Sound Income Strategies LLC Has $676,000 Stock Holdings in Evergy Inc. $EVRG

Key Points

• Sound Income Strategies LLC cut its Evergy stake by 95.5% in Q1, leaving it with 8,213 shares valued at about $676,000.
• Evergy’s latest quarterly results came in stronger than expected, with $0.69 EPS versus the $0.63 estimate and $1.44 billion in revenue, up 5% from a year earlier.
• Wall Street remains constructive on the utility: analysts have a Moderate Buy consensus with an average price target of $90.10, while the stock recently traded around $88.13 and yields about 3.2%.

Sound Income Strategies LLC trimmed its stake in shares of Evergy Inc. (NASDAQ:EVRG - Free Report) by 95.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,213 shares of the company's stock after selling 176,213 shares during the quarter. Sound Income Strategies LLC's holdings in Evergy were worth $676,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Geode Capital Management LLC increased its position in Evergy by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 6,447,150 shares of the company's stock valued at $465,684,000 after purchasing an additional 105,842 shares during the period. Franklin Resources Inc. lifted its position in shares of Evergy by 0.6% in the 4th quarter. Franklin Resources Inc. now owns 6,091,518 shares of the company's stock worth $441,574,000 after purchasing an additional 33,457 shares during the period. Federated Hermes Inc. lifted its position in shares of Evergy by 1.6% in the 4th quarter. Federated Hermes Inc. now owns 3,760,548 shares of the company's stock worth $272,602,000 after purchasing an additional 57,814 shares during the period. Northern Trust Corp boosted its stake in shares of Evergy by 10.6% in the 3rd quarter. Northern Trust Corp now owns 2,760,494 shares of the company's stock valued at $209,853,000 after purchasing an additional 263,619 shares during the last quarter. Finally, Truist Financial Corp boosted its stake in shares of Evergy by 28.4% in the 4th quarter. Truist Financial Corp now owns 1,847,410 shares of the company's stock valued at $133,919,000 after purchasing an additional 408,452 shares during the last quarter. 87.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on EVRG shares. Barclays increased their price objective on shares of Evergy from $89.00 to $94.00 and gave the stock an "overweight" rating in a research report on Tuesday. Wells Fargo & Company set a $87.00 price target on shares of Evergy in a research report on Tuesday, April 21st. BTIG Research began coverage on Evergy in a report on Thursday, April 9th. They set a "buy" rating and a $99.00 price target for the company. UBS Group lifted their price objective on Evergy from $88.00 to $91.00 and gave the stock a "neutral" rating in a research report on Friday, May 8th. Finally, Weiss Ratings raised Evergy from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, May 11th. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $90.10.

Evergy Price Performance

Evergy stock opened at $88.13 on Friday. The stock has a market capitalization of $20.31 billion, a price-to-earnings ratio of 23.38, a PEG ratio of 2.29 and a beta of 0.54. Evergy Inc. has a 52-week low of $67.30 and a 52-week high of $88.18. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.24 and a current ratio of 0.45. The stock's 50 day moving average price is $83.27 and its two-hundred day moving average price is $80.29.

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

Evergy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Friday, May 22nd were paid a $0.695 dividend. This represents a $2.78 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Friday, May 22nd. Evergy's payout ratio is 73.74%.

Insider Buying and Selling at Evergy

In other Evergy news, EVP Charles A. Caisley sold 10,787 shares of Evergy stock in a transaction on Monday, June 15th. The shares were sold at an average price of $83.46, for a total value of $900,283.02. Following the completion of the sale, the executive vice president directly owned 37,789 shares of the company's stock, valued at approximately $3,153,869.94. The trade was a 22.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Sandra Aj Lawrence sold 600 shares of the company's stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $81.41, for a total transaction of $48,846.00. Following the transaction, the director owned 680 shares in the company, valued at $55,358.80. This represents a 46.88% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 12,748 shares of company stock valued at $1,061,870. Insiders own 1.52% of the company's stock.

Evergy 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.

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