Galvin Gaustad & Stein LLC Sells 13,181 Shares of PPL Corporation (NYSE:PPL)

Key Points

• Galvin Gaustad & Stein LLC has sold 13,181 shares of PPL Corporation, reducing its stake by 2.5%, which now represents 1.7% of their total holdings worth about $18.76 million.
• PPL Corporation reported a quarterly earnings per share (EPS) of $0.60, exceeding analysts' expectations of $0.53, alongside a year-over-year revenue increase of 8.7%.
• The company declared a quarterly dividend of $0.2725 per share, with an annualized dividend yield of 2.98%, highlighting a current payout ratio of 80.74%.

Galvin Gaustad & Stein LLC trimmed its holdings in PPL Corporation (NYSE:PPL - Free Report) by 2.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 519,643 shares of the utilities provider's stock after selling 13,181 shares during the period. PPL accounts for approximately 1.7% of Galvin Gaustad & Stein LLC's holdings, making the stock its 22nd largest position. Galvin Gaustad & Stein LLC owned about 0.07% of PPL worth $18,764,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in PPL. Korea Investment CORP boosted its holdings in PPL by 0.7% in the fourth quarter. Korea Investment CORP now owns 561,888 shares of the utilities provider's stock worth $18,239,000 after purchasing an additional 3,903 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in PPL by 7.0% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,179,304 shares of the utilities provider's stock valued at $38,056,000 after acquiring an additional 77,071 shares during the period. NEOS Investment Management LLC boosted its position in shares of PPL by 30.8% in the fourth quarter. NEOS Investment Management LLC now owns 42,235 shares of the utilities provider's stock valued at $1,371,000 after acquiring an additional 9,950 shares during the period. Norges Bank bought a new stake in PPL in the 4th quarter valued at $228,509,000. Finally, Nomura Asset Management Co. Ltd. lifted its position in shares of PPL by 17.2% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 292,396 shares of the utilities provider's stock worth $9,491,000 after acquiring an additional 42,972 shares during the period. 76.99% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Wall Street Zen upgraded 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 report on Monday, July 7th. Guggenheim upped their target price on shares of PPL from $38.00 to $40.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. Finally, Morgan Stanley lowered their price objective on shares of PPL from $38.00 to $37.00 and set an "overweight" rating for the company in a research report on Wednesday, June 18th. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $36.70.

Insider Buying and Selling at PPL

In other PPL news, COO David J. Bonenberger sold 2,165 shares of the stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $35.86, for a total transaction of $77,636.90. Following the completion of the transaction, the chief operating officer directly owned 45,560 shares of the company's stock, 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 document filed with the Securities & Exchange Commission, which is accessible through this link. 0.28% of the stock is owned by corporate insiders.

PPL Stock Down 0.7%

Shares of PPL traded down $0.25 on Thursday, reaching $35.79. The company's stock had a trading volume of 3,437,339 shares, compared to its average volume of 5,388,994. The company has a current ratio of 0.81, a quick ratio of 0.68 and a debt-to-equity ratio of 1.11. The firm has a fifty day moving average of $34.52 and a 200-day moving average of $34.56. The stock has a market capitalization of $26.46 billion, a PE ratio of 26.51, a PEG ratio of 2.60 and a beta of 0.64. PPL Corporation has a twelve month low of $29.60 and a twelve month high of $36.99.

PPL (NYSE:PPL - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The utilities provider reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.07). PPL had a return on equity of 9.14% and a net margin of 11.49%. During the same period in the prior year, the company posted $0.38 EPS. PPL's quarterly revenue was up 7.7% on a year-over-year basis. Equities analysts predict that PPL Corporation will post 1.83 EPS for the current year.

PPL Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Tuesday, June 10th were given a dividend of $0.2725 per share. The ex-dividend date of this dividend was Tuesday, June 10th. This represents a $1.09 annualized dividend and a yield of 3.05%. PPL's payout ratio is currently 80.74%.

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.