Eastern Bank Acquires New Stake in Avangrid, Inc. (NYSE:AGR)

Eastern Bank acquired a new stake in Avangrid, Inc. (NYSE:AGR) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 844 shares of the utilities provider’s stock, valued at approximately $30,000.

A number of other institutional investors and hedge funds have also bought and sold shares of AGR. Wellington Management Group LLP increased its holdings in Avangrid by 7.4% in the fourth quarter. Wellington Management Group LLP now owns 141,128 shares of the utilities provider’s stock valued at $4,574,000 after purchasing an additional 9,766 shares during the period. PNC Financial Services Group Inc. boosted its position in Avangrid by 20.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 10,713 shares of the utilities provider’s stock valued at $347,000 after acquiring an additional 1,855 shares during the last quarter. FCG Investment Co bought a new stake in Avangrid during the first quarter valued at $343,000. Everett Harris & Co. CA bought a new stake in Avangrid during the first quarter valued at $401,000. Finally, Maryland State Retirement & Pension System bought a new stake in Avangrid during the first quarter valued at $201,000. 13.12% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, StockNews.com began coverage on shares of Avangrid in a research report on Monday, October 21st. They set a “hold” rating on the stock.

Avangrid Price Performance

AGR stock opened at $35.75 on Friday. The stock has a market capitalization of $13.83 billion, a PE ratio of 15.48, a price-to-earnings-growth ratio of 2.66 and a beta of 0.55. The company’s 50-day moving average is $35.77 and its 200-day moving average is $35.85. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.52 and a quick ratio of 0.44. Avangrid, Inc. has a 1 year low of $28.75 and a 1 year high of $37.70.

Avangrid (NYSE:AGR) last released its quarterly earnings data on Tuesday, October 22nd. The utilities provider reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.22. The company had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.04 billion. Avangrid had a net margin of 11.35% and a return on equity of 4.87%. The business’s revenue was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.27 EPS. Equities research analysts expect that Avangrid, Inc. will post 2.24 EPS for the current fiscal year.

Avangrid Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 2nd will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.76 dividend on an annualized basis and a dividend yield of 4.92%. Avangrid’s dividend payout ratio (DPR) is presently 76.19%.

About Avangrid

Avangrid, Inc, an energy services holding company, engages in the regulated energy transmission and distribution, and renewable energy generation businesses in the United States. The company operates through Networks and Renewables segments. It is involved in the generation, transmission, and distribution of electricity; and distribution, transportation, and sale of natural gas.