged. Avista Corp. has a 12-month low of $32.61 and a 12-month high of $45.22. The firm has a market capitalization of $2.59 billion, a P/E ratio of 18.70 and a beta of 0.40. The firm has a 50-day moving average of $41.69 and a 200 day moving average of $41.64.
Avista Corp. (NYSE:AVA) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported $0.43 EPS for the quarter, missing the Zacks’ consensus estimate of $0.45 by $0.02. Avista Corp. had a net margin of 9.38% and a return on equity of 8.32%. The firm had revenue of $234.79 million for the quarter, compared to analysts’ expectations of $316.24 million. During the same quarter in the previous year, the company earned $0.40 EPS. The company’s quarterly revenue was down 5.5% compared to the same quarter last year. On average, equities analysts predict that Avista Corp. will post $2.08 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were issued a dividend of $0.3425 per share. This represents a $1.37 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date of this dividend was Tuesday, August 30th. Avista Corp.’s payout ratio is 64.02%.
AVA has been the subject of a number of recent research reports. Zacks Investment Research lowered shares of Avista Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, June 9th. Williams Capital lifted their price objective on shares of Avista Corp. from $38.00 to $40.00 and gave the company a “hold” rating in a research note on Thursday, September 22nd. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $42.00 price objective on shares of Avista Corp. in a research note on Wednesday, June 22nd.
In other news, SVP Jason R. Thackston sold 950 shares of the stock in a transaction that occurred on Wednesday, September 14th. The shares were sold at an average price of $40.90, for a total transaction of $38,855.00. Following the sale, the senior vice president now owns 17,232 shares in the company, valued at $704,788.80. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Marian M. Durkin sold 3,500 shares of the stock in a transaction that occurred on Friday, August 12th. The shares were sold at an average price of $42.56, for a total transaction of $148,960.00. Following the sale, the insider now owns 67,245 shares in the company, valued at approximately $2,861,947.20. The disclosure for this sale can be found here. Insiders own 1.07% of the company’s stock.
Avista Corp. Company Profile
Avista Corporation is an electric and natural gas utility with certain other business ventures. The Company operates through two business segments: Avista Utilities, and Alaska Electric Light and Power Company (AEL&P). Avista Utilities segment generates, transmits and distributes electricity, and distributes natural gas serving electric and natural gas customers in eastern Washington and northern Idaho and natural gas customers in parts of Oregon.
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