Avantax Advisory Services Inc. lifted its stake in shares of CenterPoint Energy, Inc. (NYSE:CNP – Get Rating) by 54.8% during the third quarter, Holdings Channel.com reports. The fund owned 25,274 shares of the utilities provider’s stock after purchasing an additional 8,943 shares during the period. Avantax Advisory Services Inc.’s holdings in CenterPoint Energy were worth $712,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Baird Financial Group Inc. boosted its holdings in CenterPoint Energy by 4.3% during the second quarter. Baird Financial Group Inc. now owns 7,908 shares of the utilities provider’s stock worth $234,000 after buying an additional 328 shares in the last quarter. Comerica Bank lifted its position in CenterPoint Energy by 0.4% during the 2nd quarter. Comerica Bank now owns 99,389 shares of the utilities provider’s stock worth $2,957,000 after acquiring an additional 401 shares during the last quarter. First Republic Investment Management Inc. lifted its position in CenterPoint Energy by 2.2% during the 1st quarter. First Republic Investment Management Inc. now owns 19,444 shares of the utilities provider’s stock worth $596,000 after acquiring an additional 427 shares during the last quarter. Synovus Financial Corp lifted its position in CenterPoint Energy by 3.0% during the 2nd quarter. Synovus Financial Corp now owns 15,526 shares of the utilities provider’s stock worth $458,000 after acquiring an additional 445 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in CenterPoint Energy by 0.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 58,563 shares of the utilities provider’s stock worth $1,795,000 after acquiring an additional 460 shares during the last quarter. Institutional investors and hedge funds own 90.28% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research analysts have recently commented on the stock. Morgan Stanley upped their price objective on shares of CenterPoint Energy from $29.00 to $31.00 and gave the company an “overweight” rating in a research report on Thursday, December 15th. Wells Fargo & Company upped their target price on shares of CenterPoint Energy to $35.00 in a research note on Wednesday, December 14th. StockNews.com cut shares of CenterPoint Energy from a “hold” rating to a “sell” rating in a research note on Wednesday, January 18th. KeyCorp cut their price objective on shares of CenterPoint Energy from $34.00 to $31.00 and set an “overweight” rating on the stock in a report on Thursday, October 20th. Finally, Guggenheim cut their target price on shares of CenterPoint Energy from $35.00 to $30.00 in a report on Monday, October 24th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $32.00.
CenterPoint Energy Price Performance
CenterPoint Energy (NYSE:CNP – Get Rating) last announced its quarterly earnings results on Tuesday, November 1st. The utilities provider reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.01. CenterPoint Energy had a net margin of 17.67% and a return on equity of 10.77%. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.74 billion. Research analysts predict that CenterPoint Energy, Inc. will post 1.39 earnings per share for the current year.
CenterPoint Energy Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 9th. Stockholders of record on Thursday, February 16th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.52%. This is an increase from CenterPoint Energy’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Wednesday, February 15th. CenterPoint Energy’s dividend payout ratio is presently 29.88%.
Insider Transactions at CenterPoint Energy
In other news, Director Barry T. Smitherman purchased 8,005 shares of the stock in a transaction dated Monday, November 7th. The shares were purchased at an average cost of $28.38 per share, with a total value of $227,181.90. Following the completion of the acquisition, the director now owns 20,534 shares in the company, valued at approximately $582,754.92. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.09% of the company’s stock.
About CenterPoint Energy
CenterPoint Energy, Inc operates as a public utility holding company in the United States. The company operates through Electric and Natural Gas segments. The Electric segment includes electric transmission and distribution services to electric customers and electric generation assets, as well as assets in the wholesale power market.
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