Empire Life Investments Inc. Sells 2,645 Shares of WEC Energy Group, Inc. (NYSE:WEC)

Empire Life Investments Inc. lowered its stake in shares of WEC Energy Group, Inc. (NYSE:WEC) by 1.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 232,734 shares of the utilities provider’s stock after selling 2,645 shares during the quarter. WEC Energy Group comprises 1.4% of Empire Life Investments Inc.’s holdings, making the stock its 28th largest holding. Empire Life Investments Inc. owned 0.07% of WEC Energy Group worth $22,384,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue raised its stake in shares of WEC Energy Group by 0.4% during the 1st quarter. State of Alaska Department of Revenue now owns 34,210 shares of the utilities provider’s stock worth $2,809,000 after acquiring an additional 145 shares in the last quarter. Norden Group LLC acquired a new position in shares of WEC Energy Group during the first quarter worth $474,000. Private Advisor Group LLC lifted its holdings in shares of WEC Energy Group by 54.9% during the 1st quarter. Private Advisor Group LLC now owns 25,258 shares of the utilities provider’s stock valued at $2,074,000 after purchasing an additional 8,955 shares during the last quarter. Diversify Advisory Services LLC acquired a new stake in shares of WEC Energy Group in the 1st quarter worth $225,000. Finally, Mission Wealth Management LP grew its stake in WEC Energy Group by 7.4% during the 1st quarter. Mission Wealth Management LP now owns 5,591 shares of the utilities provider’s stock worth $459,000 after buying an additional 384 shares during the last quarter. Hedge funds and other institutional investors own 77.20% of the company’s stock.

WEC Energy Group Price Performance

NYSE:WEC opened at $95.57 on Friday. The firm’s fifty day moving average is $95.55 and its two-hundred day moving average is $87.25. The firm has a market cap of $30.21 billion, a price-to-earnings ratio of 23.37, a PEG ratio of 2.46 and a beta of 0.44. WEC Energy Group, Inc. has a one year low of $75.13 and a one year high of $100.31. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.54 and a current ratio of 0.65.

WEC Energy Group (NYSE:WEC) last issued its earnings results on Thursday, October 31st. The utilities provider reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.12. The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.93 billion. WEC Energy Group had a return on equity of 11.72% and a net margin of 15.14%. The company’s revenue was down 4.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.00 earnings per share. Research analysts expect that WEC Energy Group, Inc. will post 4.87 EPS for the current year.

WEC Energy Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Thursday, November 14th will be issued a dividend of $0.835 per share. This represents a $3.34 annualized dividend and a dividend yield of 3.49%. The ex-dividend date of this dividend is Thursday, November 14th. WEC Energy Group’s dividend payout ratio (DPR) is 81.66%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Wells Fargo & Company increased their price target on WEC Energy Group from $103.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Jefferies Financial Group started coverage on shares of WEC Energy Group in a research note on Thursday, September 19th. They issued a “hold” rating and a $102.00 target price for the company. BMO Capital Markets upped their price target on shares of WEC Energy Group from $91.00 to $93.00 and gave the company a “market perform” rating in a research note on Friday, August 23rd. Bank of America lifted their price objective on shares of WEC Energy Group from $88.00 to $90.00 and gave the stock an “underperform” rating in a research note on Thursday, August 29th. Finally, Scotiabank upped their target price on WEC Energy Group from $90.00 to $103.00 and gave the company a “sector outperform” rating in a research report on Tuesday, August 20th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $94.45.

Insider Activity at WEC Energy Group

In related news, VP Mary Beth Straka sold 3,240 shares of the firm’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $93.04, for a total transaction of $301,449.60. Following the sale, the vice president now owns 3,662 shares in the company, valued at approximately $340,712.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, VP Anthony Reese sold 1,362 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $88.78, for a total transaction of $120,918.36. Following the completion of the transaction, the vice president now directly owns 1,462 shares of the company’s stock, valued at $129,796.36. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Mary Beth Straka sold 3,240 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $93.04, for a total value of $301,449.60. Following the transaction, the vice president now owns 3,662 shares in the company, valued at $340,712.48. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 11,702 shares of company stock worth $1,078,058 in the last three months. Company insiders own 0.34% of the company’s stock.

About WEC Energy Group

WEC Energy Group, Inc, through its subsidiaries, provides regulated natural gas and electricity, and renewable and nonregulated renewable energy services in the United States. It operates through Wisconsin, Illinois, Other States, Electric Transmission, and Non-Utility Energy Infrastructure segments.