Black Hills Corporation (NYSE:BKH) Stake Lessened by Phocas Financial Corp.

Key Points

• Phocas Financial Corp. has reduced its holdings in Black Hills Corporation by 5.5%, now owning 171,060 shares valued at approximately $10.375 million.
• Other large investors have also increased their stakes in Black Hills, with significant boosts from Capital Research Global Investors (21.5% increase) and First Trust Advisors LP (309.5% increase).
• Recently, BMO Capital Markets initiated coverage on Black Hills, giving it an "outperform" rating with a price target of $68.00.

Phocas Financial Corp. reduced its stake in Black Hills Corporation (NYSE:BKH - Free Report) by 5.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 171,060 shares of the utilities provider's stock after selling 9,894 shares during the quarter. Black Hills comprises approximately 1.6% of Phocas Financial Corp.'s portfolio, making the stock its 11th biggest holding. Phocas Financial Corp. owned approximately 0.24% of Black Hills worth $10,375,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. IMA Advisory Services Inc. purchased a new stake in Black Hills during the 1st quarter worth $30,000. GAMMA Investing LLC boosted its position in Black Hills by 59.2% in the 1st quarter. GAMMA Investing LLC now owns 605 shares of the utilities provider's stock valued at $37,000 after buying an additional 225 shares during the last quarter. Quarry LP boosted its position in Black Hills by 1,159.7% in the 4th quarter. Quarry LP now owns 781 shares of the utilities provider's stock valued at $46,000 after buying an additional 719 shares during the last quarter. Byrne Asset Management LLC boosted its position in Black Hills by 238.0% in the 1st quarter. Byrne Asset Management LLC now owns 845 shares of the utilities provider's stock valued at $51,000 after buying an additional 595 shares during the last quarter. Finally, City State Bank acquired a new stake in shares of Black Hills in the 1st quarter valued at about $61,000. 86.71% of the stock is currently owned by institutional investors and hedge funds.

Black Hills Stock Performance

NYSE BKH traded up $1.07 during trading hours on Monday, reaching $58.89. The company's stock had a trading volume of 644,159 shares, compared to its average volume of 515,117. The company has a current ratio of 0.64, a quick ratio of 0.49 and a debt-to-equity ratio of 1.06. The business has a 50-day simple moving average of $57.01 and a 200 day simple moving average of $58.67. Black Hills Corporation has a 52 week low of $54.92 and a 52 week high of $65.59. The stock has a market cap of $4.27 billion, a PE ratio of 14.83, a PEG ratio of 2.68 and a beta of 0.71.

Black Hills (NYSE:BKH - Get Free Report) last issued its earnings results on Wednesday, July 30th. The utilities provider reported $0.38 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.38. Black Hills had a net margin of 12.68% and a return on equity of 7.81%. The firm had revenue of $439.00 million for the quarter, compared to analysts' expectations of $412.69 million. During the same quarter last year, the company posted $0.33 earnings per share. Black Hills's revenue was up 8.9% on a year-over-year basis. Equities research analysts predict that Black Hills Corporation will post 4.12 earnings per share for the current fiscal year.

Black Hills Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th will be issued a $0.676 dividend. The ex-dividend date is Monday, August 18th. This represents a $2.70 annualized dividend and a dividend yield of 4.6%. Black Hills's dividend payout ratio (DPR) is 68.01%.

Analysts Set New Price Targets

Separately, BMO Capital Markets began coverage on shares of Black Hills in a research note on Tuesday, May 13th. They issued an "outperform" rating and a $68.00 target price on the stock.

Black Hills Company Profile

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.