M&T Bank Corp Cuts Stock Position in Eversource Energy (NYSE:ES)

M&T Bank Corp trimmed its stake in shares of Eversource Energy (NYSE:ES) by 15.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,867 shares of the utilities provider’s stock after selling 4,903 shares during the period. M&T Bank Corp’s holdings in Eversource Energy were worth $1,828,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Wellington Management Group LLP purchased a new position in Eversource Energy in the 3rd quarter valued at about $808,783,000. Los Angeles Capital Management LLC raised its holdings in shares of Eversource Energy by 201.4% during the second quarter. Los Angeles Capital Management LLC now owns 974,665 shares of the utilities provider’s stock valued at $55,273,000 after acquiring an additional 651,263 shares during the last quarter. National Bank of Canada FI lifted its position in shares of Eversource Energy by 446.0% in the third quarter. National Bank of Canada FI now owns 749,736 shares of the utilities provider’s stock valued at $51,019,000 after acquiring an additional 612,421 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Eversource Energy by 75.8% in the second quarter. Millennium Management LLC now owns 1,307,397 shares of the utilities provider’s stock worth $74,142,000 after acquiring an additional 563,756 shares during the last quarter. Finally, State Street Corp increased its position in shares of Eversource Energy by 1.7% during the third quarter. State Street Corp now owns 25,539,895 shares of the utilities provider’s stock worth $1,737,990,000 after purchasing an additional 430,587 shares in the last quarter. Institutional investors and hedge funds own 79.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. StockNews.com lowered Eversource Energy from a “hold” rating to a “sell” rating in a report on Friday. Morgan Stanley raised their price target on shares of Eversource Energy from $69.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Friday, August 23rd. Mizuho upped their price objective on shares of Eversource Energy from $62.00 to $73.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. Bank of America raised their target price on shares of Eversource Energy from $67.00 to $68.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Finally, Scotiabank lowered Eversource Energy from a “sector perform” rating to a “sector underperform” rating and dropped their price target for the company from $66.00 to $56.00 in a research report on Thursday. Three research analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Eversource Energy has an average rating of “Hold” and a consensus target price of $68.38.

Eversource Energy Stock Performance

Shares of Eversource Energy stock opened at $59.52 on Friday. The business’s fifty day simple moving average is $63.17 and its 200-day simple moving average is $63.12. The company has a quick ratio of 0.76, a current ratio of 0.86 and a debt-to-equity ratio of 1.73. The firm has a market cap of $21.81 billion, a PE ratio of -37.91, a price-to-earnings-growth ratio of 2.40 and a beta of 0.60. Eversource Energy has a 52 week low of $52.09 and a 52 week high of $69.01.

Eversource Energy (NYSE:ES) last posted its earnings results on Monday, November 4th. The utilities provider reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.05. Eversource Energy had a negative net margin of 4.73% and a positive return on equity of 10.90%. The company had revenue of $3.06 billion for the quarter, compared to analysts’ expectations of $3.06 billion. During the same quarter in the prior year, the company posted $0.97 earnings per share. Eversource Energy’s revenue for the quarter was up 9.7% compared to the same quarter last year. Equities analysts forecast that Eversource Energy will post 4.56 earnings per share for the current year.

Eversource Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Wednesday, December 18th will be given a dividend of $0.715 per share. The ex-dividend date is Wednesday, December 18th. This represents a $2.86 dividend on an annualized basis and a dividend yield of 4.81%. Eversource Energy’s payout ratio is currently -182.17%.

About Eversource Energy

Eversource Energy, a public utility holding company, engages in the energy delivery business. The company operates through Electric Distribution, Electric Transmission, Natural Gas Distribution, and Water Distribution segments. It is involved in the transmission and distribution of electricity; solar power facilities; and distribution of natural gas.