JPMorgan Chase & Co. Acquires 837,177 Shares of WEC Energy Group Inc. (WEC)
JPMorgan Chase & Co. raised its position in shares of WEC Energy Group Inc. (NYSE:WEC) by 18.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,404,299 shares of the company’s stock after buying an additional 837,177 shares during the period. JPMorgan Chase & Co. owned approximately 1.71% of WEC Energy Group worth $323,609,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the stock. Cantab Capital Partners LLP purchased a new stake in WEC Energy Group during the second quarter valued at $108,000. Washington Trust Bank boosted its stake in WEC Energy Group by 73.6% in the third quarter. Washington Trust Bank now owns 2,135 shares of the company’s stock valued at $128,000 after buying an additional 905 shares during the period. Financial Architects Inc boosted its stake in WEC Energy Group by 240.3% in the second quarter. Financial Architects Inc now owns 2,130 shares of the company’s stock valued at $139,000 after buying an additional 1,504 shares during the period. Farmers National Bank purchased a new stake in WEC Energy Group during the second quarter valued at $144,000. Finally, Evercore Wealth Management LLC boosted its stake in WEC Energy Group by 9.9% in the second quarter. Evercore Wealth Management LLC now owns 2,224 shares of the company’s stock valued at $145,000 after buying an additional 200 shares during the period. Institutional investors own 68.70% of the company’s stock.
WEC Energy Group Inc. (NYSE:WEC) opened at 58.04 on Tuesday. The stock has a market cap of $18.32 billion, a PE ratio of 19.92 and a beta of 0.06. WEC Energy Group Inc. has a 12 month low of $47.98 and a 12 month high of $66.10. The firm has a 50-day moving average of $57.28 and a 200 day moving average of $60.69.
WEC Energy Group (NYSE:WEC) last announced its earnings results on Wednesday, October 26th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.08. The company earned $1.71 billion during the quarter, compared to analysts’ expectations of $2.15 billion. WEC Energy Group had a net margin of 12.58% and a return on equity of 10.76%. The firm’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.61 earnings per share. Analysts anticipate that WEC Energy Group Inc. will post $2.94 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Monday, November 14th will be given a dividend of $0.495 per share. This represents a $1.98 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date is Wednesday, November 9th. WEC Energy Group’s payout ratio is currently 68.04%.
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Several research firms have recently weighed in on WEC. KeyCorp reissued a “hold” rating on shares of WEC Energy Group in a research note on Wednesday, November 9th. Guggenheim began coverage on shares of WEC Energy Group in a research note on Thursday, November 3rd. They issued a “buy” rating and a $63.00 price target for the company. Zacks Investment Research raised shares of WEC Energy Group from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a research note on Wednesday, October 19th. Finally, Argus reissued a “buy” rating and issued a $70.00 price target (up previously from $65.00) on shares of WEC Energy Group in a research note on Tuesday, August 2nd. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $61.78.
WEC Energy Group Company Profile
WEC Energy Group, Inc, formerly Wisconsin Energy Corporation, is a holding company, which has electric and natural gas utility operations. The Company’s segments are Wisconsin, Illinois, other states, electric transmission, We Power, and corporate and other. The Company’s Wisconsin segment includes the electric and natural gas utility, and non-utility operations of Wisconsin Electric Power Company (Wisconsin Electric), Wisconsin Gas LLC (Wisconsin Gas) and Wisconsin Public Service Corporation (WPS), including Wisconsin Electric’s electric and WPS’s electric and natural gas operations in the state of Michigan.
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