Point72 Asset Management L.P. purchased a new stake in Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 5,600 shares of the utilities provider’s stock, valued at approximately $135,000.
Other large investors have also recently added to or reduced their stakes in the company. Advisor Group Inc. raised its position in shares of Pattern Energy Group by 31.0% in the second quarter. Advisor Group Inc. now owns 5,039 shares of the utilities provider’s stock valued at $121,000 after purchasing an additional 1,193 shares during the period. Ameritas Investment Partners Inc. increased its position in Pattern Energy Group by 7.9% during the second quarter. Ameritas Investment Partners Inc. now owns 6,179 shares of the utilities provider’s stock worth $147,000 after acquiring an additional 451 shares during the period. Private Advisor Group LLC bought a new position in Pattern Energy Group during the third quarter worth $203,000. BSW Wealth Partners bought a new position in Pattern Energy Group during the second quarter worth $207,000. Finally, Amalgamated Bank bought a new position in Pattern Energy Group during the second quarter worth $211,000. 75.44% of the stock is currently owned by institutional investors.
In other Pattern Energy Group news, insider Esben W. Pedersen sold 2,400 shares of Pattern Energy Group stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $23.01, for a total transaction of $55,224.00. Following the sale, the insider now owns 143,411 shares in the company, valued at $3,299,887.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 8,200 shares of company stock worth $190,477 in the last quarter. Corporate insiders own 1.60% of the company’s stock.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 31st. Shareholders of record on Friday, December 29th will be paid a dividend of $0.422 per share. The ex-dividend date is Thursday, December 28th. This represents a $1.69 dividend on an annualized basis and a yield of 7.75%. This is an increase from Pattern Energy Group’s previous quarterly dividend of $0.42. Pattern Energy Group’s payout ratio is currently 4,201.05%.
PEGI has been the topic of a number of research reports. Goldman Sachs Group raised shares of Pattern Energy Group from a “neutral” rating to a “buy” rating and set a $21.00 target price on the stock in a research report on Tuesday, December 5th. Williams Capital initiated coverage on shares of Pattern Energy Group in a research report on Monday, October 16th. They set a “buy” rating and a $28.00 target price on the stock. BMO Capital Markets reaffirmed a “buy” rating and set a $28.50 target price on shares of Pattern Energy Group in a research report on Friday, September 8th. Morgan Stanley lowered shares of Pattern Energy Group from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $33.00 to $25.00 in a research report on Tuesday, December 12th. Finally, Zacks Investment Research lowered shares of Pattern Energy Group from a “buy” rating to a “hold” rating in a research report on Wednesday, September 27th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $25.61.
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Pattern Energy Group Profile
Pattern Energy Group Inc is an independent power company focused on owning and operating power projects. The Company holds interests in over 18 wind power projects located in the United States, Canada and Chile with total capacity of over 2,644 megawatts (MW). Each of its projects has contracted to sell its output pursuant to a power sale agreement.
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