306,408 Shares of Avista Corporation $AVA Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 306,408 Avista shares worth approximately $12.5 million during the second quarter, giving it a 0.37% stake. Institutional investors collectively own 85.24% of the utility company.
• Avista reported quarterly EPS of $0.43, exceeding the $0.23 consensus estimate, while revenue reached $413 million. The company maintains a quarterly dividend of $0.4925 per share, equivalent to a 5.6% annualized yield.
• Analyst sentiment remains cautious, with one Buy rating and six Holds; the average price target is $39.25. Avista shares recently traded at $35.18, near their 12-month low of $34.66.

Bank of America Corp DE bought a new position in shares of Avista Corporation (NYSE:AVA - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 306,408 shares of the utilities provider's stock, valued at approximately $12,535,000. Bank of America Corp DE owned about 0.37% of Avista at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Bayban acquired a new stake in Avista during the fourth quarter worth about $35,000. Global Retirement Partners LLC acquired a new stake in shares of Avista during the 2nd quarter worth approximately $42,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Avista during the 2nd quarter valued at approximately $58,000. Hantz Financial Services Inc. lifted its holdings in Avista by 171.3% in the fourth quarter. Hantz Financial Services Inc. now owns 1,747 shares of the utilities provider's stock valued at $67,000 after acquiring an additional 1,103 shares during the last quarter. Finally, Compass Financial Management LLC purchased a new position in Avista in the second quarter worth approximately $86,000. Institutional investors and hedge funds own 85.24% of the company's stock.

Insider Transactions at Avista

In other Avista news, VP Joshua Diluciano sold 4,675 shares of Avista stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $37.24, for a total value of $174,097.00. Following the transaction, the vice president directly owned 8,334 shares in the company, valued at approximately $310,358.16. The trade was a 35.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.78% of the company's stock.

Avista Stock Up 0.4%

Shares of NYSE:AVA opened at $35.18 on Friday. The firm has a 50 day simple moving average of $38.37 and a 200-day simple moving average of $40.01. Avista Corporation has a twelve month low of $34.66 and a twelve month high of $43.50. The company has a current ratio of 1.10, a quick ratio of 0.69 and a debt-to-equity ratio of 1.08. The company has a market capitalization of $2.95 billion, a PE ratio of 12.70, a P/E/G ratio of 3.33 and a beta of 0.25.

Avista (NYSE:AVA - Get Free Report) last announced its quarterly earnings results on Friday, July 31st. The utilities provider reported $0.43 EPS for the quarter, topping the consensus estimate of $0.23 by $0.20. Avista had a net margin of 11.83% and a return on equity of 7.85%. The firm had revenue of $413.00 million for the quarter, compared to analyst estimates of $426.93 million. During the same period last year, the business earned $0.17 EPS. Avista's revenue for the quarter was up .5% compared to the same quarter last year. On average, equities analysts predict that Avista Corporation will post 2.55 EPS for the current fiscal year.

Avista Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 14th. Investors of record on Tuesday, August 18th were paid a dividend of $0.4925 per share. The ex-dividend date was Tuesday, August 18th. This represents a $1.97 dividend on an annualized basis and a yield of 5.6%. Avista's dividend payout ratio is currently 71.12%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on AVA shares. Barclays lowered their price target on Avista from $40.00 to $37.00 and set an "equal weight" rating for the company in a report on Tuesday, August 4th. Weiss Ratings cut shares of Avista from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, September 8th. One analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $39.25.

About Avista

Avista Corporation is an energy company headquartered in Spokane, Washington, operating primarily through its regulated utility businesses. Its principal subsidiary, Avista Utilities, provides electric and natural gas service to residential, commercial and industrial customers.

Avista Utilities operates electric and natural gas systems in eastern Washington and northern Idaho, as well as parts of Oregon. Through Alaska Electric Light & Power Company, Avista also provides electric service in Juneau, Alaska.

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