Corebridge Financial Inc. Trims Stock Position in Eversource Energy (NYSE:ES)

Corebridge Financial Inc. trimmed its holdings in Eversource Energy (NYSE:ES) by 1.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 118,327 shares of the utilities provider’s stock after selling 1,990 shares during the quarter. Corebridge Financial Inc.’s holdings in Eversource Energy were worth $6,796,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Brooklyn Investment Group purchased a new stake in shares of Eversource Energy in the third quarter worth about $31,000. Kestra Investment Management LLC purchased a new stake in Eversource Energy in the 4th quarter worth approximately $29,000. Assetmark Inc. grew its stake in shares of Eversource Energy by 99.2% during the 4th quarter. Assetmark Inc. now owns 510 shares of the utilities provider’s stock worth $29,000 after purchasing an additional 254 shares during the period. Larson Financial Group LLC increased its holdings in shares of Eversource Energy by 162.0% during the 3rd quarter. Larson Financial Group LLC now owns 566 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 350 shares in the last quarter. Finally, Venturi Wealth Management LLC lifted its stake in shares of Eversource Energy by 104.5% in the 4th quarter. Venturi Wealth Management LLC now owns 589 shares of the utilities provider’s stock valued at $34,000 after purchasing an additional 301 shares during the period. 79.99% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ES has been the topic of several analyst reports. Scotiabank dropped their price target on shares of Eversource Energy from $56.00 to $55.00 and set a “sector underperform” rating on the stock in a research report on Thursday, February 13th. Barclays cut their price target on Eversource Energy from $72.00 to $69.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 22nd. Wells Fargo & Company lowered their price target on Eversource Energy from $79.00 to $75.00 and set an “overweight” rating on the stock in a research report on Thursday, February 13th. Jefferies Financial Group reduced their target price on Eversource Energy from $52.00 to $47.00 and set an “underperform” rating for the company in a research note on Tuesday, January 28th. Finally, StockNews.com raised shares of Eversource Energy from a “sell” rating to a “hold” rating in a research note on Saturday. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $67.40.

Insider Activity at Eversource Energy

In other news, insider Frederica M. Williams sold 3,092 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $62.26, for a total transaction of $192,507.92. Following the completion of the transaction, the insider now directly owns 22,671 shares in the company, valued at approximately $1,411,496.46. This represents a 12.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Jay S. Buth sold 980 shares of the business’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $62.99, for a total transaction of $61,730.20. Following the completion of the sale, the vice president now owns 24,374 shares in the company, valued at approximately $1,535,318.26. This trade represents a 3.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.41% of the stock is currently owned by insiders.

Eversource Energy Stock Performance

NYSE:ES opened at $61.13 on Friday. Eversource Energy has a twelve month low of $54.75 and a twelve month high of $69.01. The company has a market cap of $22.44 billion, a P/E ratio of 26.46, a P/E/G ratio of 2.35 and a beta of 0.60. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 1.71. The company’s 50-day moving average price is $60.28 and its 200-day moving average price is $61.62.

Eversource Energy (NYSE:ES) last posted its quarterly earnings results on Tuesday, February 11th. The utilities provider reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.01. Eversource Energy had a return on equity of 10.99% and a net margin of 6.82%. On average, sell-side analysts forecast that Eversource Energy will post 4.75 earnings per share for the current fiscal year.

Eversource Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Tuesday, March 4th will be given a dividend of $0.7525 per share. This is a boost from Eversource Energy’s previous quarterly dividend of $0.72. The ex-dividend date is Tuesday, March 4th. This represents a $3.01 annualized dividend and a dividend yield of 4.92%. Eversource Energy’s payout ratio is presently 130.30%.

Eversource Energy Company Profile

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.