Bank of Nova Scotia Buys New Shares in Algonquin Power & Utilities Corp. $AQN

Bank of Nova Scotia bought a new position in shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 7,942,535 shares of the utilities provider's stock, valued at approximately $46,703,000. Bank of Nova Scotia owned approximately 1.03% of Algonquin Power & Utilities as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of AQN. Goldman Sachs Group Inc. boosted its position in shares of Algonquin Power & Utilities by 65.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 12,205,756 shares of the utilities provider's stock worth $62,738,000 after purchasing an additional 4,808,539 shares in the last quarter. Envestnet Asset Management Inc. bought a new stake in Algonquin Power & Utilities in the 2nd quarter valued at about $85,000. American Century Companies Inc. raised its stake in Algonquin Power & Utilities by 8.4% during the 2nd quarter. American Century Companies Inc. now owns 240,683 shares of the utilities provider's stock worth $1,377,000 after buying an additional 18,752 shares during the period. Russell Investments Group Ltd. raised its stake in Algonquin Power & Utilities by 15.9% during the 2nd quarter. Russell Investments Group Ltd. now owns 120,708 shares of the utilities provider's stock worth $691,000 after buying an additional 16,552 shares during the period. Finally, Marshall Wace LLP raised its stake in Algonquin Power & Utilities by 465.0% during the 2nd quarter. Marshall Wace LLP now owns 106,046 shares of the utilities provider's stock worth $608,000 after buying an additional 87,276 shares during the period. 62.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on AQN. National Bank Financial lowered their target price on Algonquin Power & Utilities from $7.25 to $7.00 and set an "outperform" rating on the stock in a research report on Friday, July 3rd. Wells Fargo & Company initiated coverage on shares of Algonquin Power & Utilities in a research note on Tuesday, May 12th. They set an "equal weight" rating and a $7.00 price target for the company. Finally, Weiss Ratings downgraded shares of Algonquin Power & Utilities from a "hold (c)" rating to a "hold (c-)" rating in a report on Tuesday, August 11th. Six investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $6.81.

Algonquin Power & Utilities Price Performance

Shares of NYSE:AQN opened at $5.71 on Monday. The company has a current ratio of 0.88, a quick ratio of 0.69 and a debt-to-equity ratio of 1.28. The stock has a market cap of $4.40 billion, a PE ratio of 30.05 and a beta of 0.70. The stock's fifty day simple moving average is $5.83 and its two-hundred day simple moving average is $6.13. Algonquin Power & Utilities Corp. has a 1-year low of $5.32 and a 1-year high of $7.11.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last announced its earnings results on Friday, August 7th. The utilities provider reported $0.04 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.01). The firm had revenue of $582.99 million during the quarter, compared to analysts' expectations of $582.99 million. Algonquin Power & Utilities had a net margin of 5.77% and a return on equity of 5.16%. During the same quarter in the prior year, the company earned $0.04 EPS. 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. As a group, analysts forecast that Algonquin Power & Utilities Corp. will post 0.35 EPS for the current fiscal year.

Algonquin Power & Utilities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Tuesday, September 29th will be issued a dividend of $0.065 per share. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $0.26 annualized dividend and a yield of 4.6%. Algonquin Power & Utilities's dividend payout ratio is 136.84%.

Algonquin Power & Utilities Profile

Algonquin Power & Utilities Corp NYSE: AQN is a diversified generation, transmission and distribution utility company headquartered in Oakville, Ontario. Established in 1988, the firm operates through two primary business segments: Regulated Utilities and Renewable Energy. Its Regulated Utilities segment comprises electric, natural gas and water distribution networks serving residential, commercial and industrial customers across North America, while its Renewable Energy portfolio includes hydroelectric, solar, wind and thermal generation facilities.

The company's renewable energy assets span multiple jurisdictions in Canada and the United States, reflecting its strategy to expand clean power capacity in regions with supportive regulatory frameworks.

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