Principal Financial Group Inc. boosted its position in Black Hills Co. (NYSE:BKH) by 17.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 217,979 shares of the utilities provider’s stock after purchasing an additional 31,873 shares during the period. Principal Financial Group Inc.’s holdings in Black Hills were worth $14,554,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of the stock. BlackRock Inc. lifted its stake in Black Hills by 5.4% in the first quarter. BlackRock Inc. now owns 9,042,376 shares of the utilities provider’s stock valued at $603,759,000 after purchasing an additional 460,433 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of Black Hills by 9.2% during the fourth quarter. Janus Henderson Group PLC now owns 1,185,585 shares of the utilities provider’s stock worth $72,854,000 after acquiring an additional 99,738 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Black Hills by 7.0% during the fourth quarter. Bank of New York Mellon Corp now owns 901,663 shares of the utilities provider’s stock worth $55,407,000 after acquiring an additional 58,655 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Black Hills by 2.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 710,554 shares of the utilities provider’s stock worth $43,664,000 after acquiring an additional 18,172 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Black Hills by 8.4% during the fourth quarter. JPMorgan Chase & Co. now owns 580,164 shares of the utilities provider’s stock worth $35,652,000 after acquiring an additional 44,945 shares in the last quarter. Institutional investors and hedge funds own 86.48% of the company’s stock.
BKH has been the topic of several recent research reports. Zacks Investment Research upgraded Black Hills from a “sell” rating to a “hold” rating in a research report on Wednesday, April 28th. Credit Suisse Group increased their target price on Black Hills from $75.00 to $78.00 and gave the stock an “outperform” rating in a research report on Thursday, May 6th. Wells Fargo & Company increased their target price on Black Hills from $67.00 to $74.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 28th. Finally, Mizuho reiterated a “neutral” rating and issued a $60.00 price objective (down previously from $66.00) on shares of Black Hills in a research report on Tuesday, March 9th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $72.33.
Black Hills (NYSE:BKH) last released its earnings results on Monday, May 3rd. The utilities provider reported $1.54 EPS for the quarter, missing the Zacks’ consensus estimate of $1.66 by ($0.12). The firm had revenue of $633.40 million during the quarter, compared to the consensus estimate of $610.87 million. Black Hills had a net margin of 12.87% and a return on equity of 8.69%. The firm’s revenue was up 17.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.59 EPS. Sell-side analysts predict that Black Hills Co. will post 3.88 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, June 1st. Investors of record on Tuesday, May 18th were paid a $0.565 dividend. The ex-dividend date was Monday, May 17th. This represents a $2.26 dividend on an annualized basis and a yield of 3.27%. Black Hills’s dividend payout ratio is presently 60.59%.
About Black Hills
Black Hills Corporation, through its subsidiaries, operates as an electric and natural gas utility company in the United States. It operates through four segments: Electric Utilities, Gas Utilities, Power Generation, and Mining. The Electric Utilities segment generates, transmits, and distributes electricity to approximately 216,000 electric customers in Colorado, South Dakota, and Wyoming, as well as provides electrical system construction services to large industrial customers.
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