Principal Financial Group Inc. Grows Stock Holdings in Algonquin Power & Utilities Corp. $AQN

Key Points

• Principal Financial Group increased its stake in Algonquin Power & Utilities by 13.0% in the first quarter, buying more than 1.56 million shares and bringing its total holding to 13.63 million shares worth about $83.5 million.
• Algonquin Power & Utilities reported better-than-expected quarterly earnings of $0.13 per share, topping estimates by $0.02, while revenue matched Wall Street expectations at $713.69 million.
• The company recently paid a quarterly dividend of $0.065 per share, equal to an annualized yield of 4.4%, though its payout ratio remains high at 118.18%.

Principal Financial Group Inc. grew its position in shares of Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 13.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,633,904 shares of the utilities provider's stock after purchasing an additional 1,563,924 shares during the period. Principal Financial Group Inc. owned about 1.77% of Algonquin Power & Utilities worth $83,497,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AQN. EdgePoint Investment Group Inc. raised its holdings in shares of Algonquin Power & Utilities by 32.6% during the 4th quarter. EdgePoint Investment Group Inc. now owns 81,727,385 shares of the utilities provider's stock valued at $502,563,000 after buying an additional 20,074,709 shares in the last quarter. Norges Bank purchased a new stake in Algonquin Power & Utilities in the fourth quarter worth approximately $67,065,000. Goldman Sachs Group Inc. grew its position in Algonquin Power & Utilities by 65.0% during the first quarter. Goldman Sachs Group Inc. now owns 12,205,756 shares of the utilities provider's stock valued at $62,738,000 after acquiring an additional 4,808,539 shares during the last quarter. Citadel Advisors LLC grew its position in Algonquin Power & Utilities by 14,166.9% during the third quarter. Citadel Advisors LLC now owns 4,445,126 shares of the utilities provider's stock valued at $23,870,000 after acquiring an additional 4,476,726 shares during the last quarter. Finally, Bank of Montreal Can raised its stake in shares of Algonquin Power & Utilities by 23.1% during the fourth quarter. Bank of Montreal Can now owns 20,717,144 shares of the utilities provider's stock worth $127,395,000 after acquiring an additional 3,886,254 shares in the last quarter. 62.28% of the stock is currently owned by hedge funds and other institutional investors.

Algonquin Power & Utilities Price Performance

Shares of Algonquin Power & Utilities stock opened at $5.87 on Friday. The company's fifty day simple moving average is $5.86 and its two-hundred day simple moving average is $6.22. Algonquin Power & Utilities Corp. has a 12-month low of $5.32 and a 12-month high of $7.11. The firm has a market cap of $4.51 billion, a PE ratio of 26.66 and a beta of 0.71. The company has a quick ratio of 0.87, a current ratio of 1.05 and a debt-to-equity ratio of 1.26.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last issued its quarterly earnings data on Friday, May 8th. The utilities provider reported $0.13 EPS for the quarter, beating the consensus estimate of $0.11 by $0.02. The firm had revenue of $713.69 million during the quarter, compared to the consensus estimate of $713.69 million. Algonquin Power & Utilities had a net margin of 6.62% and a return on equity of 5.21%. During the same period in the prior year, the firm posted $0.14 earnings per share. As a group, equities analysts expect that Algonquin Power & Utilities Corp. will post 0.36 EPS for the current year.

Algonquin Power & Utilities Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a $0.065 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $0.26 annualized dividend and a yield of 4.4%. Algonquin Power & Utilities's dividend payout ratio (DPR) is 118.18%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings upgraded shares of Algonquin Power & Utilities from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, April 21st. Barclays initiated coverage on shares of Algonquin Power & Utilities in a research report on Wednesday, April 1st. They issued an "overweight" rating and a $7.00 target price on the stock. Wells Fargo & Company began coverage on shares of Algonquin Power & Utilities in a research report on Tuesday, May 12th. They set an "equal weight" rating and a $7.00 price target for the company. National Bank Financial reduced their price objective on Algonquin Power & Utilities from $7.25 to $7.00 and set an "outperform" rating on the stock in a research note on Friday, July 3rd. Finally, Canadian Imperial Bank of Commerce raised their price target on Algonquin Power & Utilities from $6.25 to $6.50 and gave the stock a "neutral" rating in a research report on Monday, April 20th. Six research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Algonquin Power & Utilities has a consensus rating of "Moderate Buy" and a consensus target price of $6.81.

About Algonquin Power & Utilities

Algonquin Power & Utilities Corp NYSE: AQN is a diversified generation, transmission and distribution utility company headquartered in Oakville, Ontario. Established in 1988, the firm operates through two primary business segments: Regulated Utilities and Renewable Energy. Its Regulated Utilities segment comprises electric, natural gas and water distribution networks serving residential, commercial and industrial customers across North America, while its Renewable Energy portfolio includes hydroelectric, solar, wind and thermal generation facilities.

The company's renewable energy assets span multiple jurisdictions in Canada and the United States, reflecting its strategy to expand clean power capacity in regions with supportive regulatory frameworks.

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