Hsbc Holdings PLC Sells 81,999 Shares of Black Hills Corporation $BKH

Key Points

• Hsbc Holdings PLC has reduced its stake in Black Hills Corporation by 78.7%, selling 81,999 shares and now owning 22,225 shares worth approximately $1.34 million.
• Black Hills reported a quarterly earnings per share of $0.38, matching analysts' expectations, with revenue up 8.9% year-over-year at $439 million.
• The company announced a quarterly dividend of $0.676 per share, representing an annualized yield of 4.5%, with a payout ratio of 68.01%.

Hsbc Holdings PLC cut its holdings in shares of Black Hills Corporation (NYSE:BKH - Free Report) by 78.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 22,225 shares of the utilities provider's stock after selling 81,999 shares during the quarter. Hsbc Holdings PLC's holdings in Black Hills were worth $1,343,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Principal Financial Group Inc. grew its holdings in Black Hills by 1.9% in the 1st quarter. Principal Financial Group Inc. now owns 215,402 shares of the utilities provider's stock valued at $13,064,000 after buying an additional 4,077 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Black Hills by 15.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,918 shares of the utilities provider's stock worth $480,000 after purchasing an additional 1,087 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Black Hills by 215.5% during the 1st quarter. Farther Finance Advisors LLC now owns 1,647 shares of the utilities provider's stock worth $100,000 after purchasing an additional 1,125 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Black Hills by 59.2% during the 1st quarter. GAMMA Investing LLC now owns 605 shares of the utilities provider's stock worth $37,000 after purchasing an additional 225 shares in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Black Hills during the 4th quarter worth $96,000. 86.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. BMO Capital Markets assumed coverage on Black Hills in a report on Tuesday, May 13th. They set an "outperform" rating and a $68.00 target price on the stock. Bank of America raised Black Hills from an "underperform" rating to a "neutral" rating and increased their target price for the stock from $57.00 to $64.00 in a report on Wednesday, August 20th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $66.00.

Black Hills Price Performance

NYSE:BKH traded up $0.02 during trading hours on Monday, hitting $59.76. The company's stock had a trading volume of 565,326 shares, compared to its average volume of 780,736. The stock has a fifty day simple moving average of $58.22 and a 200-day simple moving average of $58.84. Black Hills Corporation has a twelve month low of $54.92 and a twelve month high of $65.59. The company has a market capitalization of $4.35 billion, a P/E ratio of 15.05, a PEG ratio of 2.77 and a beta of 0.74. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.64 and a quick ratio of 0.49.

Black Hills (NYSE:BKH - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $0.38 EPS for the quarter, meeting analysts' consensus estimates of $0.38. Black Hills had a return on equity of 7.81% and a net margin of 12.68%.The firm had revenue of $439.00 million for the quarter, compared to analyst estimates of $412.69 million. During the same period last year, the firm posted $0.33 earnings per share. The business's revenue for the quarter was up 8.9% on a year-over-year basis. Black Hills has set its FY 2025 guidance at 4.000-4.200 EPS. On average, analysts anticipate that Black Hills Corporation will post 4.12 EPS for the current fiscal year.

Black Hills Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th will be paid a dividend of $0.676 per share. This represents a $2.70 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Monday, August 18th. Black Hills's dividend payout ratio (DPR) is presently 68.01%.

About Black Hills

Black Hills Corporation, through its subsidiaries, operates as an electric and natural gas utility company in the United States. The company operates in two segments: Electric Utilities and Gas Utilities. The Electric Utilities segment generates, transmits, and distributes electricity to approximately 222,000 electric utility customers in Colorado, Montana, South Dakota, and Wyoming; and owns and operates 1,394 megawatts of generation capacity and 9,106 miles of electric transmission and distribution lines.