Northern Trust Corp Lowers Stake in American States Water Company $AWR

Key Points

• Northern Trust Corp reduced its holdings in American States Water Company by 2.5%, now owning approximately 588,407 shares valued at $46.3 million.
• The company recently declared a quarterly dividend of $0.504, increasing from the previous $0.47, representing a dividend yield of 2.7%.
• Wells Fargo & Company upgraded American States Water’s rating from "underweight" to "equal weight" and increased its price target from $76.00 to $84.00.

Northern Trust Corp lowered its position in shares of American States Water Company (NYSE:AWR - Free Report) by 2.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 588,407 shares of the utilities provider's stock after selling 15,351 shares during the period. Northern Trust Corp owned about 1.53% of American States Water worth $46,296,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. MetLife Investment Management LLC boosted its position in American States Water by 4.3% during the 4th quarter. MetLife Investment Management LLC now owns 22,391 shares of the utilities provider's stock valued at $1,740,000 after acquiring an additional 927 shares in the last quarter. Stifel Financial Corp lifted its position in American States Water by 5.9% in the 4th quarter. Stifel Financial Corp now owns 22,581 shares of the utilities provider's stock valued at $1,755,000 after acquiring an additional 1,254 shares in the last quarter. Hsbc Holdings PLC lifted its position in American States Water by 9.6% in the 4th quarter. Hsbc Holdings PLC now owns 6,069 shares of the utilities provider's stock valued at $471,000 after acquiring an additional 532 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in American States Water by 7.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 37,746 shares of the utilities provider's stock valued at $2,934,000 after buying an additional 2,689 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV purchased a new stake in American States Water in the 4th quarter worth $311,000. Institutional investors own 75.24% of the company's stock.

American States Water Stock Performance

Shares of AWR traded up $0.15 during trading hours on Monday, reaching $74.50. 322,167 shares of the company traded hands, compared to its average volume of 208,144. The stock has a market capitalization of $2.87 billion, a P/E ratio of 22.78, a P/E/G ratio of 4.02 and a beta of 0.64. The company has a quick ratio of 1.46, a current ratio of 1.56 and a debt-to-equity ratio of 0.97. American States Water Company has a 12-month low of $70.29 and a 12-month high of $87.50. The business has a fifty day moving average price of $75.60 and a 200-day moving average price of $77.08.

American States Water (NYSE:AWR - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $0.87 earnings per share for the quarter, missing analysts' consensus estimates of $0.92 by ($0.05). The firm had revenue of $163.07 million during the quarter, compared to analysts' expectations of $170.64 million. American States Water had a net margin of 20.26% and a return on equity of 13.14%. The firm's quarterly revenue was up 5.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.85 EPS. Equities analysts anticipate that American States Water Company will post 3.34 EPS for the current fiscal year.

American States Water Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 3rd. Investors of record on Friday, August 15th will be paid a dividend of $0.504 per share. This represents a $2.02 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Friday, August 15th. This is an increase from American States Water's previous quarterly dividend of $0.47. American States Water's payout ratio is currently 61.77%.

Analyst Ratings Changes

Separately, Wells Fargo & Company raised shares of American States Water from an "underweight" rating to an "equal weight" rating and increased their price objective for the company from $76.00 to $84.00 in a report on Thursday, May 8th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, American States Water has a consensus rating of "Reduce" and an average target price of $77.50.

Insiders Place Their Bets

In other news, Director Thomas A. Eichelberger acquired 897 shares of the company's stock in a transaction on Friday, June 6th. The shares were bought at an average cost of $76.81 per share, with a total value of $68,898.57. Following the transaction, the director owned 8,467 shares in the company, valued at approximately $650,350.27. This trade represents a 11.85% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.83% of the stock is currently owned by insiders.

About American States Water

American States Water Company, through its subsidiaries, provides water and electric services to residential, commercial, industrial, and other customers in the United States. It operates through three segments: Water, Electric, and Contracted Services. The company purchases, produces, distributes, and sells water, as well as distributes electricity.