Skandinaviska Enskilda Banken AB publ Trims Stake in WEC Energy Group, Inc. (NYSE:WEC)

Skandinaviska Enskilda Banken AB publ reduced its holdings in WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 64.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 9,629 shares of the utilities provider's stock after selling 17,351 shares during the quarter. Skandinaviska Enskilda Banken AB publ's holdings in WEC Energy Group were worth $1,049,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Hughes Financial Services LLC purchased a new position in shares of WEC Energy Group during the first quarter valued at approximately $28,000. Opal Wealth Advisors LLC purchased a new position in shares of WEC Energy Group during the first quarter valued at approximately $32,000. Golden State Wealth Management LLC lifted its holdings in shares of WEC Energy Group by 252.6% during the first quarter. Golden State Wealth Management LLC now owns 342 shares of the utilities provider's stock valued at $37,000 after purchasing an additional 245 shares during the last quarter. Creekmur Asset Management LLC lifted its holdings in shares of WEC Energy Group by 2,420.0% during the first quarter. Creekmur Asset Management LLC now owns 378 shares of the utilities provider's stock valued at $41,000 after purchasing an additional 363 shares during the last quarter. Finally, Hoey Investments Inc. purchased a new position in shares of WEC Energy Group during the fourth quarter valued at approximately $42,000. 77.20% of the stock is currently owned by institutional investors.

WEC Energy Group Stock Performance

WEC traded up $1.21 during mid-day trading on Friday, reaching $110.29. 3,367,369 shares of the company traded hands, compared to its average volume of 2,227,431. The stock has a market capitalization of $35.20 billion, a P/E ratio of 21.13, a P/E/G ratio of 2.98 and a beta of 0.44. The company has a quick ratio of 0.40, a current ratio of 0.55 and a debt-to-equity ratio of 1.28. The company's fifty day moving average price is $105.88 and its 200-day moving average price is $105.18. WEC Energy Group, Inc. has a 52-week low of $86.76 and a 52-week high of $111.07.

WEC Energy Group (NYSE:WEC - Get Free Report) last announced its earnings results on Wednesday, July 30th. The utilities provider reported $0.76 earnings per share for the quarter, beating analysts' consensus estimates of $0.71 by $0.05. The business had revenue of $2.01 billion during the quarter, compared to analyst estimates of $1.87 billion. WEC Energy Group had a net margin of 17.87% and a return on equity of 12.90%. The company's quarterly revenue was up 13.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.67 EPS. On average, sell-side analysts expect that WEC Energy Group, Inc. will post 5.23 EPS for the current year.

WEC Energy Group Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Thursday, August 14th will be paid a dividend of $0.8925 per share. The ex-dividend date is Thursday, August 14th. This represents a $3.57 dividend on an annualized basis and a yield of 3.2%. WEC Energy Group's payout ratio is currently 68.39%.

Wall Street Analyst Weigh In

WEC has been the subject of several recent research reports. JPMorgan Chase & Co. upgraded shares of WEC Energy Group from an "underweight" rating to a "neutral" rating and lifted their target price for the company from $106.00 to $108.00 in a report on Tuesday, April 8th. The Goldman Sachs Group lowered shares of WEC Energy Group from a "neutral" rating to a "sell" rating and lowered their target price for the company from $106.00 to $100.00 in a report on Wednesday, June 25th. UBS Group set a $107.00 price objective on shares of WEC Energy Group and gave the stock a "neutral" rating in a report on Friday, July 11th. Scotiabank set a $115.00 price objective on shares of WEC Energy Group and gave the stock an "outperform" rating in a report on Wednesday, May 7th. Finally, Barclays boosted their price objective on shares of WEC Energy Group from $99.00 to $101.00 and gave the stock an "equal weight" rating in a report on Tuesday, April 29th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, WEC Energy Group has a consensus rating of "Hold" and a consensus price target of $106.40.

Insiders Place Their Bets

In other news, VP Joshua M. Erickson sold 2,155 shares of the company's stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $107.77, for a total value of $232,244.35. Following the completion of the sale, the vice president directly owned 2,686 shares in the company, valued at $289,470.22. This represents a 44.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.50% of the company's stock.

WEC Energy Group Profile

WEC Energy Group, Inc, through its subsidiaries, provides regulated natural gas and electricity, and renewable and nonregulated renewable energy services in the United States. It operates through Wisconsin, Illinois, Other States, Electric Transmission, and Non-Utility Energy Infrastructure segments.