Bank of New York Mellon Corp Boosts Holdings in Eversource Energy $ES

Key Points

• Bank of New York Mellon boosted its Eversource Energy stake by 11.3% in the fourth quarter, ending with 2.83 million shares worth about $190.8 million.
• Institutional interest in Eversource remains high, with hedge funds and other institutions owning 79.99% of the company; several firms, including Norges Bank and Vanguard, also increased their holdings.
• Eversource reported strong quarterly results and reaffirmed a quarterly dividend of $0.7875 per share, implying a 4.5% yield, while analysts currently rate the stock a consensus "Hold" with a $71.70 target price.

Bank of New York Mellon Corp increased its stake in shares of Eversource Energy (NYSE:ES - Free Report) by 11.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,833,876 shares of the utilities provider's stock after buying an additional 288,792 shares during the period. Bank of New York Mellon Corp owned about 0.76% of Eversource Energy worth $190,805,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in ES. Norges Bank purchased a new stake in Eversource Energy during the fourth quarter worth about $324,032,000. Northwestern Mutual Wealth Management Co. increased its holdings in Eversource Energy by 23,707.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,649,747 shares of the utilities provider's stock worth $313,067,000 after buying an additional 4,630,216 shares during the last quarter. AQR Capital Management LLC increased its holdings in Eversource Energy by 412.7% during the third quarter. AQR Capital Management LLC now owns 1,800,618 shares of the utilities provider's stock worth $127,133,000 after buying an additional 1,449,388 shares during the last quarter. LSV Asset Management increased its holdings in Eversource Energy by 331.5% during the third quarter. LSV Asset Management now owns 1,566,577 shares of the utilities provider's stock worth $111,446,000 after buying an additional 1,203,563 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in Eversource Energy by 2.5% during the third quarter. Vanguard Group Inc. now owns 46,814,369 shares of the utilities provider's stock worth $3,330,374,000 after buying an additional 1,161,708 shares during the last quarter. Hedge funds and other institutional investors own 79.99% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Bank of America restated a "buy" rating and set a $72.00 price objective on shares of Eversource Energy in a report on Wednesday, April 22nd. Weiss Ratings restated a "hold (c+)" rating on shares of Eversource Energy in a report on Monday, April 27th. Argus upgraded shares of Eversource Energy to a "strong-buy" rating in a research note on Tuesday, March 24th. Scotiabank reduced their target price on shares of Eversource Energy from $66.00 to $63.00 and set a "sector underperform" rating for the company in a research note on Tuesday, April 21st. Finally, Wells Fargo & Company lifted their target price on shares of Eversource Energy from $74.00 to $75.00 and gave the stock an "overweight" rating in a research note on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $71.70.

Insider Buying and Selling

In related news, VP Gregory B. Butler sold 7,000 shares of the business's stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $69.88, for a total transaction of $489,160.00. Following the completion of the transaction, the vice president owned 56,179 shares of the company's stock, valued at approximately $3,925,788.52. The trade was a 11.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.18% of the company's stock.

Eversource Energy Price Performance

ES opened at $70.56 on Friday. The company has a market capitalization of $26.54 billion, a price-to-earnings ratio of 15.08, a PEG ratio of 4.63 and a beta of 0.71. The company has a quick ratio of 0.59, a current ratio of 0.65 and a debt-to-equity ratio of 1.62. The firm has a 50-day moving average price of $68.81 and a 200-day moving average price of $69.29. Eversource Energy has a twelve month low of $61.53 and a twelve month high of $76.41.

Eversource Energy (NYSE:ES - Get Free Report) last posted its earnings results on Wednesday, May 6th. The utilities provider reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.59 by $0.14. The firm had revenue of $4.50 billion during the quarter, compared to the consensus estimate of $4.21 billion. Eversource Energy had a net margin of 12.55% and a return on equity of 11.59%. The company's revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the company earned $1.50 earnings per share. Eversource Energy has set its FY 2026 guidance at 4.570-4.720 EPS. Equities analysts expect that Eversource Energy will post 4.65 EPS for the current year.

Eversource Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, May 18th will be paid a dividend of $0.7875 per share. The ex-dividend date of this dividend is Monday, May 18th. This represents a $3.15 annualized dividend and a yield of 4.5%. Eversource Energy's payout ratio is currently 67.31%.

About Eversource Energy

Eversource Energy NYSE: ES is a publicly traded, regulated energy company headquartered in Hartford, Connecticut. The company's core business is the delivery and transmission of electricity and natural gas to residential, commercial and industrial customers across parts of New England. Eversource operates transmission and distribution networks, maintains electrical infrastructure, responds to outages and storms, and manages natural gas pipeline and distribution systems in the regions it serves.

Eversource serves customers primarily in Connecticut, Massachusetts and New Hampshire, operating through locally regulated utility subsidiaries that administer customer service, billing, meter reading and localized operations.

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