M&T Bank Corp Decreases Position in Eversource Energy (NYSE:ES)

M&T Bank Corp decreased its position in shares of Eversource Energy (NYSE:ES) by 28.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 30,772 shares of the utilities provider’s stock after selling 12,239 shares during the quarter. M&T Bank Corp’s holdings in Eversource Energy were worth $1,900,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Mackenzie Financial Corp raised its stake in shares of Eversource Energy by 34.6% in the third quarter. Mackenzie Financial Corp now owns 44,222 shares of the utilities provider’s stock worth $2,479,000 after purchasing an additional 11,372 shares during the last quarter. Strs Ohio boosted its holdings in shares of Eversource Energy by 16.1% during the 3rd quarter. Strs Ohio now owns 26,647 shares of the utilities provider’s stock valued at $1,549,000 after acquiring an additional 3,696 shares during the last quarter. Advisor Partners II LLC grew its stake in shares of Eversource Energy by 22.0% in the third quarter. Advisor Partners II LLC now owns 10,149 shares of the utilities provider’s stock worth $590,000 after acquiring an additional 1,831 shares during the period. Park Avenue Securities LLC raised its holdings in shares of Eversource Energy by 8.3% during the third quarter. Park Avenue Securities LLC now owns 21,090 shares of the utilities provider’s stock valued at $1,226,000 after purchasing an additional 1,611 shares during the last quarter. Finally, TIAA Trust National Association bought a new position in Eversource Energy during the third quarter valued at approximately $794,000. Institutional investors own 79.99% of the company’s stock.

Eversource Energy Price Performance

Shares of Eversource Energy stock opened at $61.76 on Friday. The company has a quick ratio of 0.59, a current ratio of 0.67 and a debt-to-equity ratio of 1.66. Eversource Energy has a 52 week low of $52.03 and a 52 week high of $77.53. The stock’s 50-day simple moving average is $59.30 and its 200-day simple moving average is $58.25. The company has a market capitalization of $21.76 billion, a price-to-earnings ratio of -52.34, a PEG ratio of 3.21 and a beta of 0.57.

Eversource Energy (NYSE:ES) last posted its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.04. Eversource Energy had a positive return on equity of 10.22% and a negative net margin of 3.60%. The business had revenue of $3.33 billion during the quarter, compared to the consensus estimate of $3.69 billion. During the same period in the prior year, the company posted $1.41 EPS. The firm’s revenue for the quarter was down 12.2% compared to the same quarter last year. As a group, analysts expect that Eversource Energy will post 4.49 earnings per share for the current fiscal year.

Eversource Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Thursday, May 16th will be issued a dividend of $0.715 per share. This represents a $2.86 annualized dividend and a dividend yield of 4.63%. The ex-dividend date is Wednesday, May 15th. Eversource Energy’s dividend payout ratio (DPR) is presently -242.37%.

Insider Activity

In other Eversource Energy news, insider Linda Dorcena Forry sold 822 shares of Eversource Energy stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $58.12, for a total value of $47,774.64. Following the sale, the insider now owns 10,485 shares of the company’s stock, valued at approximately $609,388.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, insider Linda Dorcena Forry sold 822 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $58.12, for a total value of $47,774.64. Following the sale, the insider now directly owns 10,485 shares in the company, valued at approximately $609,388.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Frederica M. Williams sold 2,714 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $57.60, for a total value of $156,326.40. Following the completion of the sale, the insider now directly owns 21,621 shares of the company’s stock, valued at $1,245,369.60. The disclosure for this sale can be found here. Company insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Guggenheim upgraded shares of Eversource Energy from a “neutral” rating to a “buy” rating and boosted their target price for the company from $60.00 to $72.00 in a research note on Monday, January 22nd. Wells Fargo & Company increased their target price on Eversource Energy from $69.00 to $72.00 and gave the company an “overweight” rating in a report on Friday, May 3rd. Mizuho upgraded Eversource Energy from a “neutral” rating to a “buy” rating and boosted their price target for the company from $54.00 to $62.00 in a research note on Thursday, February 15th. Citigroup increased their price objective on shares of Eversource Energy from $58.00 to $62.00 and gave the stock a “neutral” rating in a research note on Thursday, February 15th. Finally, The Goldman Sachs Group began coverage on shares of Eversource Energy in a research report on Wednesday, April 10th. They set a “buy” rating and a $73.00 target price for the company. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $66.23.

Eversource Energy Profile

Eversource Energy, a public utility holding company, engages in the energy delivery business. The company operates through Electric Distribution, Electric Transmission, Natural Gas Distribution, and Water Distribution segments. It is involved in the transmission and distribution of electricity; solar power facilities; and distribution of natural gas.