Peapack Gladstone Financial Corp reduced its position in PPL Corp (NYSE:PPL) by 8.5% during the second quarter, Holdings Channel.com reports. The institutional investor owned 21,392 shares of the utilities provider’s stock after selling 2,000 shares during the period. Peapack Gladstone Financial Corp’s holdings in PPL were worth $663,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of PPL. Bank of New York Mellon Corp lifted its position in shares of PPL by 36.5% in the second quarter. Bank of New York Mellon Corp now owns 16,914,524 shares of the utilities provider’s stock worth $524,518,000 after buying an additional 4,523,594 shares in the last quarter. Covalis Capital LLP bought a new stake in PPL during the second quarter worth approximately $72,143,000. First Trust Advisors LP increased its stake in PPL by 102.8% during the second quarter. First Trust Advisors LP now owns 4,170,550 shares of the utilities provider’s stock worth $129,329,000 after acquiring an additional 2,114,378 shares during the last quarter. Vanguard Group Inc. increased its stake in PPL by 2.7% during the second quarter. Vanguard Group Inc. now owns 59,843,270 shares of the utilities provider’s stock worth $1,855,739,000 after acquiring an additional 1,548,115 shares during the last quarter. Finally, Invesco Ltd. increased its stake in PPL by 5.0% during the second quarter. Invesco Ltd. now owns 26,097,426 shares of the utilities provider’s stock worth $809,280,000 after acquiring an additional 1,242,220 shares during the last quarter. Institutional investors own 71.76% of the company’s stock.
In other PPL news, insider Philip Swift sold 3,782 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $30.26, for a total transaction of $114,443.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.34% of the stock is owned by corporate insiders.
PPL (NYSE:PPL) last posted its earnings results on Tuesday, August 6th. The utilities provider reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.02. The company had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.86 billion. PPL had a return on equity of 14.57% and a net margin of 22.97%. PPL’s revenue was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.55 earnings per share. Sell-side analysts predict that PPL Corp will post 2.43 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 10th will be issued a dividend of $0.4125 per share. The ex-dividend date of this dividend is Monday, September 9th. This represents a $1.65 dividend on an annualized basis and a yield of 5.27%. PPL’s dividend payout ratio is currently 68.75%.
PPL has been the topic of a number of analyst reports. Evercore ISI set a $31.00 target price on PPL and gave the company a “hold” rating in a research note on Wednesday, August 7th. Zacks Investment Research raised PPL from a “sell” rating to a “hold” rating and set a $32.00 price objective on the stock in a research note on Monday, July 22nd. Mizuho initiated coverage on PPL in a research note on Monday, June 3rd. They issued a “neutral” rating and a $30.00 price objective on the stock. GMP Securities reissued an “average” rating and issued a $59.00 price objective on shares of PPL in a research note on Wednesday, August 7th. Finally, ValuEngine cut PPL from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company. PPL has an average rating of “Hold” and a consensus target price of $36.60.
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 through three segments: U.K. Regulated, Kentucky Regulated, and Pennsylvania Regulated. It serves approximately 414,000 electric and 328,000 natural gas customers in Louisville and adjacent areas in Kentucky; 527,000 electric customers in central, southeastern, and western Kentucky; and 28,000 electric customers in 5 counties in southwestern Virginia.
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