Fred Alger Management LLC Has $14.23 Million Holdings 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 holdings in PPL Corporation (NYSE:PPL - Free Report) by 25.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 391,828 shares of the utilities provider's stock after purchasing an additional 78,830 shares during the period. Fred Alger Management LLC owned approximately 0.05% of PPL worth $14,229,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Pinnacle Bancorp Inc. raised its position in PPL by 141.0% during the first quarter. Pinnacle Bancorp Inc. now owns 723 shares of the utilities provider's stock valued at $26,000 after buying an additional 423 shares during the period. Whittier Trust Co. of Nevada Inc. boosted its position in PPL by 94.3% during 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 during the period. Ancora Advisors LLC grew its stake in PPL by 8,350.0% during the 1st quarter. Ancora Advisors LLC now owns 845 shares of the utilities provider's stock valued at $31,000 after acquiring an additional 835 shares in the last quarter. TruNorth Capital Management LLC acquired a new position in shares of PPL in the 1st quarter valued at about $32,000. Finally, Truvestments Capital LLC lifted its position in shares of PPL by 5,352.9% in the first quarter. Truvestments Capital LLC now owns 927 shares of the utilities provider's stock worth $33,000 after purchasing an additional 910 shares in the last quarter. Institutional investors and hedge funds own 76.99% of the company's stock.

Insider Activity at PPL

In other news, COO David J. Bonenberger sold 2,165 shares of the stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $35.86, for a total transaction of $77,636.90. Following the transaction, 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.22% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PPL has been the subject of several research reports. Barclays upgraded shares of PPL from a "hold" rating to a "strong-buy" rating in a report on Monday, July 7th. Wall Street Zen downgraded shares of PPL from a "hold" rating to a "sell" rating in a research report on Friday, September 5th. Finally, Morgan Stanley reissued an "overweight" rating on shares of PPL in a research note on Thursday, August 21st. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $36.70.

PPL Stock Up 0.5%

Shares of NYSE:PPL traded up $0.19 during trading on Friday, reaching $36.17. 2,841,568 shares of the company traded hands, compared to its average volume of 4,547,422. The firm has a fifty day simple moving average of $36.02 and a 200 day simple moving average of $35.17. The firm has a market cap of $26.74 billion, a P/E ratio of 26.99, a price-to-earnings-growth ratio of 2.60 and a beta of 0.65. PPL Corporation has a 1-year low of $31.22 and a 1-year high of $37.38. The company has a quick ratio of 0.49, a current ratio of 0.59 and a debt-to-equity ratio of 1.07.

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

PPL Dividend Announcement

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

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.