The Manufacturers Life Insurance Company Has $26.02 Million Stake in Black Hills Co. (NYSE:BKH)

The Manufacturers Life Insurance Company reduced its stake in Black Hills Co. (NYSE:BKH - Free Report) by 41.5% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 425,736 shares of the utilities provider's stock after selling 302,000 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.59% of Black Hills worth $26,021,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in BKH. Signaturefd LLC boosted its stake in Black Hills by 4.1% during the 2nd quarter. Signaturefd LLC now owns 4,736 shares of the utilities provider's stock valued at $258,000 after purchasing an additional 188 shares during the period. Lesa Sroufe & Co boosted its position in shares of Black Hills by 0.5% in the second quarter. Lesa Sroufe & Co now owns 43,294 shares of the utilities provider's stock valued at $2,354,000 after acquiring an additional 231 shares during the period. BancFirst Trust & Investment Management grew its stake in shares of Black Hills by 5.7% in the second quarter. BancFirst Trust & Investment Management now owns 4,326 shares of the utilities provider's stock worth $234,000 after acquiring an additional 233 shares during the last quarter. Acadian Asset Management LLC increased its position in Black Hills by 0.9% during the second quarter. Acadian Asset Management LLC now owns 26,694 shares of the utilities provider's stock worth $1,451,000 after acquiring an additional 249 shares during the period. Finally, Blue Trust Inc. raised its stake in Black Hills by 84.9% during the 3rd quarter. Blue Trust Inc. now owns 577 shares of the utilities provider's stock valued at $35,000 after purchasing an additional 265 shares during the last quarter. Institutional investors own 86.71% of the company's stock.

Analysts Set New Price Targets

Separately, Scotiabank boosted their price objective on shares of Black Hills from $54.00 to $63.00 and gave the stock a "sector perform" rating in a report on Tuesday, August 20th. Five analysts have rated the stock with a hold rating, According to MarketBeat, Black Hills currently has a consensus rating of "Hold" and an average price target of $60.25.

Black Hills Stock Performance

Shares of NYSE BKH traded up $0.13 during trading hours on Friday, reaching $64.07. The stock had a trading volume of 254,173 shares, compared to its average volume of 515,091. The company has a market cap of $4.59 billion, a price-to-earnings ratio of 17.22, a PEG ratio of 4.63 and a beta of 0.69. Black Hills Co. has a twelve month low of $49.33 and a twelve month high of $65.59. The business's fifty day moving average is $61.13 and its two-hundred day moving average is $58.27. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.12 and a quick ratio of 0.83.

Black Hills Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Monday, November 18th will be issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 4.06%. The ex-dividend date of this dividend is Monday, November 18th. Black Hills's payout ratio is 69.89%.

About Black Hills

Black Hills Corporation, through its subsidiaries, operates as an electric and natural gas utility company in the United States. The company operates in two segments: Electric Utilities and Gas Utilities. The Electric Utilities segment generates, transmits, and distributes electricity to approximately 222,000 electric utility customers in Colorado, Montana, South Dakota, and Wyoming; and owns and operates 1,394 megawatts of generation capacity and 9,106 miles of electric transmission and distribution lines.