Allstate Corp Boosts Holdings in WEC Energy Group, Inc. $WEC

Key Points

• Allstate Corp increased its holdings in WEC Energy Group by 105.1% during the first quarter, holding 19,722 shares valued at approximately $2.15 million.
• WEC Energy Group reported an earnings per share (EPS) of $0.76 for the last quarter, exceeding analysts' expectations of $0.71, and its revenue increased by 13.4% year-over-year.
• The company declared a quarterly dividend of $0.8925 per share with an annualized yield of 3.3%, while also reducing some insider holdings, including a significant sale by CEO Scott J. Lauber.

Allstate Corp lifted its position in WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 105.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,722 shares of the utilities provider's stock after acquiring an additional 10,108 shares during the quarter. Allstate Corp's holdings in WEC Energy Group were worth $2,149,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Deutsche Bank AG boosted its holdings in WEC Energy Group by 3.1% during the 4th quarter. Deutsche Bank AG now owns 5,722,158 shares of the utilities provider's stock valued at $538,112,000 after acquiring an additional 173,006 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of WEC Energy Group by 34.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 5,213,304 shares of the utilities provider's stock worth $567,727,000 after purchasing an additional 1,349,522 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of WEC Energy Group by 16.6% during the first quarter. JPMorgan Chase & Co. now owns 5,103,604 shares of the utilities provider's stock valued at $556,191,000 after purchasing an additional 726,267 shares during the period. Ameriprise Financial Inc. grew its holdings in shares of WEC Energy Group by 0.8% in the first quarter. Ameriprise Financial Inc. now owns 4,274,385 shares of the utilities provider's stock worth $466,451,000 after purchasing an additional 33,810 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of WEC Energy Group by 4.9% in the first quarter. Northern Trust Corp now owns 4,003,464 shares of the utilities provider's stock worth $436,298,000 after purchasing an additional 188,057 shares during the last quarter. 77.20% of the stock is owned by hedge funds and other institutional investors.

WEC Energy Group Stock Down 0.0%

Shares of NYSE WEC opened at $108.4310 on Friday. WEC Energy Group, Inc. has a 12-month low of $91.89 and a 12-month high of $111.90. The stock's fifty day simple moving average is $106.88 and its two-hundred day simple moving average is $106.35. The stock has a market capitalization of $34.90 billion, a PE ratio of 20.77, a price-to-earnings-growth ratio of 2.98 and a beta of 0.42. The company has a current ratio of 0.55, a quick ratio of 0.40 and a debt-to-equity ratio of 1.28.

WEC Energy Group (NYSE:WEC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The utilities provider reported $0.76 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.71 by $0.05. WEC Energy Group had a net margin of 17.87% and a return on equity of 12.90%. The firm had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $1.87 billion. During the same quarter in the previous year, the firm earned $0.67 EPS. The company's quarterly revenue was up 13.4% compared to the same quarter last year. WEC Energy Group has set its FY 2025 guidance at 5.170-5.270 EPS. As a group, analysts expect that WEC Energy Group, Inc. will post 5.23 EPS for the current fiscal year.

WEC Energy Group Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Thursday, August 14th will be given a dividend of $0.8925 per share. The ex-dividend date is Thursday, August 14th. This represents a $3.57 dividend on an annualized basis and a yield of 3.3%. WEC Energy Group's payout ratio is currently 68.39%.

Insider Buying and Selling

In other news, CEO Scott J. Lauber sold 9,231 shares of the business's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $110.88, for a total value of $1,023,533.28. Following the completion of the transaction, the chief executive officer owned 56,443 shares of the company's stock, valued at $6,258,399.84. The trade was a 14.06% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Molly A. Mulroy sold 4,030 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $110.33, for a total value of $444,629.90. Following the completion of the transaction, the executive vice president directly owned 5,829 shares of the company's stock, valued at $643,113.57. The trade was a 40.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 68,448 shares of company stock valued at $7,581,132 in the last 90 days. 0.50% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on WEC shares. Wells Fargo & Company upped their target price on shares of WEC Energy Group from $115.00 to $124.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. UBS Group set a $107.00 price target on WEC Energy Group and gave the company a "neutral" rating in a report on Friday, July 11th. The Goldman Sachs Group cut WEC Energy Group from a "neutral" rating to a "sell" rating and dropped their price objective for the stock from $106.00 to $100.00 in a research note on Wednesday, June 25th. Wall Street Zen lowered WEC Energy Group from a "hold" rating to a "sell" rating in a research report on Saturday, July 12th. Finally, Barclays upped their target price on WEC Energy Group from $99.00 to $101.00 and gave the stock an "equal weight" rating in a report on Tuesday, April 29th. Three investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, WEC Energy Group currently has an average rating of "Hold" and an average price target of $106.40.

WEC Energy Group Company Profile

WEC Energy Group, Inc, through its subsidiaries, provides regulated natural gas and electricity, and renewable and nonregulated renewable energy services in the United States. It operates through Wisconsin, Illinois, Other States, Electric Transmission, and Non-Utility Energy Infrastructure segments.

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