Congress Asset Management Co. Purchases 57,641 Shares of Avista Corporation $AVA

Key Points

• Congress Asset Management increased its Avista stake by 21.1%, purchasing 57,641 additional shares and bringing its holdings to 331,090 shares valued at approximately $11.6 million. Institutional investors collectively own 85.24% of Avista.
• Avista reported quarterly EPS of $0.43, exceeding analysts’ $0.23 estimate, while revenue reached $413 million. The company maintains a quarterly dividend of $0.4925, equivalent to a 5.6% annualized yield.
• Analysts remain cautious, with one Buy rating and six Holds; the consensus rating is Hold with an average price target of $39.25, compared with the stock’s reported price of $35.19.

Congress Asset Management Co. grew its holdings in shares of Avista Corporation (NYSE:AVA - Free Report) by 21.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 331,090 shares of the utilities provider's stock after purchasing an additional 57,641 shares during the period. Congress Asset Management Co. owned 0.40% of Avista worth $11,618,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Bayban acquired a new stake in shares of Avista in the 4th quarter worth approximately $35,000. Global Retirement Partners LLC bought a new position in shares of Avista in the second quarter valued at approximately $42,000. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Avista during the second quarter valued at approximately $58,000. Compass Financial Management LLC acquired a new position in shares of Avista during the second quarter valued at approximately $86,000. Finally, Caitong International Asset Management Co. Ltd raised its holdings in Avista by 1,502.9% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,789 shares of the utilities provider's stock worth $107,000 after purchasing an additional 2,615 shares in the last quarter. 85.24% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Avista news, VP Joshua Diluciano sold 4,675 shares of Avista stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $37.24, for a total transaction of $174,097.00. Following the completion of the transaction, the vice president directly owned 8,334 shares of the company's stock, valued at approximately $310,358.16. This trade represents a 35.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.78% of the stock is currently owned by corporate insiders.

Avista Price Performance

NYSE AVA opened at $35.19 on Wednesday. Avista Corporation has a fifty-two week low of $34.46 and a fifty-two week high of $43.50. The stock's 50-day moving average is $37.42 and its two-hundred day moving average is $39.79. The firm has a market cap of $2.95 billion, a P/E ratio of 12.70, a price-to-earnings-growth ratio of 3.32 and a beta of 0.23. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.10 and a quick ratio of 0.69.

Avista (NYSE:AVA - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The utilities provider reported $0.43 EPS for the quarter, beating analysts' consensus estimates of $0.23 by $0.20. Avista had a net margin of 11.83% and a return on equity of 7.85%. The company had revenue of $413.00 million for the quarter, compared to analyst estimates of $426.93 million. During the same quarter last year, the firm posted $0.17 earnings per share. The company's quarterly revenue was up .5% compared to the same quarter last year. On average, analysts anticipate that Avista Corporation will post 2.56 earnings per share for the current fiscal year.

Avista Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 14th. Investors of record on Tuesday, August 18th were given a $0.4925 dividend. This represents a $1.97 annualized dividend and a yield of 5.6%. The ex-dividend date of this dividend was Tuesday, August 18th. Avista's dividend payout ratio is 71.12%.

Wall Street Analyst Weigh In

AVA has been the topic of a number of recent research reports. Barclays decreased their target price on Avista from $40.00 to $37.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 4th. Weiss Ratings downgraded Avista from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, September 8th. One equities research analyst has rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $39.25.

Avista Company Profile

Avista Corporation is an energy company headquartered in Spokane, Washington. Through its Avista Utilities subsidiary, the company generates, transmits and distributes electricity and provides natural gas service to residential, commercial and industrial customers.

Avista Utilities serves communities in eastern Washington and northern Idaho, with natural gas operations also extending into parts of Oregon. The company's energy portfolio includes hydroelectric, thermal and renewable generation resources, supported by transmission and distribution infrastructure.

Avista also operates Alaska Electric Light & Power Company, which provides electric service to customers in Juneau, Alaska.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.