Sterling Capital Management LLC Acquires 194,875 Shares of PPL Corporation (PPL)
Sterling Capital Management LLC grew its holdings in PPL Corporation (NYSE:PPL) by 532.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 231,485 shares of the utilities provider’s stock after purchasing an additional 194,875 shares during the quarter. Sterling Capital Management LLC’s holdings in PPL Corporation were worth $8,949,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Valley National Advisers Inc. boosted its stake in shares of PPL Corporation by 3.2% in the 1st quarter. Valley National Advisers Inc. now owns 57,783 shares of the utilities provider’s stock valued at $2,161,000 after purchasing an additional 1,795 shares during the last quarter. Chemical Bank boosted its stake in shares of PPL Corporation by 15.0% in the 2nd quarter. Chemical Bank now owns 63,026 shares of the utilities provider’s stock valued at $2,437,000 after purchasing an additional 8,240 shares during the last quarter. Bank of Nova Scotia boosted its stake in shares of PPL Corporation by 924.3% in the 1st quarter. Bank of Nova Scotia now owns 156,210 shares of the utilities provider’s stock valued at $5,840,000 after purchasing an additional 140,960 shares during the last quarter. BB&T Corp boosted its stake in shares of PPL Corporation by 4.3% in the 2nd quarter. BB&T Corp now owns 185,257 shares of the utilities provider’s stock valued at $7,163,000 after purchasing an additional 7,636 shares during the last quarter. Finally, OLD Mutual Customised Solutions Proprietary Ltd. boosted its stake in shares of PPL Corporation by 53.6% in the 1st quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 18,129 shares of the utilities provider’s stock valued at $678,000 after purchasing an additional 6,329 shares during the last quarter. 71.01% of the stock is currently owned by institutional investors.
PPL Corporation (NYSE:PPL) traded down 2.11% on Friday, reaching $37.56. 4,771,542 shares of the company traded hands. PPL Corporation has a one year low of $32.46 and a one year high of $40.20. The stock has a market capitalization of $25.76 billion, a PE ratio of 15.72 and a beta of 0.49. The firm has a 50 day moving average of $38.62 and a 200-day moving average of $38.56.
PPL Corporation (NYSE:PPL) last announced its earnings results on Thursday, August 3rd. The utilities provider reported $0.52 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.02. PPL Corporation had a return on equity of 15.96% and a net margin of 22.08%. The business had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.79 billion. During the same period in the prior year, the business posted $0.56 earnings per share. The firm’s revenue was down 3.4% on a year-over-year basis. On average, analysts anticipate that PPL Corporation will post $2.16 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 8th were issued a $0.395 dividend. This represents a $1.58 annualized dividend and a yield of 4.21%. The ex-dividend date of this dividend was Thursday, September 7th. PPL Corporation’s payout ratio is presently 66.11%.
Several research analysts have recently issued reports on PPL shares. Zacks Investment Research raised shares of PPL Corporation from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a research note on Tuesday, September 5th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $43.50 target price (up previously from $42.00) on shares of PPL Corporation in a research note on Wednesday, August 9th. ValuEngine raised shares of PPL Corporation from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. SunTrust Banks, Inc. started coverage on shares of PPL Corporation in a research note on Tuesday. They issued a “buy” rating and a $43.00 target price on the stock. Finally, BidaskClub raised shares of PPL Corporation from a “sell” rating to a “hold” rating in a research note on Friday, August 18th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. PPL Corporation currently has an average rating of “Hold” and a consensus price target of $39.35.
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In related news, insider Vincent Sorgi sold 5,600 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $39.00, for a total value of $218,400.00. Following the sale, the insider now directly owns 97 shares in the company, valued at $3,783. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Joseph P. Bergstein, Jr. sold 2,929 shares of the company’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $38.55, for a total value of $112,912.95. The disclosure for this sale can be found here. Insiders sold 47,163 shares of company stock worth $1,855,864 over the last quarter. 0.40% of the stock is currently owned by company insiders.
About PPL Corporation
PPL Corporation (PPL) is a utility holding company. Through its subsidiaries, PPL delivers electricity to customers in the United Kingdom, Pennsylvania, Kentucky, Virginia and Tennessee; delivers natural gas to customers in Kentucky, and generates electricity from power plants in Kentucky. PPL operates through U.K.
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