May 30, 2023 – HighTower Advisors LLC, a leading investment advisory firm, made headlines today after revealing that it has expanded its investments in Hawaiian Electric Industries, Inc. (NYSE:HE). According to the company’s recent filing with the Securities and Exchange Commission (SEC), HighTower Advisors LLC has purchased an additional 5,376 shares of HE stock. This means that as of the last quarter ending March 31, 2023, HighTower Advisors LLC owned 21,881 shares of HE worth $922,000.
Hawaiian Electric Industries is one of Hawaii’s leading energy solutions providers providing customers with reliable renewable energy. The company offers services ranging from power generation to delivery throughout the six islands of Hawaii. Its operation is divided into three different segments; electric utility operations include the supply of electricity to Oahu, Maui County and the island of Hawaii; bank holding segment operated by American Savings Bank; and the Others segment that provides independent power production.
In other Hawaiian Electric Industries news, director Keith P. Russell sold 10,000 shares in a company transaction that took place on March 8 at an average price of $39.21 per share for a total amount of $392,100.
The dividend payment for the first quarter of 2023 was recently declared by Hawaiian Electric Industries, where shareholders will receive a dividend payment of $0.36 per share on June 9 when dividends are issued to record holders on May 19. . The payout rate sits at around $1.44 per year per share owned by investors, representing an impressive dividend yield of approximately 4%.
Those who monitor insider buying and selling trends may find this report relatively insignificant, as insiders own only about 0.86 percent of HE shares traded on open markets.
This move by HighTower Advisors LLC highlights the company’s bullish sentiment towards the company at a time when there is increasing demand for renewable energy solutions around the world. As of today, observers are eager to see how Hawaiian Electric Industries stock prices will change in the coming weeks given investment moves by HighTower Advisors LLC.
Overall, Hawaiian Electric Industries has remained resilient over a long period, paying dividends to shareholders every quarter and becoming one of the best energy investments you could make on Wall Street.
Institutional Investor Interest Rises in Hawaiian Power Industries
Hawaiian Electric Industries: A Look at Recent Changes in Institutional Investors
As of May 30, 2023, Hawaiian Electric Industries is under the watchful eye of several institutional investors who have made recent changes to their positions in the company. These include ExodusPoint Capital Management LP, Armstrong Advisory Group Inc., Kestra Advisory Services LLC, SG Americas Securities LLC, and the Maryland State Retirement & Pension System. These hedge funds and other institutional investors have recently increased or purchased holdings in shares of the utility provider.
ExodusPoint Capital Management LP has remarkably increased its holdings by a staggering 724.8%, and now owns 45,645 shares worth $1,582,000 after purchasing an additional 40,111 shares in the third quarter alone. Armstrong Advisory Group Inc. entered with a new stake valued at $349,000 during the fourth quarter, while Kestra Advisory Services LLC increased its stakes by 50.5% to own 7,705 shares worth $267,000 through the acquisition of another 2,585 shares during the last trimester. SG Americas Securities LLC also saw an increase of nearly 474% with 105,711 shares valued at $4,424,000 after purchasing an additional 87,284 shares in the fourth quarter of last year. Finally, the State of Maryland Retirement and Pension System purchased a new stake valued at about $340,000 that same quarter.
In total, hedge funds and other institutional investors currently own approximately 52.99% of the shares of Hawaiian Electric Industries.
Shares of Hawaiian Electric Industries opened Tuesday at $36.01 with highs reaching $44.01 and lows dipping to $33.18 over the past year or so with a market capitalization currently sitting at approximately $3.95 billion. External factors that could influence the company’s performance, analysts who have recently covered the company have provided mixed opinions. StockNews.com gave the stock a “hold” rating, while Guggenheim previously lowered his price target on HAWAIIAN ELECTRIC INDUSTRIES from $43.00 to $42.00.
Given the current state of affairs and the changes made by institutional investors in recent months, it remains to be seen what direction HAWAIIAN ELECTRIC INDUSTRIES will take in the coming months and how those moves will affect other companies and individual shareholders.
