Amalgamated Bank Lowers Stock Holdings in PPL Co. (NYSE:PPL)

Amalgamated Bank reduced its position in shares of PPL Co. (NYSE:PPL) by 1.8% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 149,887 shares of the utilities provider’s stock after selling 2,682 shares during the period. Amalgamated Bank’s holdings in PPL were worth $4,144,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of PPL during the second quarter worth $29,000. Redwood Wealth Management Group LLC purchased a new position in shares of PPL during the second quarter worth $29,000. Lynx Investment Advisory purchased a new position in shares of PPL during the second quarter worth $38,000. Family Firm Inc. purchased a new position in shares of PPL during the second quarter worth $38,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of PPL by 46.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,507 shares of the utilities provider’s stock worth $41,000 after buying an additional 480 shares during the period. 76.99% of the stock is currently owned by hedge funds and other institutional investors.

PPL Stock Up 2.1 %

Shares of NYSE PPL opened at $32.46 on Friday. The company has a market capitalization of $23.95 billion, a price-to-earnings ratio of 31.51, a price-to-earnings-growth ratio of 2.79 and a beta of 0.82. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.11 and a quick ratio of 0.91. The business has a 50-day moving average of $30.89 and a two-hundred day moving average of $28.89. PPL Co. has a 1 year low of $22.20 and a 1 year high of $32.82.

PPL (NYSE:PPL) last posted its earnings results on Friday, August 2nd. The utilities provider reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.05. PPL had a return on equity of 9.26% and a net margin of 10.17%. The business had revenue of $1.88 billion for the quarter, compared to analysts’ expectations of $1.92 billion. During the same quarter in the previous year, the firm earned $0.29 earnings per share. The business’s revenue was up 3.2% compared to the same quarter last year. On average, analysts forecast that PPL Co. will post 1.72 earnings per share for the current fiscal year.

PPL Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 10th will be given a dividend of $0.2575 per share. This represents a $1.03 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend is Tuesday, September 10th. PPL’s dividend payout ratio (DPR) is currently 100.00%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Wells Fargo & Company raised their price target on PPL from $35.00 to $37.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Morgan Stanley lifted their target price on PPL from $31.00 to $33.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Jefferies Financial Group assumed coverage on PPL in a report on Thursday. They issued a “buy” rating and a $38.00 target price for the company. Finally, Bank of America lifted their target price on PPL from $33.00 to $34.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, PPL presently has an average rating of “Moderate Buy” and a consensus price target of $33.75.

About PPL

PPL Corporation, an energy company, focuses on providing electricity and natural gas to approximately 3.6 million customers in the United States. It operates through three segments: Kentucky Regulated, Pennsylvania Regulated, and Rhode Island Regulated. The company delivers electricity to customers in Pennsylvania, Kentucky, Virginia, and Rhode Island; delivers natural gas to customers in Kentucky and Rhode Island; and generates electricity from power plants in Kentucky.