Penserra Capital Management LLC Makes New Investment in Avista Corp (NYSE:AVA)
Penserra Capital Management LLC acquired a new position in shares of Avista Corp (NYSE:AVA) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 1,356 shares of the utilities provider’s stock, valued at approximately $65,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Westwood Holdings Group Inc. acquired a new position in shares of Avista in the 2nd quarter valued at $22,734,000. Renaissance Technologies LLC grew its position in Avista by 35.9% during the second quarter. Renaissance Technologies LLC now owns 1,790,430 shares of the utilities provider’s stock valued at $79,853,000 after buying an additional 472,588 shares during the period. Invesco Ltd. increased its holdings in Avista by 68.1% in the second quarter. Invesco Ltd. now owns 1,104,297 shares of the utilities provider’s stock valued at $49,252,000 after buying an additional 447,492 shares in the last quarter. Nuveen Asset Management LLC purchased a new position in Avista in the second quarter valued at $18,660,000. Finally, AMP Capital Investors Ltd increased its holdings in Avista by 595.2% in the second quarter. AMP Capital Investors Ltd now owns 431,622 shares of the utilities provider’s stock valued at $19,167,000 after buying an additional 369,537 shares in the last quarter. 80.12% of the stock is currently owned by institutional investors and hedge funds.
Shares of Avista stock opened at $46.83 on Wednesday. The company has a current ratio of 0.62, a quick ratio of 0.45 and a debt-to-equity ratio of 1.02. Avista Corp has a twelve month low of $39.75 and a twelve month high of $51.53. The firm has a market capitalization of $3.15 billion, a PE ratio of 28.14, a P/E/G ratio of 7.34 and a beta of 0.33. The firm’s 50-day moving average price is $47.36 and its 200 day moving average price is $46.05.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Thursday, November 21st will be given a dividend of $0.387 per share. This represents a $1.55 annualized dividend and a dividend yield of 3.31%. The ex-dividend date is Wednesday, November 20th. Avista’s payout ratio is 73.46%.
A number of research firms recently weighed in on AVA. KeyCorp upped their price target on Avista from $37.00 to $41.00 and gave the stock an “underweight” rating in a report on Monday, October 21st. ValuEngine lowered Avista from a “strong-buy” rating to a “buy” rating in a report on Tuesday. Zacks Investment Research upgraded Avista from a “sell” rating to a “hold” rating in a research report on Thursday, November 7th. Finally, Williams Capital downgraded Avista from a “hold” rating to a “sell” rating and upped their target price for the stock from $41.00 to $42.00 in a research note on Monday, September 16th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company’s stock. Avista currently has a consensus rating of “Hold” and a consensus price target of $43.60.
In other news, Director R John Taylor sold 900 shares of the company’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $47.15, for a total transaction of $42,435.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Broomfield Robert 225,944 shares of the company’s stock in a transaction dated Monday, November 4th. 1.10% of the stock is currently owned by corporate insiders.
Avista Corporation operates as an electric and natural gas utility company. It operates through two segments, Avista Utilities and AEL&P. The Avista Utilities segment provides electric distribution and transmission, and natural gas distribution services in parts of eastern Washington and northern Idaho; and natural gas distribution services in parts of northeastern and southwestern Oregon, as well as generates electricity in Washington, Idaho, Oregon, and Montana.
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