Hsbc Holdings PLC Trims Holdings in Evergy Inc. $EVRG

Key Points

• Hsbc Holdings PLC cut its Evergy stake by 47.6% in the first quarter, selling 577,946 shares and ending with 637,262 shares valued at about $52.2 million.
• Insiders also sold shares, including EVP Charles A. Caisley and Director Sandra Aj Lawrence; over the last 90 days, insiders sold 12,748 shares worth roughly $1.06 million.
• Evergy beat quarterly expectations with EPS of $0.69 versus $0.63 expected and revenue of $1.44 billion, while also paying a $0.695 quarterly dividend for a 3.3% yield.

Hsbc Holdings PLC reduced its position in shares of Evergy Inc. (NASDAQ:EVRG - Free Report) by 47.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 637,262 shares of the company's stock after selling 577,946 shares during the period. Hsbc Holdings PLC owned 0.28% of Evergy worth $52,175,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of EVRG. MidFirst Bank acquired a new stake in Evergy during the fourth quarter worth approximately $25,000. Harbor Capital Advisors Inc. acquired a new position in Evergy in the 4th quarter valued at $27,000. Prosperity Bancshares Inc purchased a new position in shares of Evergy during the 4th quarter worth $32,000. Triumph Capital Management lifted its stake in shares of Evergy by 104.8% during the 4th quarter. Triumph Capital Management now owns 508 shares of the company's stock worth $37,000 after purchasing an additional 260 shares during the period. Finally, Transamerica Financial Advisors LLC boosted its holdings in shares of Evergy by 163.2% during the fourth quarter. Transamerica Financial Advisors LLC now owns 529 shares of the company's stock worth $38,000 after purchasing an additional 328 shares during the last quarter. 87.24% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Evergy

In related news, EVP Charles A. Caisley sold 10,787 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $83.46, for a total transaction of $900,283.02. Following the completion of the sale, the executive vice president owned 37,789 shares of the company's stock, valued at approximately $3,153,869.94. This represents a 22.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Sandra Aj Lawrence sold 761 shares of the stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $83.31, for a total transaction of $63,398.91. Following the sale, the director directly owned 1,680 shares of the company's stock, valued at approximately $139,960.80. This trade represents a 31.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 12,748 shares of company stock worth $1,061,870. Company insiders own 1.52% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Weiss Ratings raised Evergy from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, May 11th. Bank of America reduced their target price on Evergy from $89.00 to $88.00 and set a "buy" rating on the stock in a research report on Tuesday, April 14th. BTIG Research assumed coverage on Evergy in a research note on Thursday, April 9th. They issued a "buy" rating and a $99.00 price target on the stock. UBS Group lifted their price target on Evergy from $88.00 to $91.00 and gave the company a "neutral" rating in a report on Friday, May 8th. Finally, Wells Fargo & Company set a $87.00 price objective on shares of Evergy in a research note on Tuesday, April 21st. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $90.10.

Evergy Stock Down 0.5%

Shares of NASDAQ EVRG opened at $85.16 on Tuesday. Evergy Inc. has a 52-week low of $68.00 and a 52-week high of $88.62. The firm has a fifty day moving average of $84.16 and a 200-day moving average of $81.34. The stock has a market capitalization of $19.63 billion, a PE ratio of 22.59, a P/E/G ratio of 2.22 and a beta of 0.54. The company has a quick ratio of 0.24, a current ratio of 0.45 and a debt-to-equity ratio of 1.29.

Evergy (NASDAQ:EVRG - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.06. Evergy had a return on equity of 9.09% and a net margin of 14.63%.The business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same period last year, the company posted $0.54 EPS. The business's quarterly revenue was up 5.0% on a year-over-year basis. On average, analysts anticipate that Evergy Inc. will post 4.25 EPS for the current year.

Evergy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Friday, May 22nd were issued a $0.695 dividend. This represents a $2.78 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Friday, May 22nd. Evergy's dividend payout ratio (DPR) is 73.74%.

Evergy Company Profile

Evergy, Inc is a regulated electric utility that generates, transmits and distributes electricity to residential, commercial and industrial customers primarily across Kansas and western Missouri. The company provides core utility services including retail electric delivery, grid operations, customer service and outage restoration, operating under state regulatory frameworks. Evergy serves a mix of urban and rural communities, including portions of the Kansas City metropolitan area and other population centers in its service territory.

The company's business activities span power generation, system planning, transmission and distribution infrastructure, and customer-facing programs such as energy efficiency and demand-side management.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.