Bank of America Corp DE Has $7.72 Million Stock Holdings in MGE Energy Inc. $MGEE

Key Points

• Bank of America increased its MGE Energy stake by 50.2% in the first quarter, owning 99,834 shares worth approximately $7.72 million. Institutional investors and hedge funds collectively own 52.58% of MGEE.
• MGE Energy reported quarterly earnings of $0.89 per share, exceeding the $0.77 consensus estimate, while revenue of $161.19 million fell short of forecasts.
• The company raised its quarterly dividend to $0.5083 per share, implying an annualized dividend of $2.03 and a 2.6% yield. Analysts maintain a consensus “Hold” rating with an average price target of $77.50, below the stock’s $79.01 opening price.

Bank of America Corp DE raised its stake in MGE Energy Inc. (NASDAQ:MGEE - Free Report) by 50.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 99,834 shares of the utilities provider's stock after purchasing an additional 33,384 shares during the period. Bank of America Corp DE owned 0.27% of MGE Energy worth $7,716,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the stock. Hantz Financial Services Inc. raised its position in shares of MGE Energy by 63.8% in the fourth quarter. Hantz Financial Services Inc. now owns 416 shares of the utilities provider's stock valued at $33,000 after buying an additional 162 shares in the last quarter. Advisory Services Network LLC acquired a new position in shares of MGE Energy during the 3rd quarter worth $40,000. Parallel Advisors LLC grew its holdings in shares of MGE Energy by 28.6% during the 3rd quarter. Parallel Advisors LLC now owns 714 shares of the utilities provider's stock valued at $60,000 after purchasing an additional 159 shares during the last quarter. Covestor Ltd increased its position in MGE Energy by 84.5% during the 4th quarter. Covestor Ltd now owns 878 shares of the utilities provider's stock worth $69,000 after purchasing an additional 402 shares in the last quarter. Finally, UMB Bank n.a. increased its holdings in shares of MGE Energy by 807.2% during the fourth quarter. UMB Bank n.a. now owns 1,261 shares of the utilities provider's stock worth $99,000 after buying an additional 1,122 shares in the last quarter. 52.58% of the stock is currently owned by institutional investors and hedge funds.

MGE Energy Stock Performance

Shares of MGEE opened at $79.01 on Wednesday. MGE Energy Inc. has a 1 year low of $72.16 and a 1 year high of $88.01. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.14 and a quick ratio of 0.79. The stock's fifty day moving average price is $80.61 and its two-hundred day moving average price is $78.82. The firm has a market cap of $2.98 billion, a PE ratio of 19.41 and a beta of 0.71.

MGE Energy (NASDAQ:MGEE - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The utilities provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.12. MGE Energy had a return on equity of 11.10% and a net margin of 19.45%.The company had revenue of $161.19 million during the quarter, compared to the consensus estimate of $166.37 million. On average, equities research analysts forecast that MGE Energy Inc. will post 3.99 EPS for the current year.

MGE Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.5083 dividend. This is a boost from MGE Energy's previous quarterly dividend of $0.47. This represents a $2.03 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 1st. MGE Energy's payout ratio is currently 46.68%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MGEE. Weiss Ratings reissued a "hold (c)" rating on shares of MGE Energy in a research note on Wednesday, August 5th. Morgan Stanley lowered their target price on MGE Energy from $76.00 to $74.00 and set an "underweight" rating for the company in a report on Friday, August 21st. Finally, LADENBURG THALM/SH SH raised MGE Energy from a "neutral" rating to a "buy" rating and set a $81.00 price target on the stock in a research note on Monday, June 8th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $77.50.

MGE Energy Profile

MGE Energy, Inc is a public utility holding company headquartered in Madison, Wisconsin. Through its principal subsidiary, Madison Gas and Electric Company (MGE), the company provides regulated electric and natural gas distribution services to residential, commercial and industrial customers in south-central Wisconsin. MGE Energy's operations encompass the generation, transmission and distribution of electricity as well as the purchase and distribution of natural gas, with an emphasis on reliable service and system resilience.

Since reorganizing as a holding company in 2001, MGE Energy has expanded its portfolio to include nonregulated subsidiaries involved in renewable energy development, energy services and infrastructure support.

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