Pacer Advisors Inc. has adjusted its investment in CenterPoint Energy, Inc. (NYSE:CNP) by decreasing its holdings by 29.5% during the third quarter, according to the firm’s recent filing with the SEC. Following this transaction, Pacer Advisors now holds 62,414 shares valued at approximately $2,422,000 after selling 26,103 shares in the period.
This reduction in stakes aligns with several other investment firms, as various large investors have recently modified their positions in CNP. Signature Estate & Investment Advisors LLC increased its ownership by 3.9% in the second quarter, bringing its total to 7,627 shares valued at $280,000 after adding 286 shares. In a resembled trend, Fifth Third Bancorp raised its stake by 1.6%, owning now 21,180 shares at a value of $778,000, following a purchase of 342 shares. Blackston Financial Advisory Group LLC and Coldstream Capital Management Inc. also made notable increases to their positions during the second quarter, showing overall confidence in CenterPoint Energy among institutional investors. Currently, about 91.77% of the company’s stock is owned by institutional investors and hedge funds.
Recent analyst assessments reflect this cautious optimism; several brokerage firms have issued ratings updates. KeyCorp upgraded CenterPoint Energy shares from “sector weight” to “overweight,” setting a new target price of $41.00. Other firms including BMO Capital Markets and JPMorgan Chase & Co. have also adjusted their price targets to $41.00. Overall, six analysts maintain a Buy rating while eight favor holding the stock, resulting in an average price target of $41.64.
On the financial front, CenterPoint Energy’s stock opened at $38.61, showing a one-year low of $30.59 and a high of $40.50. The company recently reported a Q3 earnings per share of $0.50, which exceeded the expectations. Moreover, CenterPoint has announced a quarterly dividend of $0.23 per share, showing a commitment to returning value to shareholders and improving from the previous dividend of $0.22.
Additionally, insider trading activity has been noted, with Director Phillip R. Smith selling 6,200 shares, valued at a total of approximately $240,746. The overall perception of CenterPoint Energy remains steady, marked by a range of analysts supporting the stock’s underlying value and a sizable share of institutional investment.
In summary, the landscape for CenterPoint Energy appears to reflect resilience, supported by a combination of strategic investments and promising recent performance indicators in both dividends and earnings.