PPL Co. (NYSE:PPL) Shares Sold by Cohen & Steers Inc.

Cohen & Steers Inc. cut its holdings in shares of PPL Co. (NYSE:PPLGet Rating) by 23.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,919,052 shares of the utilities provider’s stock after selling 872,160 shares during the period. Cohen & Steers Inc. owned approximately 0.40% of PPL worth $83,368,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. NewSquare Capital LLC grew its position in shares of PPL by 76.3% during the 1st quarter. NewSquare Capital LLC now owns 922 shares of the utilities provider’s stock valued at $26,000 after acquiring an additional 399 shares during the period. Worth Asset Management LLC acquired a new stake in shares of PPL during the 1st quarter valued at about $27,000. Citizens National Bank Trust Department acquired a new stake in shares of PPL during the 4th quarter valued at about $38,000. Fieldpoint Private Securities LLC grew its position in shares of PPL by 161.1% during the 1st quarter. Fieldpoint Private Securities LLC now owns 1,329 shares of the utilities provider’s stock valued at $38,000 after acquiring an additional 820 shares during the period. Finally, MBM Wealth Consultants LLC grew its position in shares of PPL by 44.9% during the 4th quarter. MBM Wealth Consultants LLC now owns 1,430 shares of the utilities provider’s stock valued at $43,000 after acquiring an additional 443 shares during the period. 69.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Credit Suisse Group lowered their price objective on PPL from $33.00 to $29.00 and set an “outperform” rating on the stock in a report on Thursday, June 16th. Mizuho lowered their price objective on PPL from $30.00 to $29.00 and set a “neutral” rating on the stock in a report on Thursday, July 14th. The Goldman Sachs Group assumed coverage on PPL in a report on Monday, May 30th. They issued a “buy” rating on the stock. Evercore ISI lifted their price objective on PPL to $32.00 in a report on Tuesday, August 9th. Finally, Wells Fargo & Company lifted their price objective on PPL from $33.00 to $34.00 in a report on Tuesday, June 7th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $31.00.

PPL Trading Up 0.8 %

Shares of PPL stock opened at $29.85 on Friday. The stock has a market cap of $21.97 billion, a P/E ratio of 30.46 and a beta of 0.74. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.62 and a quick ratio of 0.53. The stock’s 50 day simple moving average is $28.76 and its 200-day simple moving average is $28.33. PPL Co. has a 1-year low of $24.98 and a 1-year high of $30.99.

PPL Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Friday, September 9th will be given a dividend of $0.225 per share. This represents a $0.90 annualized dividend and a dividend yield of 3.02%. The ex-dividend date is Thursday, September 8th. PPL’s payout ratio is presently 91.84%.

Insider Activity

In other news, CEO Vincent Sorgi sold 27,600 shares of PPL stock in a transaction that occurred on Friday, August 12th. The shares were sold at an average price of $30.00, for a total transaction of $828,000.00. Following the sale, the chief executive officer now owns 111,462 shares of the company’s stock, valued at approximately $3,343,860. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Vincent Sorgi sold 27,600 shares of PPL stock in a transaction that occurred on Friday, August 12th. The shares were sold at an average price of $30.00, for a total transaction of $828,000.00. Following the sale, the chief executive officer now owns 111,462 shares of the company’s stock, valued at approximately $3,343,860. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Joseph P. Bergstein, Jr. sold 20,645 shares of the business’s stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $30.41, for a total value of $627,814.45. Following the completion of the sale, the chief financial officer now directly owns 31,469 shares in the company, valued at approximately $956,972.29. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 76,275 shares of company stock valued at $2,267,778. 0.17% of the stock is currently owned by company insiders.

PPL Profile

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PPL Corporation, a utility holding company, delivers electricity and natural gas in the United States and the United Kingdom. The company operates through two segments: Kentucky Regulated and Pennsylvania Regulated. It serves approximately 429,000 electric and 333,000 natural gas customers in Louisville and adjacent areas in Kentucky; 538,000 electric customers in central, southeastern, and western Kentucky; and 28,000 electric customers in five counties in southwestern Virginia.

Further Reading

Institutional Ownership by Quarter for PPL (NYSE:PPL)

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