Bank of America Corp DE Sells 840,851 Shares of Algonquin Power & Utilities Corp. (NYSE:AQN)

Bank of America Corp DE trimmed its stake in shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 20.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,309,648 shares of the utilities provider's stock after selling 840,851 shares during the quarter. Bank of America Corp DE owned 0.43% of Algonquin Power & Utilities worth $14,728,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in AQN. SVB Wealth LLC purchased a new position in Algonquin Power & Utilities during the 4th quarter valued at about $49,000. Avantax Advisory Services Inc. purchased a new position in Algonquin Power & Utilities during the fourth quarter valued at approximately $58,000. Ballentine Partners LLC purchased a new position in Algonquin Power & Utilities during the fourth quarter valued at approximately $63,000. Spire Wealth Management increased its holdings in Algonquin Power & Utilities by 149.6% during the 4th quarter. Spire Wealth Management now owns 17,000 shares of the utilities provider's stock worth $76,000 after acquiring an additional 10,190 shares during the period. Finally, Quadrant Capital Group LLC lifted its stake in Algonquin Power & Utilities by 40.5% in the 4th 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 in the last quarter. Hedge funds and other institutional investors own 62.28% of the company's stock.

Wall Street Analyst Weigh In

AQN has been the topic of several research analyst reports. Scotiabank upped their price target on shares of Algonquin Power & Utilities from $5.50 to $6.00 and gave the stock a "sector perform" rating in a report on Monday, May 12th. BMO Capital Markets reiterated a "market perform" rating and set a $6.00 price target (up previously from $5.00) on shares of Algonquin Power & Utilities in a research report on Monday, May 12th. Wall Street Zen cut shares of Algonquin Power & Utilities from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Royal Bank of Canada raised their target price on shares of Algonquin Power & Utilities from $5.50 to $6.00 and gave the company a "sector perform" rating in a research note on Monday, May 12th. Finally, National Bankshares dropped their target price on shares of Algonquin Power & Utilities from $6.75 to $6.25 and set an "outperform" rating for the company in a research report on Tuesday, February 11th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $6.03.

Algonquin Power & Utilities Price Performance

Shares of AQN stock traded up $0.06 during trading hours on Tuesday, hitting $5.62. 8,132,110 shares of the company's stock were exchanged, compared to its average volume of 8,104,659. The company has a market capitalization of $4.31 billion, a PE ratio of -4.35 and a beta of 0.67. The company has a current ratio of 0.92, a quick ratio of 0.73 and a debt-to-equity ratio of 1.17. Algonquin Power & Utilities Corp. has a 12-month low of $4.19 and a 12-month high of $6.59. The business's 50 day simple moving average is $5.29 and its 200-day simple moving average is $4.88.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last issued its earnings results on Friday, May 9th. The utilities provider reported $0.14 EPS for the quarter, topping analysts' consensus estimates of $0.09 by $0.05. The company had revenue of $692.40 million for the quarter, compared to analysts' expectations of $699.08 million. Algonquin Power & Utilities had a negative net margin of 39.12% and a positive return on equity of 5.22%. During the same quarter last year, the company earned $0.14 EPS. On average, equities research analysts anticipate that Algonquin Power & Utilities Corp. will post 0.38 earnings per share for the current year.

Algonquin Power & Utilities Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.63%. The ex-dividend date of this dividend is Monday, June 30th. Algonquin Power & Utilities's dividend payout ratio (DPR) is presently -15.48%.

Algonquin Power & Utilities Company Profile

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.