State of Alaska Department of Revenue Raises Stake in PPL Co. (NYSE:PPL)

State of Alaska Department of Revenue raised its stake in PPL Co. (NYSE:PPLGet Rating) by 72.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 198,910 shares of the utilities provider’s stock after buying an additional 83,630 shares during the quarter. State of Alaska Department of Revenue’s holdings in PPL were worth $5,395,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in PPL. Mitsubishi UFJ Trust & Banking Corp grew its holdings in PPL by 1,256.0% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 6,695,419 shares of the utilities provider’s stock valued at $191,221,000 after buying an additional 6,201,657 shares in the last quarter. State Street Corp grew its holdings in shares of PPL by 4.8% during the 1st quarter. State Street Corp now owns 42,759,744 shares of the utilities provider’s stock worth $1,229,596,000 after purchasing an additional 1,971,238 shares during the period. Los Angeles Capital Management LLC grew its holdings in shares of PPL by 14,170.0% during the 1st quarter. Los Angeles Capital Management LLC now owns 1,329,966 shares of the utilities provider’s stock worth $37,984,000 after purchasing an additional 1,320,646 shares during the period. BlackRock Inc. boosted its holdings in PPL by 1.9% during the 4th quarter. BlackRock Inc. now owns 64,561,072 shares of the utilities provider’s stock valued at $1,940,706,000 after acquiring an additional 1,194,864 shares during the period. Finally, Invesco Ltd. boosted its holdings in PPL by 7.3% during the 4th quarter. Invesco Ltd. now owns 12,108,840 shares of the utilities provider’s stock valued at $363,991,000 after acquiring an additional 824,795 shares during the period. 69.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on PPL shares. Bank of America upgraded PPL from a “neutral” rating to a “buy” rating and raised their target price for the company from $29.00 to $33.00 in a report on Monday, August 15th. Mizuho lowered their target price on PPL from $30.00 to $29.00 and set a “neutral” rating for the company in a report on Thursday, July 14th. Wells Fargo & Company raised their target price on PPL from $33.00 to $34.00 in a report on Tuesday, June 7th. StockNews.com cut PPL from a “buy” rating to a “hold” rating in a report on Thursday, August 4th. Finally, TheStreet upgraded PPL from a “c+” rating to a “b” rating in a report on Wednesday, September 7th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, PPL presently has an average rating of “Moderate Buy” and an average target price of $30.75.

Insider Transactions at PPL

In other news, CEO Vincent Sorgi sold 27,553 shares of the firm’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $29.00, for a total transaction of $799,037.00. Following the sale, the chief executive officer now owns 111,462 shares of the company’s stock, valued at approximately $3,232,398. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Vincent Sorgi sold 27,553 shares of the firm’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $29.00, for a total transaction of $799,037.00. Following the sale, the chief executive officer now owns 111,462 shares of the company’s stock, valued at approximately $3,232,398. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Joseph P. Bergstein, Jr. sold 20,645 shares of the firm’s stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $30.41, for a total value of $627,814.45. Following the sale, the chief financial officer now directly owns 31,469 shares in the company, valued at approximately $956,972.29. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 76,275 shares of company stock valued at $2,267,778. Corporate insiders own 0.17% of the company’s stock.

PPL Price Performance

PPL stock opened at $28.90 on Wednesday. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.62 and a quick ratio of 0.53. The firm has a market capitalization of $21.28 billion, a P/E ratio of 29.49 and a beta of 0.74. The business’s 50-day moving average is $29.02 and its two-hundred day moving average is $28.50. PPL Co. has a 1 year low of $24.98 and a 1 year high of $30.99.

PPL Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Friday, September 9th will be given a dividend of $0.225 per share. This represents a $0.90 annualized dividend and a dividend yield of 3.11%. The ex-dividend date is Thursday, September 8th. PPL’s dividend payout ratio (DPR) is presently 91.84%.

About PPL

(Get Rating)

PPL Corporation, a utility holding company, delivers electricity and natural gas in the United States and the United Kingdom. The company operates through two segments: Kentucky Regulated and Pennsylvania Regulated. It serves approximately 429,000 electric and 333,000 natural gas customers in Louisville and adjacent areas in Kentucky; 538,000 electric customers in central, southeastern, and western Kentucky; and 28,000 electric customers in five counties in southwestern Virginia.

Further Reading

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Institutional Ownership by Quarter for PPL (NYSE:PPL)

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