Cullen Frost Bankers Inc. decreased its stake in WEC Energy Group, Inc. (NYSE:WEC) by 30.7% during the second quarter, Holdings Channel reports. The fund owned 3,825 shares of the utilities provider’s stock after selling 1,696 shares during the period. Cullen Frost Bankers Inc.’s holdings in WEC Energy Group were worth $235,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Oakworth Capital Inc. increased its position in WEC Energy Group by 8.8% in the second quarter. Oakworth Capital Inc. now owns 1,632 shares of the utilities provider’s stock valued at $100,000 after buying an additional 132 shares during the last quarter. Trust Co. of Vermont increased its position in WEC Energy Group by 12.1% in the first quarter. Trust Co. of Vermont now owns 1,737 shares of the utilities provider’s stock valued at $106,000 after buying an additional 187 shares during the last quarter. Delphi Private Advisors LLC increased its position in WEC Energy Group by 182.3% in the second quarter. Delphi Private Advisors LLC now owns 1,976 shares of the utilities provider’s stock valued at $120,000 after buying an additional 1,276 shares during the last quarter. Country Trust Bank increased its position in WEC Energy Group by 5.7% in the second quarter. Country Trust Bank now owns 2,066 shares of the utilities provider’s stock valued at $127,000 after buying an additional 112 shares during the last quarter. Finally, Financial Architects Inc increased its position in WEC Energy Group by 7.4% in the second quarter. Financial Architects Inc now owns 2,324 shares of the utilities provider’s stock valued at $142,000 after buying an additional 161 shares during the last quarter. Institutional investors own 70.72% of the company’s stock.
Shares of WEC Energy Group, Inc. (WEC) opened at 64.47 on Thursday. WEC Energy Group, Inc. has a one year low of $53.66 and a one year high of $64.90. The stock has a market cap of $20.35 billion, a PE ratio of 21.14 and a beta of 0.11. The company’s 50-day moving average price is $62.49 and its 200-day moving average price is $60.92.
WEC Energy Group (NYSE:WEC) last released its quarterly earnings results on Wednesday, July 26th. The utilities provider reported $0.63 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.05. WEC Energy Group had a return on equity of 10.75% and a net margin of 12.72%. The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the previous year, the company posted $0.57 earnings per share. WEC Energy Group’s revenue for the quarter was up 1.8% on a year-over-year basis. Equities research analysts anticipate that WEC Energy Group, Inc. will post $3.11 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Monday, August 14th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date of this dividend is Thursday, August 10th. WEC Energy Group’s dividend payout ratio (DPR) is 68.42%.
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Several research firms have recently weighed in on WEC. Zacks Investment Research downgraded WEC Energy Group from a “hold” rating to a “sell” rating in a research note on Monday, April 17th. Ladenburg Thalmann Financial Services increased their price objective on WEC Energy Group from $62.00 to $65.00 and gave the stock a “neutral” rating in a report on Friday, June 9th. BidaskClub cut WEC Energy Group from a “hold” rating to a “sell” rating in a report on Saturday, July 1st. Barclays PLC reissued an “equal weight” rating and set a $68.00 price objective (up previously from $61.00) on shares of WEC Energy Group in a report on Sunday, April 23rd. Finally, Wolfe Research reissued a “peer perform” rating on shares of WEC Energy Group in a report on Monday, April 24th. Two analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $62.86.
In other news, VP Susan H. Martin sold 15,470 shares of the company’s stock in a transaction dated Thursday, May 25th. The stock was sold at an average price of $62.50, for a total value of $966,875.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.97% of the company’s stock.
WEC Energy Group Company Profile
WEC Energy Group, Inc was a diversified holding company with natural gas and electric utility operations, an approximately 60% equity ownership interest in American Transmission Company LLC, and non-utility electric operations through its We Power business, as of December 31, 2016. Its segments include Wisconsin; Illinois; Other States; Electric Transmission; We Power, and Corporate and Other.
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