Allstate Corp Makes New Investment in WEC Energy Group, Inc. $WEC

Allstate Corp bought a new position in shares of WEC Energy Group, Inc. (NYSE:WEC) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund bought 11,749 shares of the utilities provider’s stock, valued at approximately $1,346,000.

A number of other institutional investors also recently bought and sold shares of the company. CoreFirst Bank & Trust acquired a new position in WEC Energy Group during the second quarter worth about $26,000. Bayforest Capital Ltd acquired a new stake in shares of WEC Energy Group in the second quarter worth approximately $26,000. Osterweis Capital Management Inc. acquired a new stake in shares of WEC Energy Group during the 2nd quarter worth $27,000. Salomon & Ludwin LLC purchased a new stake in shares of WEC Energy Group during the 3rd quarter worth about $30,000. Finally, New England Capital Financial Advisors LLC lifted its holdings in shares of WEC Energy Group by 265.8% during the 2nd quarter. New England Capital Financial Advisors LLC now owns 278 shares of the utilities provider’s stock valued at $29,000 after acquiring an additional 202 shares in the last quarter. 77.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on WEC. Scotiabank lifted their price objective on shares of WEC Energy Group from $129.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, October 31st. KeyCorp restated an “overweight” rating on shares of WEC Energy Group in a research note on Friday. Mizuho set a $125.00 price target on WEC Energy Group in a report on Monday, October 27th. Wells Fargo & Company reduced their price target on shares of WEC Energy Group from $124.00 to $117.00 and set an “overweight” rating for the company in a research note on Tuesday. Finally, Bank of America reduced their price objective on shares of WEC Energy Group from $122.00 to $116.00 and set a “neutral” rating for the company in a research report on Wednesday, December 31st. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $120.29.

WEC Energy Group Stock Performance

Shares of WEC opened at $109.04 on Wednesday. The company has a quick ratio of 0.33, a current ratio of 0.50 and a debt-to-equity ratio of 1.29. The firm has a market cap of $35.47 billion, a price-to-earnings ratio of 20.61, a price-to-earnings-growth ratio of 2.57 and a beta of 0.58. The company’s fifty day moving average is $107.28 and its 200-day moving average is $109.33. WEC Energy Group, Inc. has a 12 month low of $96.37 and a 12 month high of $118.18.

WEC Energy Group (NYSE:WEC) last announced its earnings results on Thursday, October 30th. The utilities provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.02. The firm had revenue of $2.10 billion during the quarter, compared to analysts’ expectations of $1.86 billion. WEC Energy Group had a return on equity of 12.60% and a net margin of 17.75%.The company’s revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.82 earnings per share. WEC Energy Group has set its FY 2025 guidance at 5.170-5.270 EPS. Equities analysts expect that WEC Energy Group, Inc. will post 5.23 EPS for the current fiscal year.

WEC Energy Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, March 1st. Investors of record on Friday, February 13th will be paid a $0.9525 dividend. The ex-dividend date is Friday, February 13th. This is a boost from WEC Energy Group’s previous quarterly dividend of $0.89. This represents a $3.81 annualized dividend and a dividend yield of 3.5%. WEC Energy Group’s dividend payout ratio is 67.49%.

About WEC Energy Group

WEC Energy Group is a Milwaukee, Wisconsin–based regulated energy holding company whose primary businesses are the generation, transmission and distribution of electricity and the distribution of natural gas. The company operates through a set of utility subsidiaries that provide bundled energy service, customer billing and energy-related programs to residential, commercial and industrial customers. As a regulated utility group, WEC’s operations focus on delivering reliable service while managing infrastructure investment and compliance with state and federal utility regulation.

Its utility subsidiaries include well-known regional operators such as We Energies and Wisconsin Public Service, along with Chicago-area natural gas utilities that were part of the Integrys Energy Group acquisition.