Bank of Nova Scotia Buys 76,354 Shares of Talen Energy Corporation $TLN

Key Points

• Bank of Nova Scotia boosted its Talen Energy stake by 302.8% in the first quarter, buying 76,354 additional shares and bringing its total holding to 101,566 shares worth about $32.4 million.
• Several other institutional investors also adjusted their positions, while a director, Gizman I. Abbas, sold 2,600 shares in June in a transaction valued at $988,000.
• Analysts remain generally positive on Talen Energy, with a Moderate Buy consensus and an average price target of $476.27, even as the stock was down 5.1% and opened at $359.90.

Bank of Nova Scotia increased its stake in Talen Energy Corporation (NASDAQ:TLN - Free Report) by 302.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 101,566 shares of the utilities provider's stock after buying an additional 76,354 shares during the quarter. Bank of Nova Scotia owned approximately 0.22% of Talen Energy worth $32,423,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of TLN. Flagship Harbor Advisors LLC bought a new stake in shares of Talen Energy during the fourth quarter worth approximately $27,000. Advisory Services Network LLC bought a new stake in shares of Talen Energy during the 3rd quarter worth approximately $35,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Talen Energy by 1,500.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 96 shares of the utilities provider's stock valued at $36,000 after purchasing an additional 90 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Talen Energy in the 4th quarter valued at $39,000. Finally, Bessemer Group Inc. raised its stake in Talen Energy by 404.0% during the first quarter. Bessemer Group Inc. now owns 126 shares of the utilities provider's stock worth $41,000 after acquiring an additional 101 shares in the last quarter. 0.38% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Gizman I. Abbas sold 2,600 shares of Talen Energy stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $380.00, for a total transaction of $988,000.00. Following the sale, the director directly owned 2,606 shares in the company, valued at $990,280. The trade was a 49.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.78% of the company's stock.

Analyst Ratings Changes

Several analysts have recently weighed in on TLN shares. Weiss Ratings upgraded Talen Energy from a "sell (d+)" rating to a "hold (c-)" rating in a report on Thursday, May 7th. Barclays raised their target price on Talen Energy from $408.00 to $411.00 and gave the company an "overweight" rating in a research note on Tuesday, May 19th. Raymond James Financial reaffirmed an "outperform" rating and issued a $457.00 price target on shares of Talen Energy in a research report on Monday, April 27th. Jefferies Financial Group lowered their price objective on Talen Energy from $453.00 to $422.00 and set a "hold" rating for the company in a research note on Monday. Finally, Scotiabank lifted their target price on Talen Energy from $463.00 to $470.00 and gave the company a "sector perform" rating in a research report on Wednesday, July 15th. Nine equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $476.27.

Talen Energy Stock Down 5.1%

Shares of TLN opened at $359.90 on Friday. Talen Energy Corporation has a 1 year low of $301.45 and a 1 year high of $451.28. The company has a debt-to-equity ratio of 6.32, a current ratio of 1.25 and a quick ratio of 1.05. The stock has a 50 day simple moving average of $379.23 and a two-hundred day simple moving average of $361.82. The firm has a market cap of $17.24 billion, a P/E ratio of -537.16 and a beta of 1.82.

Talen Energy Company Profile

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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