Allianz Asset Management GmbH Sells 86,280 Shares of Black Hills Corp (BKH)
Allianz Asset Management GmbH trimmed its holdings in shares of Black Hills Corp (NYSE:BKH) by 19.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 352,580 shares of the utilities provider’s stock after selling 86,280 shares during the quarter. Allianz Asset Management GmbH’s holdings in Black Hills were worth $20,481,000 as of its most recent filing with the SEC.
A number of other large investors have also added to or reduced their stakes in the stock. Arizona State Retirement System increased its position in Black Hills by 2.3% during the third quarter. Arizona State Retirement System now owns 38,055 shares of the utilities provider’s stock worth $2,211,000 after acquiring an additional 847 shares during the period. Bessemer Group Inc. increased its position in Black Hills by 20.9% during the third quarter. Bessemer Group Inc. now owns 5,200 shares of the utilities provider’s stock worth $302,000 after acquiring an additional 900 shares during the period. PNC Financial Services Group Inc. increased its position in Black Hills by 4.9% during the third quarter. PNC Financial Services Group Inc. now owns 22,661 shares of the utilities provider’s stock worth $1,316,000 after acquiring an additional 1,054 shares during the period. AMP Capital Investors Ltd increased its position in Black Hills by 11.3% during the third quarter. AMP Capital Investors Ltd now owns 11,811 shares of the utilities provider’s stock worth $677,000 after acquiring an additional 1,200 shares during the period. Finally, Russell Investments Group Ltd. increased its position in Black Hills by 2.9% during the third quarter. Russell Investments Group Ltd. now owns 46,513 shares of the utilities provider’s stock worth $2,702,000 after acquiring an additional 1,293 shares during the period. 87.36% of the stock is currently owned by institutional investors and hedge funds.
BKH stock opened at $67.07 on Friday. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.36 and a current ratio of 0.53. Black Hills Corp has a 12 month low of $50.49 and a 12 month high of $68.23. The stock has a market capitalization of $4.07 billion, a price-to-earnings ratio of 19.96, a PEG ratio of 4.38 and a beta of 0.32.
The company also recently announced a quarterly dividend, which was paid on Saturday, December 1st. Shareholders of record on Monday, November 19th were issued a $0.505 dividend. This is a positive change from Black Hills’s previous quarterly dividend of $0.48. This represents a $2.02 annualized dividend and a yield of 3.01%. The ex-dividend date of this dividend was Friday, November 16th. Black Hills’s dividend payout ratio (DPR) is currently 60.12%.
Several research firms have commented on BKH. Credit Suisse Group raised shares of Black Hills from a “neutral” rating to an “outperform” rating and raised their target price for the company from $62.00 to $65.00 in a report on Wednesday, October 17th. ValuEngine raised shares of Black Hills from a “sell” rating to a “hold” rating in a report on Monday, October 8th. Wells Fargo & Co raised their target price on shares of Black Hills from $62.00 to $64.00 and gave the company a “market perform” rating in a report on Monday, September 17th. Finally, Zacks Investment Research raised shares of Black Hills from a “hold” rating to a “buy” rating and set a $69.00 target price on the stock in a report on Wednesday, October 10th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $62.14.
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About Black Hills
Black Hills Corporation, through its subsidiaries, operates as a vertically-integrated utility company in the United States. The company's Electric Utilities segment generates, transmits, and distributes electricity to approximately 210,000 electric customers in South Dakota, Wyoming, Colorado, and Montana.
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