Bank of America Corp DE Acquires Shares of 3,687,289 Algonquin Power & Utilities Corp. $AQN

Key Points

• Bank of America acquired 3.69 million shares of Algonquin Power & Utilities in the second quarter, valued at approximately $21.6 million and representing about 0.48% of the company. Institutional investors and hedge funds collectively own 62.28% of AQN.
• AQN shares opened at $5.08, near their 52-week low of $5.05, after the company reported quarterly EPS of $0.04, missing estimates by $0.01. The company reported $582.99 million in revenue and guided for fiscal 2026 EPS of $0.35–$0.37.
• Algonquin declared a quarterly dividend of $0.065 per share, equivalent to a 5.1% annualized yield, while analysts maintain a “Moderate Buy” consensus with an average price target of $6.75.

Bank of America Corp DE bought a new position in Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 3,687,289 shares of the utilities provider's stock, valued at approximately $21,608,000. Bank of America Corp DE owned approximately 0.48% of Algonquin Power & Utilities at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Principal Financial Group Inc. increased its stake in Algonquin Power & Utilities by 13.0% during the first quarter. Principal Financial Group Inc. now owns 13,633,904 shares of the utilities provider's stock valued at $83,497,000 after purchasing an additional 1,563,924 shares during the last quarter. Norges Bank bought a new position in shares of Algonquin Power & Utilities during the fourth quarter valued at approximately $67,065,000. Dimensional Fund Advisors LP raised its position in shares of Algonquin Power & Utilities by 1.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 7,716,896 shares of the utilities provider's stock worth $47,382,000 after purchasing an additional 144,500 shares during the period. Bank of Nova Scotia bought a new stake in shares of Algonquin Power & Utilities in the 2nd quarter worth approximately $46,703,000. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of Algonquin Power & Utilities by 85.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 7,321,263 shares of the utilities provider's stock worth $44,861,000 after purchasing an additional 3,376,321 shares during the last quarter. 62.28% of the stock is owned by institutional investors and hedge funds.

Algonquin Power & Utilities Stock Down 2.6%

AQN stock opened at $5.08 on Thursday. Algonquin Power & Utilities Corp. has a 52 week low of $5.05 and a 52 week high of $7.11. The company has a market capitalization of $3.91 billion, a price-to-earnings ratio of 26.71 and a beta of 0.70. The firm's 50-day moving average is $5.69 and its two-hundred day moving average is $5.93. The company has a current ratio of 0.88, a quick ratio of 0.69 and a debt-to-equity ratio of 1.28.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last posted its quarterly earnings data on Friday, August 7th. The utilities provider reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.01). Algonquin Power & Utilities had a net margin of 5.77% and a return on equity of 5.16%. The company had revenue of $582.99 million during the quarter, compared to the consensus estimate of $582.99 million. During the same quarter last year, the business earned $0.04 earnings per share. Algonquin Power & Utilities has set its FY 2027 guidance at 0.380-0.420 EPS and its FY 2026 guidance at 0.350-0.370 EPS. On average, analysts forecast that Algonquin Power & Utilities Corp. will post 0.35 earnings per share for the current fiscal year.

Algonquin Power & Utilities Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Tuesday, September 29th will be paid a dividend of $0.065 per share. This represents a $0.26 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date of this dividend is Tuesday, September 29th. Algonquin Power & Utilities's dividend payout ratio (DPR) is presently 136.84%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on AQN shares. Huntington started coverage on Algonquin Power & Utilities in a research report on Monday, September 14th. They set an "outperform" rating and a $7.00 price objective for the company. Weiss Ratings lowered Algonquin Power & Utilities from a "hold (c)" rating to a "hold (c-)" rating in a research report on Tuesday, August 11th. National Bank Financial set a $7.00 target price on Algonquin Power & Utilities and gave the company an "outperform" rating in a research note on Tuesday, September 1st. Finally, TD set a $6.00 price target on shares of Algonquin Power & Utilities and gave the company a "hold" rating in a report on Monday, August 31st. Seven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Algonquin Power & Utilities currently has a consensus rating of "Moderate Buy" and a consensus price target of $6.75.

Algonquin Power & Utilities Profile

Algonquin Power & Utilities Corp. is a North American utility and renewable energy company headquartered in Oakville, Ontario. Through its Liberty operating businesses, the company has provided regulated electricity, natural gas, water and wastewater services to residential, commercial and industrial customers.

Algonquin has historically operated regulated utility systems in the United States and Canada, with activities including electricity distribution and transmission, natural gas distribution, and water and wastewater utilities.

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