Allspring Global Investments Holdings LLC Sells 41,116 Shares of PPL Corporation (NYSE:PPL)

Allspring Global Investments Holdings LLC cut its stake in PPL Corporation (NYSE:PPL - Free Report) by 50.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 40,947 shares of the utilities provider's stock after selling 41,116 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in PPL were worth $1,477,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of PPL. Summit Securities Group LLC acquired a new position in shares of PPL in the 4th quarter valued at approximately $26,000. Pinnacle Bancorp Inc. grew its position in shares of PPL by 141.0% in the 1st quarter. Pinnacle Bancorp Inc. now owns 723 shares of the utilities provider's stock valued at $26,000 after purchasing an additional 423 shares during the period. Lee Danner & Bass Inc. acquired a new position in shares of PPL in the 4th quarter valued at approximately $32,000. Larson Financial Group LLC grew its position in shares of PPL by 84.5% in the 4th quarter. Larson Financial Group LLC now owns 1,264 shares of the utilities provider's stock valued at $41,000 after purchasing an additional 579 shares during the period. Finally, AdvisorNet Financial Inc grew its position in shares of PPL by 121.4% in the 1st quarter. AdvisorNet Financial Inc now owns 1,581 shares of the utilities provider's stock valued at $57,000 after purchasing an additional 867 shares during the period. 76.99% of the stock is owned by institutional investors.

PPL Stock Down 0.1%

Shares of NYSE PPL traded down $0.05 during trading hours on Friday, hitting $34.28. The company had a trading volume of 2,934,401 shares, compared to its average volume of 4,938,992. PPL Corporation has a 1-year low of $27.79 and a 1-year high of $36.70. The firm's 50 day moving average is $34.32 and its 200-day moving average is $34.22. The company has a quick ratio of 0.68, a current ratio of 0.81 and a debt-to-equity ratio of 1.11. The stock has a market capitalization of $25.34 billion, a P/E ratio of 25.39, a price-to-earnings-growth ratio of 2.49 and a beta of 0.64.

PPL (NYSE:PPL - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The utilities provider reported $0.60 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.07. PPL had a return on equity of 9.14% and a net margin of 11.49%. The business had revenue of $2.50 billion for the quarter, compared to analysts' expectations of $2.15 billion. During the same quarter in the prior year, the business earned $0.54 EPS. The firm's revenue for the quarter was up 8.7% on a year-over-year basis. On average, analysts expect that PPL Corporation will post 1.83 earnings per share for the current fiscal year.

PPL Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 10th were given a dividend of $0.2725 per share. This represents a $1.09 annualized dividend and a yield of 3.18%. The ex-dividend date of this dividend was Tuesday, June 10th. PPL's payout ratio is 80.74%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Barclays upgraded PPL from a "hold" rating to a "strong-buy" rating in a research report on Monday. Guggenheim upped their price target on PPL from $38.00 to $40.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Wall Street Zen raised PPL from a "sell" rating to a "hold" rating in a research report on Friday, May 9th. Morgan Stanley reduced their price target on PPL from $38.00 to $37.00 and set an "overweight" rating for the company in a research report on Wednesday, June 18th. Finally, UBS Group upped their price target on PPL from $35.00 to $36.00 and gave the stock a "neutral" rating in a research report on Friday, March 21st. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, PPL presently has a consensus rating of "Buy" and an average target price of $36.70.

Insiders Place Their Bets

In other PPL news, COO David J. Bonenberger sold 1,767 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $34.98, for a total transaction of $61,809.66. Following the transaction, the chief operating officer owned 45,485 shares in the company, valued at $1,591,065.30. This trade represents a 3.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.28% of the stock is owned by insiders.

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.