Bank of Nova Scotia Sells 13,555 Shares of Entergy Corporation (NYSE:ETR)

Key Points

• The Bank of Nova Scotia reduced its stake in Entergy Corporation by 21.9% during the first quarter, selling 13,555 shares and owning 48,462 shares valued at $4.14 million.
• Insider Haley Fisackerly sold 4,463 shares of Entergy for approximately $403,901, decreasing their ownership by 57.36%.
• Entergy is set to pay a quarterly dividend of $0.60 on September 2nd, with an annualized dividend yield of 2.7%.

Bank of Nova Scotia lessened its holdings in Entergy Corporation (NYSE:ETR - Free Report) by 21.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 48,462 shares of the utilities provider's stock after selling 13,555 shares during the quarter. Bank of Nova Scotia's holdings in Entergy were worth $4,143,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Entergy in the first quarter valued at about $28,000. Grove Bank & Trust boosted its position in shares of Entergy by 188.5% in the first quarter. Grove Bank & Trust now owns 352 shares of the utilities provider's stock valued at $30,000 after acquiring an additional 230 shares during the period. Glen Eagle Advisors LLC boosted its position in shares of Entergy by 100.0% in the fourth quarter. Glen Eagle Advisors LLC now owns 360 shares of the utilities provider's stock valued at $27,000 after acquiring an additional 180 shares during the period. Legacy Investment Solutions LLC boosted its position in shares of Entergy by 85.1% in the fourth quarter. Legacy Investment Solutions LLC now owns 374 shares of the utilities provider's stock valued at $31,000 after acquiring an additional 172 shares during the period. Finally, Glass Jacobson Investment Advisors llc bought a new stake in shares of Entergy in the fourth quarter valued at about $29,000. Institutional investors own 88.07% of the company's stock.

Insider Buying and Selling

In related news, insider Haley Fisackerly sold 4,463 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $90.50, for a total value of $403,901.50. Following the sale, the insider directly owned 3,318 shares in the company, valued at $300,279. This represents a 57.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.39% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ETR. BMO Capital Markets boosted their target price on shares of Entergy from $89.00 to $93.00 and gave the company an "outperform" rating in a research report on Wednesday, April 30th. Morgan Stanley cut their price objective on shares of Entergy from $82.00 to $81.00 and set an "equal weight" rating for the company in a research report on Wednesday, June 18th. KeyCorp reaffirmed an "overweight" rating and set a $96.00 price objective (up previously from $88.00) on shares of Entergy in a research report on Thursday, July 31st. Barclays cut their price objective on shares of Entergy from $91.00 to $87.00 and set an "overweight" rating for the company in a research report on Thursday, July 10th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Entergy from $100.00 to $102.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Six research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $88.07.

Entergy Trading Down 0.1%

NYSE ETR traded down $0.09 on Friday, hitting $90.44. The company's stock had a trading volume of 1,627,361 shares, compared to its average volume of 2,917,138. The firm has a market cap of $40.37 billion, a PE ratio of 22.53, a PEG ratio of 2.46 and a beta of 0.57. The company's 50-day moving average is $84.22 and its 200 day moving average is $83.44. The company has a quick ratio of 0.52, a current ratio of 0.80 and a debt-to-equity ratio of 1.73. Entergy Corporation has a 1-year low of $57.65 and a 1-year high of $92.40.

Entergy (NYSE:ETR - Get Free Report) last announced its earnings results on Wednesday, July 30th. The utilities provider reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.14. The business had revenue of $3.02 billion during the quarter, compared to analyst estimates of $3.11 billion. Entergy had a return on equity of 11.52% and a net margin of 14.35%. During the same period last year, the company earned $1.92 EPS. As a group, analysts predict that Entergy Corporation will post 3.88 earnings per share for the current fiscal year.

Entergy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Wednesday, August 13th will be issued a $0.60 dividend. The ex-dividend date is Wednesday, August 13th. This represents a $2.40 annualized dividend and a yield of 2.7%. Entergy's dividend payout ratio is presently 59.85%.

Entergy Profile

Entergy Corporation, together with its subsidiaries, engages in the production and retail distribution of electricity in the United States. It generates, transmits, distributes, and sells electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, including the City of New Orleans; and distributes natural gas.