On August 25, 2023, Principal Financial Group Inc. announced that it had reduced its position in Avista Co. (NYSE:AVA) by 1.1% during the first quarter of the year. According to its filing with the Securities and Exchange Commission (SEC), Principal Financial Group owned 445,578 shares of Avista’s stock after selling 5,041 shares in the same period. This reduction brought their ownership to 0.59% of Avista, amounting to approximately $18,915,000 at the end of the quarter.
Avista, a utilities provider, recently released its quarterly earnings data on August 2nd. The company reported earnings per share (EPS) of $0.23 for the quarter, surpassing the consensus estimate of $0.15 by $0.08. Despite falling short of analysts’ expectations for revenue with $379.94 million compared to an estimated $398.20 million, Avista demonstrated a return on equity of 6.18% and a net margin of 8.38%. In comparison to the same period last year when they achieved an EPS of $0.16, Avista’s results show growth.
Equity analysts predict that Avista Co.’s current fiscal year will present an EPS value of approximately 2.32 based on their collective observations and assessments.
For more detailed information regarding Avista Co., interested parties may access our latest research report on AVA.'”
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Avista Corporation
AVA
Strong Buy
Updated on: 01/12/2023
Financial Health
Very Healthy
Debt to equity ratio: Strong Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
ROE: Neutral
Ownership Changes and Dividend Announcement: An Analysis of Avista Corporation’s Recent Developments
Avista Corporation (AVA) has recently seen changes in the positions held by various large investors. D.A. Davidson & CO. increased its stake in Avista by 3.8% during the first quarter, now owning 6,983 shares valued at $315,000. Metropolitan Life Insurance Co. NY also raised its position in Avista by 6.1% during the fourth quarter, owning 4,559 shares valued at $202,000 after purchasing an additional 263 shares.
Furthermore, Captrust Financial Advisors increased its ownership in Avista by 2.8% during the second quarter and now holds 10,050 shares valued at $437,000 after purchasing an additional 271 shares during the period.
Prudential Financial Inc. also grew its position in Avista by 0.4% during the second quarter and currently owns 77,496 shares valued at $3,319,000 after acquiring an additional 274 shares.
It is interesting to note that a significant proportion of the AVA stock is owned by institutional investors and hedge funds, with approximately 89.15% of the stock falling under their ownership.
On August 25th, AVA stock opened at $32.42 per share. The company also recorded a 50-day moving average of $37.69 and a 200-day moving average of $40.61. With a market capitalization of $2.48 billion and a price-to-earnings ratio of 16.80, AVA maintains a beta value of 0.49.
Having a current ratio of 0.97 and quick ratio of 0.76 implies that Avista Corporation maintains sufficient liquidity to meet its short-term obligations while ensuring smooth operations despite any financial challenges it may encounter.
Avista also recently announced a quarterly dividend payment scheduled for Friday, September 15th for shareholders who were recorded on Friday, August 18th. The dividend payment amounts to $0.46 per share, resulting in an annualized dividend of $1.84 and a yield of 5.68%. As of now, Avista’s dividend payout ratio (DPR) stands at 95.34%.
Analysts from various brokerages have also issued reports on AVA stock. Guggenheim, for instance, reduced the price target from $35.00 to $33.00 in their research report dated July 7th, while Mizuho lowered their price objective from $38.00 to $36.00 on August 9th.
In conclusion, Avista Corporation has witnessed changes in its ownership by large investors recently with D.A. Davidson & CO., Metropolitan Life Insurance Co. NY, Captrust Financial Advisors, and Prudential Financial Inc. increasing their stakes during different quarters over the past year.
As AVA stock opens at $32.42 on August 25th, the company continues to navigate a challenging market climate with a market capitalization of $2.48 billion and maintaining sound liquidity ratios.
Furthermore, Avista’s announcement of a quarterly dividend provides attractive returns for shareholders who were recorded before August 18th.
It is essential for potential investors to consider these recent developments along with the insights provided by various analyst reports to obtain a comprehensive understanding of Avista Corporation’s current standing in the market and its future prospects.
Reference Date: August 25, 2023
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