The Manufacturers Life Insurance Company Has $35.06 Million Holdings in Algonquin Power & Utilities Corp. $AQN

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Algonquin Power & Utilities Corp. by 16.2%, owning approximately 6.8 million shares worth $35.06 million after selling over 1.3 million shares in the first quarter.
• Algonquin Power & Utilities announced a quarterly dividend of $0.065 per share, with a dividend yield of 4.5%, and reported earnings of $0.04 per share for the last quarter.
• Recent analyst ratings include a downgrade from Wall Street Zen to a “sell” rating, while Royal Bank of Canada increased its price target to $6.50, indicating differing perspectives among analysts on the stock's potential.

The Manufacturers Life Insurance Company decreased its position in Algonquin Power & Utilities Corp. (NYSE:AQN - Free Report) by 16.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 6,818,069 shares of the utilities provider's stock after selling 1,322,607 shares during the quarter. The Manufacturers Life Insurance Company owned 0.89% of Algonquin Power & Utilities worth $35,061,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in AQN. US Bancorp DE grew its stake in Algonquin Power & Utilities by 85.7% during the first quarter. US Bancorp DE now owns 4,887 shares of the utilities provider's stock worth $25,000 after buying an additional 2,256 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Algonquin Power & Utilities during the first quarter worth about $31,000. Atria Wealth Solutions Inc. bought a new stake in Algonquin Power & Utilities during the first quarter worth about $51,000. Sowell Financial Services LLC bought a new stake in Algonquin Power & Utilities during the first quarter worth about $59,000. Finally, NBC Securities Inc. grew its stake in Algonquin Power & Utilities by 111,700.0% during the first quarter. NBC Securities Inc. now owns 12,298 shares of the utilities provider's stock worth $63,000 after buying an additional 12,287 shares during the last quarter. 62.28% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on AQN shares. National Bankshares cut shares of Algonquin Power & Utilities from an "outperform" rating to a "sector perform" rating and set a $6.75 price objective on the stock. in a research note on Wednesday, June 4th. Scotiabank increased their price objective on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a "sector perform" rating in a report on Wednesday, June 4th. CIBC increased their price objective on shares of Algonquin Power & Utilities from $5.75 to $6.25 and gave the stock a "neutral" rating in a report on Wednesday, June 4th. Royal Bank Of Canada increased their price objective on shares of Algonquin Power & Utilities from $6.00 to $6.50 and gave the stock a "sector perform" rating in a report on Wednesday, June 4th. Finally, Raymond James Financial increased their price objective on shares of Algonquin Power & Utilities from $5.00 to $6.00 and gave the stock a "market perform" rating in a report on Wednesday, June 4th. Eleven investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $6.34.

Algonquin Power & Utilities Trading Up 0.8%

Shares of NYSE AQN traded up $0.05 during mid-day trading on Friday, hitting $5.69. The company's stock had a trading volume of 3,589,503 shares, compared to its average volume of 10,057,502. The stock has a market cap of $4.37 billion, a price-to-earnings ratio of -3.16 and a beta of 0.69. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.09 and a quick ratio of 0.86. Algonquin Power & Utilities Corp. has a one year low of $4.19 and a one year high of $6.24. The company's fifty day simple moving average is $5.84 and its 200-day simple moving average is $5.49.

Algonquin Power & Utilities (NYSE:AQN - Get Free Report) last issued its earnings results on Friday, August 8th. The utilities provider reported $0.04 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.04. The company had revenue of $535.59 million for the quarter, compared to analyst estimates of $535.64 million. Algonquin Power & Utilities had a negative net margin of 57.66% and a positive return on equity of 4.76%. During the same quarter last year, the firm earned $0.09 EPS. On average, sell-side analysts anticipate that Algonquin Power & Utilities Corp. will post 0.38 earnings per share for the current fiscal year.

Algonquin Power & Utilities Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be paid a $0.065 dividend. This represents a $0.26 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend is Monday, September 29th. Algonquin Power & Utilities's dividend payout ratio (DPR) is -14.44%.

Algonquin Power & Utilities Profile

Algonquin Power & Utilities Corp. is an investment holding company, which engages in energy generation and water distribution facilities. It operates through the Regulated Services Group and Renewable Energy Group segments. The Regulated Services Group segment owns and operates a portfolio of electric, natural gas, water distribution, and wastewater collection utility systems and transmission.