Corebridge Financial Inc. Sells 15,914 Shares of PPL Corporation $PPL

Key Points

• Corebridge Financial Inc. has reduced its stake in PPL Corporation by 5.0%, selling 15,914 shares, and now holds 303,395 shares valued at approximately $10.96 million.
• PPL Corporation has declared a quarterly dividend of $0.2725 per share to be paid on October 1st, representing an annualized yield of 3.0%.
• Several hedge funds, including Harbour Investments Inc. and Pinnacle Wealth Management Advisory Group LLC, have recently increased their positions in PPL, indicating strong institutional interest with 76.99% of the stock owned by institutional investors.

Corebridge Financial Inc. lessened its position in shares of PPL Corporation (NYSE:PPL - Free Report) by 5.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 303,395 shares of the utilities provider's stock after selling 15,914 shares during the quarter. Corebridge Financial Inc.'s holdings in PPL were worth $10,956,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Harbour Investments Inc. increased its stake in PPL by 16.0% in the first quarter. Harbour Investments Inc. now owns 2,207 shares of the utilities provider's stock valued at $80,000 after purchasing an additional 304 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC grew its stake in PPL by 2.5% in the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 12,998 shares of the utilities provider's stock valued at $469,000 after acquiring an additional 322 shares during the period. Stock Yards Bank & Trust Co. increased its holdings in shares of PPL by 5.0% in the first quarter. Stock Yards Bank & Trust Co. now owns 6,953 shares of the utilities provider's stock worth $251,000 after acquiring an additional 329 shares in the last quarter. HighPoint Advisor Group LLC increased its holdings in shares of PPL by 3.2% in the first quarter. HighPoint Advisor Group LLC now owns 11,392 shares of the utilities provider's stock worth $415,000 after acquiring an additional 354 shares in the last quarter. Finally, HBK Sorce Advisory LLC raised its position in shares of PPL by 1.2% during the first quarter. HBK Sorce Advisory LLC now owns 30,367 shares of the utilities provider's stock worth $1,097,000 after purchasing an additional 372 shares during the period. 76.99% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at PPL

In other news, COO David J. Bonenberger sold 2,165 shares of the firm's 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 sale, the chief operating officer directly owned 45,560 shares of the company's stock, valued at $1,633,781.60. This trade represents a 4.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.22% of the stock is owned by corporate insiders.

PPL Stock Up 0.1%

NYSE:PPL opened at $36.55 on Wednesday. PPL Corporation has a twelve month low of $31.22 and a twelve month high of $37.38. The firm has a market capitalization of $27.03 billion, a price-to-earnings ratio of 27.27, a price-to-earnings-growth ratio of 2.62 and a beta of 0.64. 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 stock's 50 day moving average price is $35.38 and its two-hundred day moving average price is $35.01.

PPL (NYSE:PPL - Get Free Report) last released its earnings results on Thursday, July 31st. The utilities provider reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.05). PPL had a net margin of 11.22% and a return on equity of 8.81%. The firm had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $1.99 billion. During the same period in the prior year, the business posted $0.38 earnings per share. PPL's quarterly revenue was up 7.7% compared to the same quarter last year. PPL has set its FY 2025 guidance at 1.750-1.870 EPS. Equities research analysts expect that PPL Corporation will post 1.83 earnings per share for the current fiscal year.

PPL Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Wednesday, September 10th will be given a dividend of $0.2725 per share. This represents a $1.09 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, September 10th. PPL's payout ratio is 81.34%.

Wall Street Analysts Forecast Growth

PPL has been the subject of several research analyst reports. Barclays upgraded PPL from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 7th. Wall Street Zen upgraded PPL from a "sell" rating to a "hold" rating in a report on Friday, May 9th. Morgan Stanley reissued an "overweight" rating on shares of PPL in a research report on Thursday, August 21st. Finally, Guggenheim upped 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 equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $36.70.

About PPL

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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