First Trust Advisors LP lifted its stake in PPL Corp (NYSE:PPL) by 6.2% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,990,309 shares of the utilities provider’s stock after buying an additional 116,255 shares during the quarter. First Trust Advisors LP’s holdings in PPL were worth $58,236,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in the company. FMR LLC raised its stake in PPL by 89.2% during the second quarter. FMR LLC now owns 47,276,571 shares of the utilities provider’s stock valued at $1,349,747,000 after purchasing an additional 22,285,268 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its stake in PPL by 22.8% during the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 18,240,865 shares of the utilities provider’s stock valued at $520,777,000 after purchasing an additional 3,388,148 shares in the last quarter. Federated Investors Inc. PA raised its stake in PPL by 0.7% during the second quarter. Federated Investors Inc. PA now owns 14,672,337 shares of the utilities provider’s stock valued at $418,896,000 after purchasing an additional 102,265 shares in the last quarter. Bank of New York Mellon Corp raised its stake in PPL by 69.7% during the second quarter. Bank of New York Mellon Corp now owns 10,928,783 shares of the utilities provider’s stock valued at $312,017,000 after purchasing an additional 4,489,564 shares in the last quarter. Finally, Northern Trust Corp raised its stake in PPL by 1.2% during the second quarter. Northern Trust Corp now owns 7,776,543 shares of the utilities provider’s stock valued at $222,020,000 after purchasing an additional 89,362 shares in the last quarter. 80.60% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts recently issued reports on PPL shares. Zacks Investment Research raised shares of PPL from a “sell” rating to a “hold” rating in a research note on Tuesday, July 10th. Morgan Stanley upped their price target on shares of PPL from $28.00 to $29.00 and gave the company an “equal weight” rating in a research note on Monday, July 16th. Deutsche Bank downgraded shares of PPL from a “buy” rating to a “hold” rating in a research note on Wednesday, August 8th. Citigroup started coverage on shares of PPL in a research note on Thursday, August 23rd. They set a “neutral” rating and a $30.00 price target on the stock. Finally, TheStreet raised shares of PPL from a “c+” rating to a “b-” rating in a research note on Tuesday, August 28th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $34.18.
PPL (NYSE:PPL) last announced its earnings results on Tuesday, August 7th. The utilities provider reported $0.55 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.01. PPL had a net margin of 18.08% and a return on equity of 15.30%. The business had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.75 billion. On average, equities research analysts predict that PPL Corp will post 2.34 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Monday, September 10th were paid a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 5.47%. The ex-dividend date was Friday, September 7th. PPL’s dividend payout ratio is currently 72.89%.
PPL Company Profile
PPL Corporation, a utility holding company, delivers electricity and natural gas in the United States and the United Kingdom. The company operates in three segments: U.K. Regulated, Kentucky Regulated, and Pennsylvania Regulated. It serves 411,000 electric and 326,000 natural gas customers in Louisville and adjacent areas in Kentucky; 525,000 customers in central, southeastern, and western Kentucky; and approximately 28,000 customers in 5 counties in southwestern Virginia, and 3 customers in Tennessee.
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