Bank of Nova Scotia Makes New $690,000 Investment in Avista Co. (NYSE:AVA)

Bank of Nova Scotia bought a new position in Avista Co. (NYSE:AVAGet Rating) in the second quarter, HoldingsChannel reports. The fund bought 15,849 shares of the utilities provider’s stock, valued at approximately $690,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Lazard Asset Management LLC increased its stake in shares of Avista by 178.0% during the 1st quarter. Lazard Asset Management LLC now owns 1,540 shares of the utilities provider’s stock worth $69,000 after purchasing an additional 986 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in shares of Avista during the 1st quarter worth $84,000. Northwestern Mutual Wealth Management Co. increased its stake in shares of Avista by 1,438.6% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 2,154 shares of the utilities provider’s stock worth $97,000 after purchasing an additional 2,014 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Avista by 913.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,259 shares of the utilities provider’s stock worth $98,000 after purchasing an additional 2,036 shares during the last quarter. Finally, Covestor Ltd increased its stake in shares of Avista by 83.0% during the 1st quarter. Covestor Ltd now owns 2,492 shares of the utilities provider’s stock worth $113,000 after purchasing an additional 1,130 shares during the last quarter. Hedge funds and other institutional investors own 83.39% of the company’s stock.

Avista Stock Performance

NYSE:AVA opened at $38.93 on Friday. Avista Co. has a 1 year low of $35.72 and a 1 year high of $46.90. The firm’s fifty day simple moving average is $38.81 and its 200 day simple moving average is $41.15. The company has a current ratio of 0.68, a quick ratio of 0.50 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $2.87 billion, a PE ratio of 21.87, a PEG ratio of 3.85 and a beta of 0.58.

Avista (NYSE:AVAGet Rating) last posted its earnings results on Tuesday, November 1st. The utilities provider reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.32). Avista had a net margin of 7.91% and a return on equity of 5.78%. During the same quarter last year, the business earned $0.20 earnings per share. On average, sell-side analysts anticipate that Avista Co. will post 1.9 EPS for the current year.

Avista Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Friday, November 18th will be issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 4.52%. The ex-dividend date of this dividend is Thursday, November 17th. Avista’s dividend payout ratio (DPR) is presently 98.88%.

Analyst Ratings Changes

Several brokerages have recently commented on AVA. Mizuho lowered shares of Avista from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $44.00 to $40.00 in a research note on Wednesday, November 2nd. Guggenheim dropped their price target on shares of Avista from $34.00 to $33.00 in a research note on Monday, October 24th. KeyCorp lowered shares of Avista from a “sector weight” rating to an “underweight” rating and set a $33.00 target price on the stock. in a research note on Tuesday, November 1st. Finally, StockNews.com upgraded shares of Avista from a “sell” rating to a “hold” rating in a research note on Saturday, November 5th.

Avista Company Profile

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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.

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Institutional Ownership by Quarter for Avista (NYSE:AVA)

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