Northern Trust Corp Has $42.58 Million Stake in Avista Corporation $AVA

Key Points

• Northern Trust Corp reduced its stake in Avista Corporation by 0.8%, retaining 1,016,914 shares worth approximately $42.58 million at the end of the first quarter.
• Avista reported a missed earnings estimate for the last quarter, with earnings per share of $0.17 compared to the expected $0.28, and revenue of $400 million, below the forecast of $416.06 million.
• The company declared a quarterly dividend of $0.49 per share, reflecting a yield of 5.4%, with the payout ratio currently at 88.29%.

Northern Trust Corp trimmed its position in shares of Avista Corporation (NYSE:AVA - Free Report) by 0.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,016,914 shares of the utilities provider's stock after selling 8,141 shares during the period. Northern Trust Corp owned approximately 1.26% of Avista worth $42,578,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. increased its stake in Avista by 48.5% during the first quarter. Russell Investments Group Ltd. now owns 35,188 shares of the utilities provider's stock valued at $1,473,000 after acquiring an additional 11,489 shares during the period. Sowell Financial Services LLC bought a new stake in shares of Avista in the 1st quarter valued at approximately $331,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Avista in the 1st quarter valued at approximately $790,000. American Century Companies Inc. grew its stake in shares of Avista by 39.2% in the 1st quarter. American Century Companies Inc. now owns 243,046 shares of the utilities provider's stock valued at $10,176,000 after purchasing an additional 68,394 shares during the period. Finally, Wesbanco Bank Inc. grew its stake in shares of Avista by 34.7% in the 1st quarter. Wesbanco Bank Inc. now owns 40,400 shares of the utilities provider's stock valued at $1,692,000 after purchasing an additional 10,400 shares during the period. 85.24% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Avista

In other news, VP Scott J. Kinney sold 1,024 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $37.82, for a total value of $38,727.68. Following the sale, the vice president directly owned 11,515 shares in the company, valued at approximately $435,497.30. This represents a 8.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.94% of the company's stock.

Avista Price Performance

Shares of AVA stock traded down $0.05 during trading hours on Wednesday, hitting $36.42. The company had a trading volume of 654,260 shares, compared to its average volume of 723,079. Avista Corporation has a 12 month low of $34.80 and a 12 month high of $43.09. The firm has a market capitalization of $2.95 billion, a price-to-earnings ratio of 16.40, a PEG ratio of 2.41 and a beta of 0.41. The firm's fifty day moving average is $37.43 and its 200 day moving average is $38.76. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.68 and a current ratio of 1.00.

Avista (NYSE:AVA - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.11). Avista had a net margin of 9.13% and a return on equity of 6.86%. The company had revenue of $400.00 million during the quarter, compared to the consensus estimate of $416.06 million. During the same quarter in the prior year, the company posted $0.29 earnings per share. On average, sell-side analysts predict that Avista Corporation will post 2.3 EPS for the current fiscal year.

Avista Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, August 19th will be paid a $0.49 dividend. This represents a $1.96 annualized dividend and a dividend yield of 5.4%. The ex-dividend date is Tuesday, August 19th. Avista's dividend payout ratio is currently 88.29%.

About Avista

Avista Corporation, together with its subsidiaries, operates as an electric and natural gas utility company. It operates in two segments, Avista Utilities and AEL&P. The Avista Utilities segment provides electric distribution and transmission, and natural gas distribution services in parts of eastern Washington and northern Idaho; and natural gas distribution services in parts of northeastern and southwestern Oregon, as well as generates electricity in Washington, Idaho, Oregon, and Montana.