Congress Wealth Management LLC DE Cuts Stock Position in Algonquin Power & Utilities Corp. (NYSE:AQN)

Congress Wealth Management LLC DE decreased its position in shares of Algonquin Power & Utilities Corp. (NYSE:AQN) by 54.8% in the fourth quarter, HoldingsChannel reports. The fund owned 60,315 shares of the utilities provider’s stock after selling 73,159 shares during the quarter. Congress Wealth Management LLC DE’s holdings in Algonquin Power & Utilities were worth $268,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of AQN. SVB Wealth LLC purchased a new stake in shares of Algonquin Power & Utilities during the 4th quarter valued at $49,000. Capstone Investment Advisors LLC purchased a new stake in Algonquin Power & Utilities in the third quarter valued at about $58,000. Avantax Advisory Services Inc. acquired a new stake in Algonquin Power & Utilities in the fourth quarter worth about $58,000. Walleye Capital LLC purchased a new stake in shares of Algonquin Power & Utilities during the third quarter worth about $59,000. Finally, Ballentine Partners LLC acquired a new position in shares of Algonquin Power & Utilities during the fourth quarter valued at about $63,000. 62.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on AQN shares. Scotiabank lifted their target price on shares of Algonquin Power & Utilities from $5.25 to $5.50 and gave the stock a “sector perform” rating in a research note on Thursday, February 13th. Royal Bank of Canada dropped their price objective on shares of Algonquin Power & Utilities from $6.00 to $5.50 and set a “sector perform” rating on the stock in a report on Tuesday, February 18th. National Bankshares reduced their target price on Algonquin Power & Utilities from $6.75 to $6.25 and set an “outperform” rating for the company in a research note on Tuesday, February 11th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and set a $7.00 price target on shares of Algonquin Power & Utilities in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $5.94.

Algonquin Power & Utilities Trading Up 0.5 %

Shares of NYSE:AQN opened at $5.20 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.73 and a debt-to-equity ratio of 1.17. Algonquin Power & Utilities Corp. has a 12-month low of $4.19 and a 12-month high of $6.79. The business has a 50 day moving average of $4.78 and a two-hundred day moving average of $4.83. The company has a market capitalization of $3.99 billion, a PE ratio of -4.03 and a beta of 0.71.

Algonquin Power & Utilities (NYSE:AQN) last announced its quarterly earnings results on Friday, March 7th. The utilities provider reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.04). The firm had revenue of $584.80 million for the quarter, compared to analysts’ expectations of $644.73 million. Algonquin Power & Utilities had a positive return on equity of 5.22% and a negative net margin of 39.12%. As a group, analysts forecast that Algonquin Power & Utilities Corp. will post 0.38 EPS for the current year.

Algonquin Power & Utilities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.065 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.26 annualized dividend and a dividend yield of 5.00%. Algonquin Power & Utilities’s dividend payout ratio is presently -14.44%.

Algonquin Power & Utilities Company 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.