Janney Montgomery Scott LLC trimmed its position in Black Hills Corp (NYSE:BKH) by 7.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,280 shares of the utilities provider’s stock after selling 281 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Black Hills were worth $252,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Point72 Asset Management L.P. acquired a new stake in shares of Black Hills in the 2nd quarter valued at $55,000. CWM LLC raised its holdings in shares of Black Hills by 130.0% in the 3rd quarter. CWM LLC now owns 729 shares of the utilities provider’s stock valued at $56,000 after purchasing an additional 412 shares in the last quarter. North Star Investment Management Corp. acquired a new stake in shares of Black Hills in the 3rd quarter valued at $58,000. Krane Funds Advisors LLC acquired a new stake in shares of Black Hills in the 2nd quarter valued at $59,000. Finally, Stonebridge Capital Advisors LLC acquired a new stake in shares of Black Hills in the 2nd quarter valued at $94,000. Institutional investors and hedge funds own 87.62% of the company’s stock.
Shares of NYSE:BKH opened at $75.59 on Monday. The company’s fifty day moving average price is $77.13 and its 200 day moving average price is $77.30. Black Hills Corp has a 12 month low of $59.49 and a 12 month high of $82.01. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.55 and a quick ratio of 0.37. The firm has a market capitalization of $4.68 billion, a P/E ratio of 21.35, a P/E/G ratio of 5.14 and a beta of 0.24.
The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Monday, November 18th will be paid a $0.535 dividend. The ex-dividend date is Friday, November 15th. This is a positive change from Black Hills’s previous quarterly dividend of $0.51. This represents a $2.14 dividend on an annualized basis and a yield of 2.83%. Black Hills’s payout ratio is currently 57.06%.
A number of equities research analysts have recently weighed in on the stock. Credit Suisse Group reduced their price objective on shares of Black Hills from $79.00 to $78.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Wells Fargo & Co cut their price target on shares of Black Hills from $80.00 to $78.00 and set a “market perform” rating on the stock in a research note on Wednesday, November 6th. Bank of America upgraded shares of Black Hills from a “neutral” rating to a “buy” rating in a research note on Thursday, October 10th. ValuEngine lowered shares of Black Hills from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, Zacks Investment Research upgraded shares of Black Hills from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a research note on Thursday, November 7th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $74.00.
In other Black Hills news, insider Shonn D. Stahlecker sold 10,000 shares of Black Hills stock in a transaction on Monday, October 21st. The shares were sold at an average price of $7.35, for a total value of $73,500.00. Also, Chairman David R. Emery sold 7,500 shares of Black Hills stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $78.61, for a total transaction of $589,575.00. Following the completion of the transaction, the chairman now owns 145,306 shares in the company, valued at $11,422,504.66. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,500 shares of company stock worth $1,821,375. 1.00% of the stock is currently owned by company insiders.
Black Hills Profile
Black Hills Corporation, through its subsidiaries, operates as an electric and natural gas utility company in the United States. It operates through Electric Utilities, Gas Utilities, Power Generation, and Mining segments. The Electric Utilities segment generates, transmits, and distributes electricity to approximately 212,000 electric customers in Colorado, Montana, South Dakota, and Wyoming, as well as provides electrical system construction services to large industrial customers.
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