Bank of America Corp DE Buys Shares of 5,496,860 The AES Corporation $AES

Key Points

• Bank of America acquired 5.50 million AES shares during the second quarter, valued at approximately $80.6 million, giving it a 0.77% stake.
• Other institutional investors also added positions, and institutional ownership reached 93.13%. Analysts maintain a consensus “Hold” rating with a $15.71 price target.
• AES exceeded quarterly earnings and revenue expectations, reporting $0.60 in EPS and $3.42 billion in revenue. The company also offers a quarterly dividend of $0.176 per share, representing an annualized yield of about 4.7%.

Bank of America Corp DE acquired a new stake in The AES Corporation (NYSE:AES - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 5,496,860 shares of the utilities provider's stock, valued at approximately $80,584,000. Bank of America Corp DE owned approximately 0.77% of AES as of its most recent filing with the SEC.

A number of other large investors have also recently added to or reduced their stakes in the stock. Bluefin Capital Management LLC acquired a new position in AES in the 2nd quarter valued at $369,000. Vazirani Asset Management LLC bought a new stake in AES during the 2nd quarter valued at approximately $3,518,400. Man Group plc acquired a new stake in AES in the 2nd quarter valued at approximately $65,159,000. Invst LLC bought a new position in AES in the 2nd quarter worth approximately $727,000. Finally, Polar Asset Management Partners Inc. acquired a new position in shares of AES during the second quarter worth approximately $16,375,000. Institutional investors own 93.13% of the company's stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded AES from a "hold (c)" rating to a "hold (c+)" rating in a research report on Monday, August 17th. Eight analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $15.71.

AES Trading Up 0.0%

AES opened at $14.86 on Friday. The AES Corporation has a fifty-two week low of $12.75 and a fifty-two week high of $17.65. The company has a debt-to-equity ratio of 2.93, a current ratio of 0.75 and a quick ratio of 0.67. The company has a market cap of $10.60 billion, a price-to-earnings ratio of 5.67 and a beta of 0.97. The firm has a 50 day simple moving average of $14.78 and a 200 day simple moving average of $14.57.

AES (NYSE:AES - Get Free Report) last posted its earnings results on Tuesday, August 4th. The utilities provider reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.15. AES had a return on equity of 20.69% and a net margin of 14.30%.The firm had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.11 billion. On average, sell-side analysts anticipate that The AES Corporation will post 2.23 earnings per share for the current year.

AES Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a dividend of $0.176 per share. This represents a $0.70 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend was Friday, July 31st. AES's dividend payout ratio (DPR) is currently 26.72%.

AES Company Profile

The AES Corporation NYSE: AES is a global energy company that develops, owns and operates electricity generation and distribution businesses. Its portfolio includes renewable energy projects, natural gas and other power-generation facilities, battery energy storage systems, and utility operations. AES serves utilities, commercial and industrial customers, and other energy users through long-term power supply arrangements and related services.

The company has increasingly focused on renewable energy and energy infrastructure, including solar, wind and storage projects designed to support the transition to lower-carbon electricity systems.

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