Truist Financial Corp Grows Stake in Avista Co. (NYSE:AVA)

Truist Financial Corp increased its position in shares of Avista Co. (NYSE:AVA) by 11.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 41,675 shares of the utilities provider’s stock after purchasing an additional 4,130 shares during the period. Truist Financial Corp owned approximately 0.05% of Avista worth $1,527,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Algert Global LLC raised its holdings in shares of Avista by 202.2% in the third quarter. Algert Global LLC now owns 57,617 shares of the utilities provider’s stock valued at $2,233,000 after acquiring an additional 38,550 shares in the last quarter. Principal Financial Group Inc. increased its position in Avista by 9.0% during the 3rd quarter. Principal Financial Group Inc. now owns 420,527 shares of the utilities provider’s stock valued at $16,295,000 after purchasing an additional 34,829 shares during the period. Geode Capital Management LLC raised its holdings in shares of Avista by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,828,230 shares of the utilities provider’s stock valued at $70,857,000 after purchasing an additional 27,328 shares in the last quarter. A. D. Beadell Investment Counsel Inc. purchased a new stake in shares of Avista in the 4th quarter worth approximately $1,340,000. Finally, CWA Asset Management Group LLC bought a new position in shares of Avista during the fourth quarter valued at approximately $1,672,000. Hedge funds and other institutional investors own 85.24% of the company’s stock.

Avista Stock Performance

NYSE AVA opened at $39.96 on Friday. The stock has a market capitalization of $3.16 billion, a price-to-earnings ratio of 15.92, a PEG ratio of 2.56 and a beta of 0.49. The stock has a 50-day moving average of $36.74 and a 200 day moving average of $37.57. The company has a current ratio of 0.75, a quick ratio of 0.48 and a debt-to-equity ratio of 1.05. Avista Co. has a twelve month low of $32.70 and a twelve month high of $40.17.

Avista (NYSE:AVA) last released its quarterly earnings results on Wednesday, February 26th. The utilities provider reported $0.84 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.02). Avista had a return on equity of 7.83% and a net margin of 10.24%. The company had revenue of $517.00 million for the quarter, compared to analyst estimates of $487.48 million. Sell-side analysts anticipate that Avista Co. will post 2.3 EPS for the current fiscal year.

Avista Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Wednesday, February 26th will be paid a $0.49 dividend. This is a boost from Avista’s previous quarterly dividend of $0.48. The ex-dividend date is Wednesday, February 26th. This represents a $1.96 annualized dividend and a dividend yield of 4.91%. Avista’s dividend payout ratio is 78.09%.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group reduced their price target on Avista from $40.00 to $39.00 and set a “hold” rating for the company in a research report on Tuesday, January 28th.

Avista Profile

Avista Corporation, together with its subsidiaries, operates as an electric and natural gas utility company. It operates in 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.