Vanguard Group Inc. Increases Stake in Scana Corporation (SCG)
Vanguard Group Inc. grew its holdings in Scana Corporation (NYSE:SCG) by 2.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 13,887,779 shares of the utilities provider’s stock after buying an additional 316,210 shares during the quarter. Vanguard Group Inc. owned approximately 9.72% of Scana Corporation worth $930,620,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in SCG. BlackRock Inc. increased its stake in shares of Scana Corporation by 3,558.5% in the first quarter. BlackRock Inc. now owns 12,263,023 shares of the utilities provider’s stock valued at $801,389,000 after buying an additional 11,927,826 shares in the last quarter. Artisan Partners Limited Partnership acquired a new stake in shares of Scana Corporation in the first quarter valued at $91,844,000. LSV Asset Management increased its stake in shares of Scana Corporation by 833.9% in the second quarter. LSV Asset Management now owns 1,241,196 shares of the utilities provider’s stock valued at $83,172,000 after buying an additional 1,108,296 shares in the last quarter. First Trust Advisors LP increased its stake in shares of Scana Corporation by 106.6% in the second quarter. First Trust Advisors LP now owns 1,651,461 shares of the utilities provider’s stock valued at $110,664,000 after buying an additional 852,243 shares in the last quarter. Finally, Morgan Stanley increased its stake in shares of Scana Corporation by 127.7% in the first quarter. Morgan Stanley now owns 1,473,057 shares of the utilities provider’s stock valued at $96,264,000 after buying an additional 826,008 shares in the last quarter. Institutional investors own 66.66% of the company’s stock.
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A number of analysts have recently weighed in on SCG shares. Zacks Investment Research lowered Scana Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Goldman Sachs Group, Inc. (The) upgraded Scana Corporation from a “sell” rating to a “neutral” rating and lowered their target price for the company from $66.00 to $64.00 in a research note on Thursday, July 20th. Mizuho upgraded Scana Corporation from an “underperform” rating to a “neutral” rating and set a $58.50 target price for the company in a research note on Monday, August 28th. Williams Capital decreased their price target on Scana Corporation from $70.00 to $50.00 and set a “hold” rating on the stock in a report on Wednesday. Finally, BidaskClub upgraded Scana Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, June 20th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. Scana Corporation currently has a consensus rating of “Hold” and a consensus target price of $68.06.
Scana Corporation (NYSE:SCG) opened at 51.22 on Thursday. The company has a 50-day moving average price of $61.10 and a 200 day moving average price of $65.28. The company has a market cap of $7.32 billion, a PE ratio of 12.09 and a beta of 0.27. Scana Corporation has a 12-month low of $51.04 and a 12-month high of $75.92.
Scana Corporation (NYSE:SCG) last announced its earnings results on Thursday, August 3rd. The utilities provider reported $0.85 EPS for the quarter, beating the consensus estimate of $0.74 by $0.11. Scana Corporation had a return on equity of 10.50% and a net margin of 13.99%. The company had revenue of $1 billion for the quarter, compared to analyst estimates of $931.67 million. During the same quarter in the prior year, the company earned $0.74 EPS. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, analysts forecast that Scana Corporation will post $4.18 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Monday, September 11th will be issued a $0.6125 dividend. The ex-dividend date of this dividend is Friday, September 8th. This represents a $2.45 annualized dividend and a yield of 4.78%. Scana Corporation’s payout ratio is currently 57.92%.
About Scana Corporation
SCANA Corporation is a holding company. The Company, through its subsidiaries, is engaged in the generation, transmission, distribution and sale of electricity in South Carolina. The Company operates through segments, including Electric Operations, Gas Distribution, Gas Marketing and All Other. The Company is engaged in the purchase, transmission and sale of natural gas in North Carolina and South Carolina.
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