Groesbeck Investment Management Corp NJ Makes New Investment in Avista Co. (NYSE:AVA)

Groesbeck Investment Management Corp NJ acquired a new position in shares of Avista Co. (NYSE:AVA - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 12,675 shares of the utilities provider's stock, valued at approximately $464,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Sanctuary Wealth Management L.L.C. bought a new position in shares of Avista in the 3rd quarter worth about $28,000. Capital Performance Advisors LLP bought a new position in shares of Avista during the 3rd quarter worth approximately $29,000. Versant Capital Management Inc grew its position in shares of Avista by 43.0% during the 4th quarter. Versant Capital Management Inc now owns 1,723 shares of the utilities provider's stock worth $63,000 after buying an additional 518 shares during the period. Eastern Bank increased its stake in shares of Avista by 309.3% in the 4th quarter. Eastern Bank now owns 1,842 shares of the utilities provider's stock valued at $67,000 after acquiring an additional 1,392 shares in the last quarter. Finally, KBC Group NV boosted its stake in Avista by 46.9% during the third quarter. KBC Group NV now owns 2,098 shares of the utilities provider's stock worth $81,000 after acquiring an additional 670 shares in the last quarter. Institutional investors and hedge funds own 85.24% of the company's stock.

Analyst Ratings Changes

Separately, Jefferies Financial Group cut their price target on Avista from $40.00 to $39.00 and set a "hold" rating on the stock in a report on Tuesday, January 28th.

Avista Stock Down 0.4 %

NYSE AVA traded down $0.14 during trading hours on Friday, hitting $36.59. The company's stock had a trading volume of 361,372 shares, compared to its average volume of 415,354. The company has a market capitalization of $2.90 billion, a PE ratio of 14.58, a price-to-earnings-growth ratio of 2.76 and a beta of 0.49. 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 52 week low of $31.91 and a 52 week high of $39.99. The company's 50-day simple moving average is $36.60 and its two-hundred day simple moving average is $37.68.

Avista (NYSE:AVA - Get Free Report) last announced its earnings results on Wednesday, November 6th. The utilities provider reported $0.23 EPS for the quarter, beating the consensus estimate of $0.13 by $0.10. Avista had a net margin of 10.24% and a return on equity of 7.83%. The company had revenue of $383.70 million during the quarter, compared to the consensus estimate of $389.29 million. During the same quarter in the prior year, the company posted $0.19 earnings per share. The firm's revenue for the quarter was up 3.8% on a year-over-year basis. Research analysts anticipate that Avista Co. will post 2.3 EPS for the current fiscal year.

Avista Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Tuesday, November 26th were given a dividend of $0.475 per share. The ex-dividend date was Tuesday, November 26th. This represents a $1.90 annualized dividend and a dividend yield of 5.19%. Avista's dividend payout ratio is currently 75.70%.

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.