Hawaiian Electric Industries, Inc. (NYSE:HE – Get Rating) declared a quarterly dividend on Thursday, November 3, Zacks reports. Shareholders of record on Tuesday, November 22 will receive a dividend of 0.35 per share from the utility provider on Friday, December 9. This represents an annualized dividend of $1.40 and a yield of 3.69%. The ex-dividend date is Monday, November 21.
Hawaiian Electric Industries has increased its dividend payout by an average of 11.1% per year over the past three years and has increased its dividend every year for the past 4 consecutive years. Hawaiian Electric Industries has a dividend payout ratio of 60.6%, indicating that its dividend is sufficiently covered by earnings. Research analysts expect Hawaiian Electric Industries to earn $2.25 per share next year, meaning the company should continue to be able to cover its $1.40 annual dividend with a ratio expected future payout of 62.2%.
Performance of Hawaiian Electrical Industries Stocks
It opened at $37.89 on Friday. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt ratio of 1.06. The company’s fifty-day moving average price is $37.12 and its two-hundred-day moving average price is $40.05. Hawaiian Electric Industries has a 1-year low of $33.18 and a 1-year high of $44.72. The company has a market capitalization of $4.15 billion, a price/earnings ratio of 17.30, a PEG ratio of 6.85 and a beta of 0.40.
Hawaiian Electric Industries (NYSE:HE – Get Rating) last released quarterly earnings data on Monday, August 8. The utility provider reported earnings per share of $0.48 for the quarter, missing the consensus estimate of $0.52 per ($0.04). The company had revenue of $895.61 million for the quarter. Hawaiian Electric Industries achieved a return on equity of 10.38% and a net margin of 7.53%. During the same quarter last year, the company posted EPS of $0.58. On average, analysts expect Hawaiian Electric Industries to post EPS of 2.13 for the current fiscal year.
Hedge funds weigh on Hawaii’s power industries
A number of institutional investors and hedge funds have recently increased or reduced their stakes in the company. Vanguard Group Inc. increased its position in Hawaiian Electric Industries by 0.6% during the first quarter. Vanguard Group Inc. now owns 11,527,217 shares of the utility provider worth $487,716,000 after purchasing an additional 70,591 shares during the period. State Street Corp increased its position in shares of Hawaiian Electric Industries by 0.5% in the second quarter. State Street Corp now owns 3,738,067 shares of the utility provider valued at $152,887,000 after acquiring an additional 19,379 shares during the period. Charles Schwab Investment Management Inc. increased its position in Hawaiian Electric Industries stocks by 2.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,205,918 shares of the utility provider valued at $51,023,000 after acquiring 31,283 additional shares during the period. Dimensional Fund Advisors LP increased its position in Hawaiian Electric Industries shares by 10.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,178,517 shares of the utility provider valued at $49,864,000 after acquiring an additional 114,232 shares during the period. Finally, Northern Trust Corp increased its position in Hawaiian Electric Industries shares by 4.1% in the second quarter. Northern Trust Corp now owns 825,288 shares of the utility provider valued at $33,754,000 after acquiring an additional 32,863 shares during the period. Institutional investors hold 53.30% of the company’s shares.
Changes to analyst ratings
Several analysts have recently commented on HE stocks. Evercore ISI lowered its target price on Hawaiian Electric Industries stock to $40.00 in a Monday, August 15 report. StockNews.com began covering Hawaiian Electric Industries stocks in a Wednesday, October 12, report. They issued a “hold” rating for the company. Guggenheim cut its price target on Hawaiian Electric Industries stock from $41.00 to $36.00 in a Monday, October 24 research report. Wells Fargo & Company cut its price target on Hawaiian Electric Industries stock from $42.00 to $36.00 and set an “underweight” rating for the company in a Wednesday, Oct. 19 research report. Finally, Bank of America downgraded shares of Hawaiian Electric Industries from a “neutral” rating to an “underperforming” rating and set a price target of $43.00 for the company. in a research report on Thursday, August 18.
Hawaiian Electric Industries Company Profile
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Hawaiian Electric Industries, Inc, together with its subsidiaries, is engaged in investing in electric utilities, banking, and renewable/sustainable infrastructure in the State of Hawaii. It operates in three segments: Electric Utility, Bank and Other. The Electric Utilities segment is engaged in the generation, purchase, transmission, distribution and sale of electricity in the islands of Oahu, Hawaii, Maui, Lanai and of Molokai.
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