Raymond James Trust N.A. Sells 2,200 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Raymond James Trust N.A. decreased its position in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 18.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 10,000 shares of the utilities provider’s stock after selling 2,200 shares during the quarter. Raymond James Trust N.A.’s holdings in Algonquin Power & Utilities were worth $63,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Invesco Ltd. lifted its holdings in Algonquin Power & Utilities by 6.6% during the 3rd quarter. Invesco Ltd. now owns 9,881,130 shares of the utilities provider’s stock worth $58,496,000 after purchasing an additional 616,049 shares in the last quarter. Capital Investment Advisory Services LLC purchased a new stake in Algonquin Power & Utilities during the 3rd quarter worth about $1,408,000. Krilogy Financial LLC purchased a new stake in Algonquin Power & Utilities during the 3rd quarter worth about $3,007,000. Aigen Investment Management LP purchased a new stake in Algonquin Power & Utilities during the 3rd quarter worth about $200,000. Finally, Troluce Capital Advisors LLC lifted its holdings in Algonquin Power & Utilities by 83.4% during the 3rd quarter. Troluce Capital Advisors LLC now owns 962,675 shares of the utilities provider’s stock worth $5,699,000 after purchasing an additional 437,675 shares in the last quarter. Institutional investors own 62.28% of the company’s stock.

Algonquin Power & Utilities Price Performance

Shares of AQN stock opened at $6.25 on Thursday. The firm has a market cap of $4.31 billion, a P/E ratio of 208.33, a P/E/G ratio of 4.80 and a beta of 0.66. Algonquin Power & Utilities Corp. has a fifty-two week low of $4.90 and a fifty-two week high of $9.14. The business’s 50 day moving average price is $5.97 and its 200-day moving average price is $6.05. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.50 and a current ratio of 0.63.

Algonquin Power & Utilities (NYSE:AQN) last issued its quarterly earnings data on Friday, March 8th. The utilities provider reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.02. The firm had revenue of $666.90 million for the quarter, compared to analyst estimates of $661.73 million. Algonquin Power & Utilities had a return on equity of 5.64% and a net margin of 1.06%. The business’s quarterly revenue was down 10.8% compared to the same quarter last year. During the same period last year, the company earned $0.22 EPS. On average, equities research analysts anticipate that Algonquin Power & Utilities Corp. will post 0.5 earnings per share for the current year.

Algonquin Power & Utilities Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Thursday, March 28th will be given a dividend of $0.1085 per share. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $0.43 annualized dividend and a dividend yield of 6.94%. Algonquin Power & Utilities’s dividend payout ratio is presently 1,433.33%.

Analysts Set New Price Targets

AQN has been the topic of several recent analyst reports. TD Securities raised their price target on Algonquin Power & Utilities from $6.00 to $6.50 and gave the company a “hold” rating in a report on Monday, March 11th. CIBC raised their price target on Algonquin Power & Utilities from $7.00 to $7.50 and gave the company a “neutral” rating in a report on Tuesday, January 9th. BMO Capital Markets raised Algonquin Power & Utilities from a “market perform” rating to an “outperform” rating and raised their price target for the company from $7.00 to $7.50 in a report on Monday, January 8th. National Bankshares decreased their price objective on Algonquin Power & Utilities from $7.50 to $7.25 and set a “sector perform” rating on the stock in a report on Tuesday, January 9th. Finally, Desjardins raised Algonquin Power & Utilities from a “sell” rating to a “hold” rating and raised their price objective for the company from $4.75 to $5.75 in a report on Monday, March 11th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $7.85.

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.