Citigroup Inc. Cuts Stock Holdings in PPL Co. (NYSE:PPL)

Citigroup Inc. lessened its position in PPL Co. (NYSE:PPL) by 11.4% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 543,211 shares of the utilities provider’s stock after selling 69,851 shares during the quarter. Citigroup Inc.’s holdings in PPL were worth $17,969,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in PPL. Fortitude Family Office LLC grew its stake in PPL by 195.5% during the 3rd quarter. Fortitude Family Office LLC now owns 780 shares of the utilities provider’s stock valued at $26,000 after acquiring an additional 516 shares in the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of PPL in the second quarter valued at approximately $29,000. Redwood Wealth Management Group LLC acquired a new stake in shares of PPL in the second quarter valued at approximately $29,000. Ashton Thomas Securities LLC purchased a new position in PPL during the third quarter worth approximately $34,000. Finally, Lynx Investment Advisory acquired a new position in PPL during the second quarter worth $38,000. 76.99% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at PPL

In related news, insider John R. Crockett III sold 9,161 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $34.35, for a total transaction of $314,680.35. Following the sale, the insider now directly owns 12,434 shares in the company, valued at approximately $427,107.90. This represents a 42.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.22% of the company’s stock.

PPL Stock Up 0.5 %

NYSE:PPL opened at $35.00 on Thursday. PPL Co. has a 52 week low of $25.35 and a 52 week high of $35.14. The stock’s fifty day moving average is $32.89 and its two-hundred day moving average is $30.79. The stock has a market capitalization of $25.83 billion, a price-to-earnings ratio of 31.25, a price-to-earnings-growth ratio of 2.97 and a beta of 0.81. The company has a quick ratio of 1.07, a current ratio of 1.29 and a debt-to-equity ratio of 1.17.

PPL (NYSE:PPL) last announced its earnings results on Friday, November 1st. The utilities provider reported $0.42 EPS for the quarter, meeting analysts’ consensus estimates of $0.42. The company had revenue of $2.07 billion during the quarter, compared to analysts’ expectations of $2.10 billion. PPL had a return on equity of 9.20% and a net margin of 9.95%. PPL’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period last year, the business posted $0.43 EPS. Research analysts anticipate that PPL Co. will post 1.72 EPS for the current year.

PPL Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Tuesday, December 10th will be given a $0.2575 dividend. The ex-dividend date is Tuesday, December 10th. This represents a $1.03 annualized dividend and a yield of 2.94%. PPL’s dividend payout ratio is presently 91.96%.

Analyst Ratings Changes

PPL has been the subject of a number of recent research reports. Bank of America raised their target price on PPL from $34.00 to $35.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Jefferies Financial Group started coverage on shares of PPL in a research note on Thursday, September 19th. They set a “buy” rating and a $38.00 target price on the stock. Morgan Stanley increased their price target on shares of PPL from $31.00 to $33.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. JPMorgan Chase & Co. initiated coverage on shares of PPL in a research report on Friday, October 25th. They set an “overweight” rating and a $37.00 price target on the stock. Finally, Barclays increased their price objective on PPL from $30.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.50.

PPL Profile

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.