Avangrid, Inc. (NYSE:AGR) Declares Quarterly Dividend of $0.44

Avangrid, Inc. (NYSE:AGR - Get Free Report) announced a quarterly dividend on Friday, April 12th, Wall Street Journal reports. Shareholders of record on Monday, June 3rd will be paid a dividend of 0.44 per share by the utilities provider on Monday, July 1st. This represents a $1.76 dividend on an annualized basis and a yield of 4.92%. The ex-dividend date is Monday, June 3rd.

Avangrid has a dividend payout ratio of 72.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Avangrid to earn $2.42 per share next year, which means the company should continue to be able to cover its $1.76 annual dividend with an expected future payout ratio of 72.7%.

Avangrid Price Performance

NYSE:AGR traded down $0.02 during trading hours on Friday, reaching $35.74. The company had a trading volume of 618,208 shares, compared to its average volume of 921,869. The stock has a 50-day moving average of $33.72 and a two-hundred day moving average of $32.18. Avangrid has a one year low of $27.46 and a one year high of $41.22. The firm has a market capitalization of $13.82 billion, a PE ratio of 17.61, a PEG ratio of 2.66 and a beta of 0.56. The company has a quick ratio of 0.56, a current ratio of 0.65 and a debt-to-equity ratio of 0.48.

Avangrid (NYSE:AGR - Get Free Report) last announced its quarterly earnings results on Thursday, February 22nd. The utilities provider reported $0.97 earnings per share for the quarter, beating analysts' consensus estimates of $0.94 by $0.03. Avangrid had a return on equity of 3.92% and a net margin of 9.46%. The firm had revenue of $2.28 billion for the quarter, compared to analysts' expectations of $2.40 billion. During the same period in the prior year, the business posted $0.39 earnings per share. The business's revenue was up 5.7% compared to the same quarter last year. Analysts forecast that Avangrid will post 2.25 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have recently commented on AGR shares. Mizuho increased their target price on Avangrid from $33.00 to $34.00 and gave the stock a "neutral" rating in a report on Wednesday, January 3rd. Janney Montgomery Scott restated a "sell" rating and set a $35.00 target price on shares of Avangrid in a report on Friday, March 8th. Wells Fargo & Company increased their target price on Avangrid from $34.00 to $35.00 and gave the stock an "equal weight" rating in a report on Friday, February 23rd. Finally, StockNews.com upgraded Avangrid from a "sell" rating to a "hold" rating in a report on Friday, February 23rd. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $34.75.

Hedge Funds Weigh In On Avangrid

Several hedge funds have recently added to or reduced their stakes in AGR. MetLife Investment Management LLC bought a new position in Avangrid in the first quarter valued at about $53,000. State of Wyoming acquired a new position in Avangrid in the fourth quarter valued at about $61,000. Tower Research Capital LLC TRC lifted its stake in Avangrid by 1,778.9% in the third quarter. Tower Research Capital LLC TRC now owns 2,142 shares of the utilities provider's stock valued at $65,000 after buying an additional 2,028 shares during the period. Wahed Invest LLC lifted its stake in Avangrid by 101.1% in the fourth quarter. Wahed Invest LLC now owns 2,232 shares of the utilities provider's stock valued at $72,000 after buying an additional 1,122 shares during the period. Finally, Comerica Bank acquired a new position in Avangrid in the third quarter valued at about $115,000. Institutional investors own 13.12% of the company's stock.

About Avangrid

Avangrid, Inc, an energy services holding company, engages in the regulated energy transmission and distribution, and renewable energy generation businesses in the United States. The company operates through Networks and Renewables segments. It is involved in the generation, transmission, and distribution of electricity; and distribution, transportation, and sale of natural gas.