Fred Alger Management LLC Boosts Stake in PPL Corporation $PPL

Key Points

• Fred Alger Management LLC increased its stake in PPL Corporation by 25.2%, owning 391,828 shares valued at approximately $14.23 million as of the latest SEC filing.
• PPL Corporation reported earnings per share of $0.32 for the last quarter, falling short of the consensus estimate of $0.37, but average revenue was above expectations at $2.03 billion.
• A quarterly dividend of $0.2725 per share is set to be paid on October 1, 2023, representing an annualized dividend yield of 3.1%.

Fred Alger Management LLC grew its stake in shares of PPL Corporation (NYSE:PPL - Free Report) by 25.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 391,828 shares of the utilities provider's stock after acquiring an additional 78,830 shares during the period. Fred Alger Management LLC owned 0.05% of PPL worth $14,229,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PPL. Baird Financial Group Inc. raised its position in PPL by 5.1% during the fourth quarter. Baird Financial Group Inc. now owns 14,476 shares of the utilities provider's stock valued at $470,000 after purchasing an additional 698 shares in the last quarter. Cary Street Partners Financial LLC bought a new stake in shares of PPL in the fourth quarter worth $174,000. Captrust Financial Advisors grew its stake in shares of PPL by 6.5% in the fourth quarter. Captrust Financial Advisors now owns 38,113 shares of the utilities provider's stock worth $1,237,000 after purchasing an additional 2,317 shares during the last quarter. Cetera Investment Advisers boosted its position in PPL by 1.1% during the fourth quarter. Cetera Investment Advisers now owns 179,808 shares of the utilities provider's stock valued at $5,837,000 after acquiring an additional 1,940 shares during the last quarter. Finally, Deutsche Bank AG boosted its position in PPL by 17.6% during the fourth quarter. Deutsche Bank AG now owns 2,010,801 shares of the utilities provider's stock valued at $65,271,000 after acquiring an additional 301,137 shares during the last quarter. 76.99% of the stock is currently owned by institutional investors and hedge funds.

PPL Stock Up 0.5%

Shares of PPL traded up $0.19 on Friday, reaching $36.17. The company's stock had a trading volume of 2,841,568 shares, compared to its average volume of 4,876,618. The company has a current ratio of 0.59, a quick ratio of 0.49 and a debt-to-equity ratio of 1.07. PPL Corporation has a twelve month low of $31.22 and a twelve month high of $37.38. The stock has a market capitalization of $26.74 billion, a PE ratio of 26.99, a PEG ratio of 2.58 and a beta of 0.65. The firm has a fifty day moving average of $36.02 and a 200-day moving average of $35.17.

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

PPL Announces Dividend

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

Insider Buying and Selling at PPL

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

Analyst Upgrades and Downgrades

PPL has been the topic of a number of research analyst reports. Barclays raised shares of PPL from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 7th. Wall Street Zen cut shares of PPL from a "hold" rating to a "sell" rating in a research report on Friday, September 5th. Finally, Morgan Stanley reiterated an "overweight" rating on shares of PPL in a report on Thursday, August 21st. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, PPL has an average rating of "Buy" and an average target price 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.