Avista chairman Scott Morris sells $771,000 worth of company stock

Scott Morris sold $771,000 worth of Avista stock this week, but he still retains a $9 million ownership stake in the Spokane-based utility.

Avista’s chairman and chief executive sold 18,900 shares of stock valued at $40.81 per share on Tuesday, according to information filed with the U.S. Securities and Exchange Commission. Morris continues to own more than 221,000 shares of Avista stock.

Casey Fielder, an Avista spokeswoman, said Morris made the sale to balance his personal portfolio.

Part of Morris’ executive compensation is made in stock awards, which is a common practice at publicly traded companies. After Avista’s earnings are released each quarter, Fielder said there are open periods when company insiders can sell stock, as long as the sales comply with insider trading policy.

“It is not unusual to see this kind of activity during the open periods,” she said in an email.