Bank of America Corp DE Boosts Stake in WEC Energy Group, Inc. (NYSE:WEC)

Bank of America Corp DE increased its position in WEC Energy Group, Inc. (NYSE:WECGet Rating) by 2.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,636,213 shares of the utilities provider’s stock after buying an additional 128,313 shares during the period. Bank of America Corp DE’s holdings in WEC Energy Group were worth $562,551,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Ledyard National Bank lifted its position in shares of WEC Energy Group by 1.2% in the first quarter. Ledyard National Bank now owns 8,619 shares of the utilities provider’s stock worth $860,000 after buying an additional 100 shares in the last quarter. Louisiana State Employees Retirement System lifted its position in shares of WEC Energy Group by 0.5% in the first quarter. Louisiana State Employees Retirement System now owns 19,900 shares of the utilities provider’s stock worth $2,097,000 after buying an additional 100 shares in the last quarter. Accel Wealth Management lifted its position in shares of WEC Energy Group by 17.2% in the first quarter. Accel Wealth Management now owns 682 shares of the utilities provider’s stock worth $69,000 after buying an additional 100 shares in the last quarter. Valmark Advisers Inc. raised its position in WEC Energy Group by 1.0% during the first quarter. Valmark Advisers Inc. now owns 10,588 shares of the utilities provider’s stock valued at $1,057,000 after purchasing an additional 102 shares during the period. Finally, AGF Investments LLC raised its position in WEC Energy Group by 1.1% during the first quarter. AGF Investments LLC now owns 9,796 shares of the utilities provider’s stock valued at $978,000 after purchasing an additional 103 shares during the period. 75.03% of the stock is currently owned by hedge funds and other institutional investors.

WEC Energy Group Trading Up 0.2 %

WEC opened at $101.29 on Friday. WEC Energy Group, Inc. has a one year low of $86.84 and a one year high of $108.39. The stock has a market cap of $31.95 billion, a price-to-earnings ratio of 23.39, a P/E/G ratio of 3.78 and a beta of 0.28. The stock’s 50 day moving average price is $103.34 and its 200-day moving average price is $101.06. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.54 and a current ratio of 0.69.

WEC Energy Group (NYSE:WECGet Rating) last announced its quarterly earnings data on Tuesday, August 2nd. The utilities provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.12. WEC Energy Group had a return on equity of 12.15% and a net margin of 15.23%. The company had revenue of $2.13 billion for the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter in the prior year, the firm earned $0.87 earnings per share. WEC Energy Group’s revenue was up 26.9% compared to the same quarter last year. On average, equities analysts forecast that WEC Energy Group, Inc. will post 4.39 EPS for the current year.

WEC Energy Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Friday, August 12th were paid a $0.7275 dividend. The ex-dividend date of this dividend was Thursday, August 11th. This represents a $2.91 annualized dividend and a yield of 2.87%. WEC Energy Group’s dividend payout ratio (DPR) is currently 67.21%.

Analyst Ratings Changes

A number of brokerages have issued reports on WEC. Credit Suisse Group downgraded WEC Energy Group from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $108.00 to $98.00 in a research report on Wednesday, July 20th. Barclays decreased their price objective on WEC Energy Group from $108.00 to $104.00 and set an “equal weight” rating on the stock in a research report on Monday, July 18th. Wells Fargo & Company upped their price objective on WEC Energy Group from $111.00 to $114.00 and gave the company an “overweight” rating in a research report on Wednesday, August 3rd. Finally, Mizuho decreased their price objective on WEC Energy Group from $107.00 to $93.00 and set a “neutral” rating on the stock in a research report on Friday, June 17th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $102.33.

Insider Buying and Selling

In related news, EVP William Mastoris sold 4,690 shares of the stock in a transaction that occurred on Friday, August 12th. The stock was sold at an average price of $105.04, for a total value of $492,637.60. Following the transaction, the executive vice president now owns 2,506 shares of the company’s stock, valued at $263,230.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.34% of the stock is owned by insiders.

About WEC Energy Group

(Get Rating)

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

See Also

Want to see what other hedge funds are holding WEC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for WEC Energy Group, Inc. (NYSE:WECGet Rating).

Institutional Ownership by Quarter for WEC Energy Group (NYSE:WEC)

Receive News & Ratings for WEC Energy Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for WEC Energy Group and related companies with MarketBeat.com's FREE daily email newsletter.