Bank of Nova Scotia Cuts Stock Holdings in PPL Corporation (NYSE:PPL)

Key Points

• The Bank of Nova Scotia reduced its holdings in PPL Corporation by 21.7% in Q1, owning 77,070 shares valued at approximately $2.78 million.
• PPL's stock has received mixed ratings from analysts, with a consensus rating of "Buy" and a target price of $36.70.
• PPL recently announced a quarterly dividend of $0.2725, representing an annualized yield of 3.0%.

Bank of Nova Scotia cut its position in shares of PPL Corporation (NYSE:PPL - Free Report) by 21.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 77,070 shares of the utilities provider's stock after selling 21,415 shares during the period. Bank of Nova Scotia's holdings in PPL were worth $2,783,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Pinnacle Bancorp Inc. lifted its position in shares of PPL by 141.0% during the 1st quarter. Pinnacle Bancorp Inc. now owns 723 shares of the utilities provider's stock valued at $26,000 after buying an additional 423 shares in the last quarter. Whittier Trust Co. of Nevada Inc. increased its holdings in PPL by 94.3% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 818 shares of the utilities provider's stock worth $30,000 after acquiring an additional 397 shares in the last quarter. TruNorth Capital Management LLC acquired a new position in PPL during the first quarter worth $32,000. HM Payson & Co. lifted its holdings in PPL by 1,057.6% during the first quarter. HM Payson & Co. now owns 984 shares of the utilities provider's stock valued at $36,000 after purchasing an additional 899 shares in the last quarter. Finally, AllSquare Wealth Management LLC acquired a new stake in shares of PPL in the first quarter valued at about $45,000. 76.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on PPL shares. Wall Street Zen upgraded shares of PPL from a "sell" rating to a "hold" rating in a research report on Friday, May 9th. Barclays upgraded PPL from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 7th. Morgan Stanley decreased their target price on PPL from $38.00 to $37.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 18th. Finally, Guggenheim boosted 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. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, PPL currently has a consensus rating of "Buy" and a consensus target price of $36.70.

PPL Stock Up 1.1%

Shares of NYSE:PPL opened at $36.18 on Thursday. PPL Corporation has a 52-week low of $29.97 and a 52-week high of $36.99. The company has a quick ratio of 0.49, a current ratio of 0.59 and a debt-to-equity ratio of 1.07. The business has a fifty day moving average of $34.66 and a two-hundred day moving average of $34.68. The stock has a market cap of $26.75 billion, a P/E ratio of 27.00, a PEG ratio of 2.57 and a beta of 0.64.

PPL (NYSE:PPL - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The utilities provider reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.05). PPL had a return on equity of 8.81% and a net margin of 11.22%. The firm had revenue of $2.03 billion for the quarter, compared to analyst estimates of $1.99 billion. During the same quarter in the previous year, the business posted $0.38 earnings per share. PPL's revenue for the quarter was up 7.7% on a year-over-year basis. On average, research analysts expect that PPL Corporation will post 1.83 earnings per share for the current year.

PPL Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Tuesday, June 10th were issued a $0.2725 dividend. The ex-dividend date was Tuesday, June 10th. This represents a $1.09 dividend on an annualized basis and a yield of 3.0%. PPL's dividend payout ratio is currently 81.34%.

Insider Buying and Selling

In related news, COO David J. Bonenberger sold 2,165 shares of the stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $35.86, for a total value of $77,636.90. Following the completion of the transaction, the chief operating officer directly owned 45,560 shares in the company, valued at approximately $1,633,781.60. This represents a 4.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.28% of the company's stock.

PPL Company 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.

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