Bryan Alden Cox, Senior Vice President of Avista Corp (NYSE:AVA), has sold a total of 1,716 shares of the company's common stock on June 6, 2024, according to a recent SEC filing. The transaction was executed at an average price of $35.6978 per share, amounting to a total value of $61,257.
The sale by Cox, which was disclosed in the mandatory filing with the Securities and Exchange Commission, reduces his direct holdings in the company to 7,196 shares. Additionally, Cox holds an estimated 5,980.55 shares indirectly through a 401(k) plan, where the shares are held by a trustee.
Investors often monitor the buying and selling activities of company executives as they can provide insights into the company's performance and future prospects. The transactions by insiders are also closely watched for any potential impact on the stock's market price.
Avista Corp, with its headquarters in Spokane, Washington, operates in the electric and other services combined industry. The company, formerly known as Washington Water Power Co., is incorporated in Washington and has a fiscal year-end on December 31.
The SEC filing indicates that the transaction was a straightforward sale of stock and does not involve other complexities such as equity swaps. Following the sale, Cox continues to have a significant stake in Avista Corp, aligning his interests with those of shareholders.
Investors and potential investors in Avista Corp can access the SEC filing for a more detailed look at the transaction. The company's stock trades on the New York Stock Exchange under the ticker symbol AVA.
In other recent news, Avista Corporation has been making significant strides in the financial sector. Mizuho Securities recently adjusted their stance on Avista, upgrading the company's stock rating to 'Neutral' from 'Underperform.' The firm also increased Avista's price target to $36.00, up from the previous $32.00. This change in stance is partly based on Avista's ongoing rate case in Washington and the company's efforts to maintain a growth rate of 4-6%.
In terms of financial performance, Avista reported a strong start to the year with its first-quarter 2024 earnings. The company announced consolidated earnings of $0.91 per diluted share for the first quarter, marking an increase from $0.73 per diluted share in the same quarter of 2023. The results align with the company's full-year earnings targets, demonstrating resilience and strategic planning amid industry changes.
Avista is also making significant investments in innovation and infrastructure. The company is currently modernizing its Post Falls Dam, a project expected to enhance energy efficiency. These recent developments indicate a robust and strategically planned trajectory for Avista Corporation, as it continues to navigate the financial landscape.
InvestingPro Insights
Following the recent sale of shares by Senior Vice President Bryan Alden Cox, investors in Avista Corp (NYSE:AVA) may be interested in the company's current financial metrics and market performance. Avista Corp has demonstrated a strong commitment to its shareholders, as evidenced by its consistent dividend payments. The company has not only maintained its dividend payments for an impressive 54 consecutive years but has also raised its dividend for 21 consecutive years, showcasing its financial stability and reliability as an income-generating investment.
From a valuation perspective, Avista is currently trading at a low P/E ratio of 14.38, which is relatively attractive when paired with its near-term earnings growth. This low earnings multiple may appeal to value-oriented investors seeking solid companies at reasonable prices. Additionally, the company's robust dividend yield of 5.42% as of the most recent data, significantly exceeds the average yield found in the broader market, making Avista an attractive option for income-focused investors.
While Avista's stock has experienced some volatility with a 1-month price total return of -7.65%, the company's low price volatility characteristic, as noted by one of the InvestingPro Tips, suggests that its share price movements tend to be less extreme compared to the market as a whole. This could potentially provide some degree of stability for investors in uncertain market conditions.
For those interested in a deeper analysis, there are additional InvestingPro Tips available, which can provide more insights into Avista Corp's financial health and market performance. To explore these tips and gain access to exclusive metrics, investors can visit https://www.investing.com/pro/AVA and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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