Bank of America Corp DE Sells 16,400 Shares of Talen Energy Corporation $TLN

Key Points

• Bank of America reduced its Talen Energy stake by 10.1% in the first quarter, selling 16,400 shares and retaining 145,451 shares valued at approximately $46.4 million.
• Talen Energy shares opened at $365.07, while the company’s latest quarterly results missed expectations: it reported a $2.00 loss per share versus consensus for $3.21 in earnings and revenue of $747 million versus $832.81 million expected.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $476.58; recent targets range from $408 to $509.

Bank of America Corp DE cut its holdings in shares of Talen Energy Corporation (NASDAQ:TLN - Free Report) by 10.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 145,451 shares of the utilities provider's stock after selling 16,400 shares during the period. Bank of America Corp DE owned approximately 0.32% of Talen Energy worth $46,432,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Flagship Harbor Advisors LLC purchased a new position in shares of Talen Energy during the fourth quarter valued at approximately $27,000. Advisory Services Network LLC purchased a new stake in Talen Energy in the third quarter worth approximately $35,000. Northwestern Mutual Wealth Management Co. boosted its holdings in Talen Energy by 1,500.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 96 shares of the utilities provider's stock worth $36,000 after purchasing an additional 90 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Talen Energy in the 4th quarter worth approximately $39,000. Finally, Bessemer Group Inc. grew its position in Talen Energy by 404.0% in the 1st quarter. Bessemer Group Inc. now owns 126 shares of the utilities provider's stock worth $41,000 after purchasing an additional 101 shares during the period. 0.38% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Gizman I. Abbas sold 2,600 shares of the business's stock in a transaction on Monday, June 15th. The stock was sold at an average price of $380.00, for a total value of $988,000.00. Following the completion of the transaction, the director directly owned 2,606 shares of the company's stock, valued at approximately $990,280. The trade was a 49.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.78% of the company's stock.

Talen Energy Stock Up 2.0%

NASDAQ:TLN opened at $365.07 on Thursday. The company has a debt-to-equity ratio of 5.82, a current ratio of 0.78 and a quick ratio of 0.55. Talen Energy Corporation has a 1-year low of $301.45 and a 1-year high of $451.28. The company has a 50-day moving average of $372.32 and a 200 day moving average of $358.30. The firm has a market cap of $17.49 billion, a PE ratio of -87.55 and a beta of 1.90.

Talen Energy (NASDAQ:TLN - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The utilities provider reported ($2.00) EPS for the quarter, missing the consensus estimate of $3.21 by ($5.21). The business had revenue of $747.00 million during the quarter, compared to the consensus estimate of $832.81 million. Talen Energy had a negative net margin of 5.38% and a positive return on equity of 43.32%. As a group, research analysts anticipate that Talen Energy Corporation will post 25.07 EPS for the current fiscal year.

Analyst Ratings Changes

TLN has been the topic of a number of research reports. The Goldman Sachs Group reiterated a "buy" rating and issued a $509.00 price target on shares of Talen Energy in a report on Monday. Raymond James Financial reissued an "outperform" rating and set a $457.00 price objective on shares of Talen Energy in a report on Monday, April 27th. Barclays reduced their target price on Talen Energy from $411.00 to $408.00 and set an "overweight" rating on the stock in a report on Tuesday, July 28th. Wells Fargo & Company raised their price target on Talen Energy from $482.00 to $501.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. Finally, Susquehanna set a $449.00 price objective on Talen Energy in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $476.58.

About Talen Energy

Talen Energy Inc is an independent power producer that develops and operates a diversified portfolio of thermal and renewable generation facilities across the United States. The company supplies wholesale electricity and related services to utilities, large industrial customers, and power marketers, participating actively in regional markets such as PJM Interconnection and the Electric Reliability Council of Texas (ERCOT). Talen's asset base comprises a mix of natural gas-fired, coal-fired and nuclear generation, supplemented by battery storage and other flexible resources designed to support the evolving needs of the grid.

Established in December 2015 through the combination of the competitive generation businesses previously held by two major utility groups, Talen Energy was structured as a standalone, publicly traded entity on the NASDAQ stock exchange (TLN).

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