PNC Financial Services Group Inc. Buys 599 Shares of Avista Corporation (AVA)

PNC Financial Services Group Inc. boosted its stake in shares of Avista Corporation (NYSE:AVA) by 28.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,678 shares of the utilities provider’s stock after buying an additional 599 shares during the period. PNC Financial Services Group Inc.’s holdings in Avista Corporation were worth $114,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AVA. Vanguard Group Inc. boosted its stake in Avista Corporation by 3.9% during the first quarter. Vanguard Group Inc. now owns 6,254,298 shares of the utilities provider’s stock worth $244,231,000 after buying an additional 233,359 shares during the last quarter. State Street Corp boosted its stake in Avista Corporation by 6.1% during the first quarter. State Street Corp now owns 1,748,071 shares of the utilities provider’s stock worth $68,263,000 after buying an additional 101,083 shares during the last quarter. Convergence Investment Partners LLC acquired a new position in Avista Corporation during the second quarter worth $4,204,000. Renaissance Technologies LLC boosted its stake in Avista Corporation by 528.1% during the first quarter. Renaissance Technologies LLC now owns 104,900 shares of the utilities provider’s stock worth $4,096,000 after buying an additional 88,200 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its stake in Avista Corporation by 18.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 463,803 shares of the utilities provider’s stock worth $19,694,000 after buying an additional 72,115 shares during the last quarter. 67.86% of the stock is currently owned by institutional investors.

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A number of equities analysts have weighed in on the company. BMO Capital Markets reissued a “hold” rating and set a $53.00 price objective on shares of Avista Corporation in a research note on Friday, July 21st. BidaskClub raised Avista Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, August 3rd. Zacks Investment Research lowered Avista Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, August 16th. Williams Capital lowered Avista Corporation from a “hold” rating to a “sell” rating and boosted their price objective for the stock from $38.00 to $42.00 in a research note on Thursday, July 20th. Finally, KeyCorp reissued a “hold” rating on shares of Avista Corporation in a research note on Friday, October 20th. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $47.75.

Avista Corporation (NYSE:AVA) opened at 52.09 on Tuesday. The firm’s 50-day moving average price is $51.87 and its 200-day moving average price is $47.24. The firm has a market cap of $3.36 billion, a price-to-earnings ratio of 24.63 and a beta of 0.45. Avista Corporation has a 1-year low of $37.78 and a 1-year high of $52.83.

Avista Corporation (NYSE:AVA) last released its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.03). The company had revenue of $314.50 million for the quarter, compared to analysts’ expectations of $326.33 million. Avista Corporation had a return on equity of 8.19% and a net margin of 9.35%. The business’s quarterly revenue was down 1.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.43 EPS. On average, equities research analysts anticipate that Avista Corporation will post $1.95 earnings per share for the current year.

Avista Corporation Profile

Avista Corporation is an electric and natural gas utility company. The Company operates through two segments: Avista Utilities, and Alaska Electric Light and Power Company (AEL&P). The Company’s regional services include government and higher education, medical services, retail trade and finance. The Company’s businesses also include sheet metal fabrication, venture fund investments, real estate investments, a company that explores markets that could be served with liquefied natural gas (LNG), as well as certain other investments of Avista Capital, which is a subsidiary of the Company.

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Institutional Ownership by Quarter for Avista Corporation (NYSE:AVA)

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