Pinnacle Associates Ltd. increased its position in shares of PPL Co. (NYSE:PPL – Get Rating) by 2.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 25,075 shares of the utilities provider’s stock after acquiring an additional 673 shares during the period. Pinnacle Associates Ltd.’s holdings in PPL were worth $636,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also bought and sold shares of the company. State Street Corp increased its holdings in shares of PPL by 2.8% in the second quarter. State Street Corp now owns 43,936,728 shares of the utilities provider’s stock worth $1,201,889,000 after purchasing an additional 1,176,984 shares during the period. Invesco Ltd. raised its holdings in shares of PPL by 6.4% in the 1st quarter. Invesco Ltd. now owns 12,884,134 shares of the utilities provider’s stock valued at $367,969,000 after acquiring an additional 775,294 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its holdings in shares of PPL by 39.8% in the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 9,358,289 shares of the utilities provider’s stock valued at $253,891,000 after acquiring an additional 2,662,870 shares in the last quarter. Legal & General Group Plc boosted its position in shares of PPL by 0.7% during the 2nd quarter. Legal & General Group Plc now owns 8,030,575 shares of the utilities provider’s stock valued at $217,870,000 after acquiring an additional 57,150 shares during the last quarter. Finally, Federated Hermes Inc. grew its holdings in shares of PPL by 2.1% during the second quarter. Federated Hermes Inc. now owns 7,643,059 shares of the utilities provider’s stock worth $207,356,000 after purchasing an additional 153,650 shares in the last quarter. 70.02% of the stock is currently owned by hedge funds and other institutional investors.
PPL Price Performance
PPL opened at $30.61 on Tuesday. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.82 and a quick ratio of 0.69. The stock’s 50 day simple moving average is $29.09 and its 200 day simple moving average is $28.24. The firm has a market cap of $22.54 billion, a price-to-earnings ratio of 32.22 and a beta of 0.78. PPL Co. has a 1 year low of $23.47 and a 1 year high of $31.74.
PPL Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, January 3rd. Stockholders of record on Friday, December 9th were issued a dividend of $0.225 per share. The ex-dividend date of this dividend was Thursday, December 8th. This represents a $0.90 dividend on an annualized basis and a dividend yield of 2.94%. PPL’s dividend payout ratio is currently 94.74%.
Analysts Set New Price Targets
Several equities research analysts have issued reports on the stock. Mizuho lifted their target price on shares of PPL from $30.00 to $32.00 and gave the company a “neutral” rating in a research report on Thursday, January 12th. UBS Group upped their target price on shares of PPL to $33.00 in a research report on Wednesday, December 14th. Morgan Stanley raised PPL from an “equal weight” rating to an “overweight” rating and set a $32.00 target price on the stock in a research note on Thursday, December 15th. Guggenheim dropped their price target on PPL from $33.00 to $27.00 in a research note on Monday, October 24th. Finally, Wells Fargo & Company increased their price objective on PPL to $34.00 in a research report on Wednesday, December 14th. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, PPL currently has a consensus rating of “Moderate Buy” and an average target price of $31.30.
Insider Transactions at PPL
In related news, insider David J. Bonenberger sold 29,080 shares of the business’s stock in a transaction dated Wednesday, January 4th. The stock was sold at an average price of $30.00, for a total transaction of $872,400.00. Following the transaction, the insider now owns 34,606 shares in the company, valued at approximately $1,038,180. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.17% of the stock is currently owned by company insiders.
PPL Corp. engages in the generation, transmission and distribution of electricity. It operates through the two reportable segments: Kentucky Regulated & Pennsylvania Regulated. The Kentucky Regulated segment consists of LKE’s regulated electricity generation, transmission and distribution operations of Louisville Gas and Electric Company and Kentucky Utilities Company as well as regulated distribution and sale of natural gas of Louisville Gas and Electric Company.
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