Bank of New York Mellon Corp Makes New Investment in Avista Corporation $AVA

Key Points

• Bank of New York Mellon acquired 926,876 Avista shares during the second quarter, valued at approximately $37.9 million and representing about 1.11% of the utility company. Institutional investors and hedge funds collectively own 85.24% of Avista.
• Analysts maintain a largely cautious outlook, with one Buy rating and six Holds; the consensus rating is Hold with a $39.25 price target. Avista shares recently opened at $37.62.
• Avista exceeded quarterly earnings expectations, reporting $0.43 in EPS versus a $0.23 consensus estimate, while revenue rose 0.5% year over year to $413 million. The company also announced a quarterly dividend of $0.4925, equivalent to a 5.2% annualized yield.

Bank of New York Mellon Corp bought a new stake in shares of Avista Corporation (NYSE:AVA - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 926,876 shares of the utilities provider's stock, valued at approximately $37,919,000. Bank of New York Mellon Corp owned about 1.11% of Avista as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in the stock. UMB Bank n.a. raised its stake in Avista by 90.7% during the 4th quarter. UMB Bank n.a. now owns 637 shares of the utilities provider's stock worth $25,000 after buying an additional 303 shares during the period. Bayban bought a new stake in shares of Avista in the fourth quarter worth about $35,000. Headlands Technologies LLC bought a new stake in Avista during the 2nd quarter worth approximately $37,000. Aquatic Capital Management LLC bought a new stake in shares of Avista during the third quarter worth $43,000. Finally, CIBC Private Wealth Group LLC increased its holdings in Avista by 619.5% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,439 shares of the utilities provider's stock worth $55,000 after purchasing an additional 1,239 shares in the last quarter. Institutional investors and hedge funds own 85.24% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Weiss Ratings raised Avista from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, July 23rd. Barclays dropped their price objective on shares of Avista from $40.00 to $37.00 and set an "equal weight" rating on the stock in a research report on Tuesday, August 4th. Mizuho boosted their price objective on Avista from $41.00 to $42.00 and gave the stock a "neutral" rating in a report on Wednesday, May 6th. Finally, Zacks Research upgraded Avista from a "strong sell" rating to a "hold" rating in a research note on Friday, May 22nd. One equities research analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $39.25.

Avista Stock Performance

Shares of AVA stock opened at $37.62 on Friday. The business's 50-day moving average price is $40.19 and its 200-day moving average price is $40.67. Avista Corporation has a 12 month low of $35.50 and a 12 month high of $43.50. The firm has a market capitalization of $3.15 billion, a price-to-earnings ratio of 13.58, a PEG ratio of 3.53 and a beta of 0.25. The company has a current ratio of 1.10, a quick ratio of 0.69 and a debt-to-equity ratio of 1.08.

Avista (NYSE:AVA - Get Free Report) last posted its 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 business had revenue of $413.00 million for the quarter, compared to the consensus estimate of $426.93 million. During the same period last year, the company earned $0.17 EPS. The firm's revenue was up .5% compared to the same quarter last year. Equities research analysts forecast that Avista Corporation will post 2.58 EPS for the current year.

Avista Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Tuesday, August 18th will be issued a $0.4925 dividend. This represents a $1.97 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date is Tuesday, August 18th. Avista's payout ratio is presently 71.12%.

Avista Company Profile

Avista Corporation operates as an integrated energy company providing electric and natural gas delivery services to residential, commercial and industrial customers in the Pacific Northwest. Through its regulated utility operations, the company maintains and upgrades an extensive transmission and distribution network, delivering reliable energy to approximately 400,000 electric customers and 324,000 natural gas customers across Washington, Oregon and Idaho. In addition to its core utility business, Avista invests in owned generation assets, including hydroelectric, natural gas–fired, coal and wind facilities, to support system reliability and long-term supply planning.

Founded in 1889 as the Spokane and Inland Empire Water Power Company, the business adopted the Avista name in 1999 to reflect its growing energy portfolio and strategic focus on innovation.

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