NewEdge Advisors LLC Acquires 15,358 Shares of Evergy Inc. $EVRG

Key Points

• NewEdge Advisors increased its Evergy stake by 58.3% in the second quarter, adding 15,358 shares to own 41,720 shares valued at approximately $3.6 million. Institutional investors collectively hold 87.24% of Evergy stock.
• Analysts remain broadly positive, with eight Buy ratings and three Holds, producing a “Moderate Buy” consensus and an average price target of $90.60.
• Evergy reported quarterly EPS of $0.88, exceeding the $0.81 consensus estimate, while revenue reached $1.50 billion. The company also announced a quarterly dividend of $0.695 per share, representing a 3.5% annualized yield.

NewEdge Advisors LLC boosted its holdings in Evergy Inc. (NASDAQ:EVRG - Free Report) by 58.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 41,720 shares of the company's stock after buying an additional 15,358 shares during the period. NewEdge Advisors LLC's holdings in Evergy were worth $3,606,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. IFP Advisors Inc grew its stake in shares of Evergy by 7.5% during the second quarter. IFP Advisors Inc now owns 2,780 shares of the company's stock worth $240,000 after purchasing an additional 195 shares during the period. Allworth Financial LP lifted its stake in Evergy by 6.7% in the second quarter. Allworth Financial LP now owns 17,504 shares of the company's stock valued at $1,513,000 after buying an additional 1,106 shares during the period. Arizona State Retirement System boosted its holdings in Evergy by 5.5% during the second quarter. Arizona State Retirement System now owns 66,025 shares of the company's stock worth $5,707,000 after buying an additional 3,470 shares during the last quarter. West Family Investments Inc. bought a new position in Evergy during the second quarter worth about $305,000. Finally, Empirical Finance LLC grew its position in shares of Evergy by 3.4% during the 2nd quarter. Empirical Finance LLC now owns 8,082 shares of the company's stock worth $699,000 after buying an additional 269 shares during the period. 87.24% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on EVRG. BTIG Research set a $97.00 price target on Evergy in a research note on Thursday, July 23rd. BMO Capital Markets lifted their price objective on shares of Evergy from $88.00 to $92.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 22nd. Weiss Ratings restated a "buy (b)" rating on shares of Evergy in a report on Friday, August 7th. Citigroup upped their target price on shares of Evergy from $95.00 to $97.00 and gave the company a "buy" rating in a research note on Friday, July 24th. Finally, Barclays increased their target price on shares of Evergy from $89.00 to $94.00 and gave the stock an "overweight" rating in a report on Tuesday, June 30th. Eight research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $90.60.

Insider Buying and Selling

In related news, Director Jonathan D. Rolph purchased 1,640 shares of the business's stock in a transaction on Friday, September 11th. The shares were purchased at an average price of $81.47 per share, with a total value of $133,610.80. Following the completion of the purchase, the director owned 670 shares in the company, valued at $54,584.90. This represents a -169.07% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.52% of the company's stock.

Evergy Stock Down 0.8%

NASDAQ:EVRG opened at $80.20 on Wednesday. Evergy Inc. has a 1 year low of $71.20 and a 1 year high of $88.62. The stock has a 50-day moving average price of $83.38 and a two-hundred day moving average price of $83.03. The stock has a market cap of $18.49 billion, a price-to-earnings ratio of 20.36, a PEG ratio of 2.10 and a beta of 0.53. The company has a current ratio of 0.36, a quick ratio of 0.21 and a debt-to-equity ratio of 1.20.

Evergy (NASDAQ:EVRG - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.88 EPS for the quarter, topping analysts' consensus estimates of $0.81 by $0.07. Evergy had a return on equity of 9.20% and a net margin of 15.19%.The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.36 billion. During the same quarter last year, the firm posted $0.82 earnings per share. As a group, equities analysts expect that Evergy Inc. will post 4.25 earnings per share for the current year.

Evergy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Tuesday, August 18th will be issued a dividend of $0.695 per share. This represents a $2.78 annualized dividend and a yield of 3.5%. The ex-dividend date is Tuesday, August 18th. Evergy's dividend payout ratio (DPR) is 70.56%.

Evergy Profile

Evergy, Inc is an investor-owned electric utility that generates, transmits, distributes and sells electricity to residential, commercial, industrial and other customers. The company operates regulated utilities and provides electric service through its Kansas and Missouri subsidiaries.

Evergy serves customers across much of Kansas and in western Missouri, including the Kansas City metropolitan area. Its generation portfolio includes a mix of renewable and conventional resources, such as wind, solar, natural gas and coal, as well as an ownership interest in the Wolf Creek nuclear generating station in Kansas.

The company was formed in 2018 through the merger of Great Plains Energy Incorporated and Westar Energy, Inc Evergy is headquartered in Topeka, Kansas, with significant operations in the Kansas City region.

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