CANADA LIFE ASSURANCE Co Sells 241,088 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

CANADA LIFE ASSURANCE Co lessened its position in shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 69.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 105,868 shares of the utilities provider's stock after selling 241,088 shares during the quarter. CANADA LIFE ASSURANCE Co's holdings in Algonquin Power & Utilities were worth $469,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. SVB Wealth LLC acquired a new stake in Algonquin Power & Utilities during the fourth quarter worth $49,000. Avantax Advisory Services Inc. acquired a new stake in shares of Algonquin Power & Utilities during the 4th quarter valued at about $58,000. Ballentine Partners LLC bought a new stake in Algonquin Power & Utilities in the fourth quarter valued at about $63,000. Spire Wealth Management raised its position in Algonquin Power & Utilities by 149.6% in the fourth quarter. Spire Wealth Management now owns 17,000 shares of the utilities provider's stock worth $76,000 after purchasing an additional 10,190 shares in the last quarter. Finally, Quadrant Capital Group LLC lifted its stake in Algonquin Power & Utilities by 40.5% during the fourth quarter. Quadrant Capital Group LLC now owns 17,555 shares of the utilities provider's stock worth $78,000 after purchasing an additional 5,060 shares during the period. 62.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Royal Bank of Canada dropped their target price on Algonquin Power & Utilities from $6.00 to $5.50 and set a "sector perform" rating for the company in a report on Tuesday, February 18th. CIBC dropped their price objective on Algonquin Power & Utilities from $5.50 to $5.25 and set a "neutral" rating for the company in a research note on Thursday, April 24th. National Bankshares reduced their target price on shares of Algonquin Power & Utilities from $6.75 to $6.25 and set an "outperform" rating on the stock in a research note on Tuesday, February 11th. Finally, Scotiabank increased their target price on shares of Algonquin Power & Utilities from $5.25 to $5.50 and gave the stock a "sector perform" rating in a research report on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $5.92.

Algonquin Power & Utilities Price Performance

NYSE:AQN traded up $0.13 during mid-day trading on Friday, reaching $5.40. 12,846,655 shares of the company were exchanged, compared to its average volume of 7,561,856. 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 cap of $4.15 billion, a PE ratio of -4.19 and a beta of 0.67. Algonquin Power & Utilities Corp. has a 12 month low of $4.19 and a 12 month high of $6.79. The company has a fifty day moving average of $5.06 and a 200 day moving average of $4.80.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last released its quarterly earnings results on Friday, March 7th. The utilities provider reported $0.06 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.04). The company had revenue of $584.80 million for the quarter, compared to the consensus estimate of $644.73 million. Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. On average, research analysts anticipate that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current fiscal year.

Algonquin Power & Utilities Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a dividend of $0.065 per share. The ex-dividend date was Monday, March 31st. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.81%. Algonquin Power & Utilities's payout ratio is currently -14.44%.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp. is an investment holding company, which engages in energy generation and water distribution facilities. It operates through the Regulated Services Group and Renewable Energy Group segments. The Regulated Services Group segment owns and operates a portfolio of electric, natural gas, water distribution, and wastewater collection utility systems and transmission.