Truist Financial Corp Increases Stock Holdings in Eversource Energy $ES

Key Points

• Truist Financial Corp increased its stake in Eversource Energy by 60.7% during the second quarter, holding a total of 34,696 shares valued at approximately $2.2 million.
• Eversource Energy reported $0.96 EPS for the last quarter, which beat the consensus estimate of $0.95, while quarterly revenue saw a 12% increase year-over-year to $2.84 billion.
$0.7525, leading to an annualized dividend yield of 4.2%, despite having a dividend payout ratio of 129.18%.

Truist Financial Corp lifted its holdings in Eversource Energy (NYSE:ES - Free Report) by 60.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,696 shares of the utilities provider's stock after buying an additional 13,112 shares during the quarter. Truist Financial Corp's holdings in Eversource Energy were worth $2,207,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Thrive Wealth Management LLC boosted its stake in shares of Eversource Energy by 3.6% in the second quarter. Thrive Wealth Management LLC now owns 5,445 shares of the utilities provider's stock valued at $346,000 after buying an additional 189 shares in the last quarter. Sterling Investment Counsel LLC boosted its stake in shares of Eversource Energy by 4.9% in the first quarter. Sterling Investment Counsel LLC now owns 4,100 shares of the utilities provider's stock valued at $255,000 after buying an additional 190 shares in the last quarter. Capital Investment Advisors LLC boosted its stake in shares of Eversource Energy by 0.8% in the second quarter. Capital Investment Advisors LLC now owns 26,467 shares of the utilities provider's stock valued at $1,684,000 after buying an additional 210 shares in the last quarter. Plato Investment Management Ltd boosted its stake in shares of Eversource Energy by 0.4% in the first quarter. Plato Investment Management Ltd now owns 55,939 shares of the utilities provider's stock valued at $3,512,000 after buying an additional 215 shares in the last quarter. Finally, Retirement Planning Co of New England Inc. boosted its stake in shares of Eversource Energy by 5.6% in the first quarter. Retirement Planning Co of New England Inc. now owns 4,190 shares of the utilities provider's stock valued at $260,000 after buying an additional 223 shares in the last quarter. 79.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ES has been the subject of several research reports. Bank of America lifted their price objective on Eversource Energy from $62.00 to $67.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. Mizuho lifted their price objective on Eversource Energy from $68.00 to $72.00 and gave the stock an "outperform" rating in a report on Wednesday, June 25th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Eversource Energy in a report on Wednesday. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $64.38.

Insider Buying and Selling

In other Eversource Energy news, insider Loretta D. Keane bought 3,780 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was purchased at an average cost of $66.07 per share, for a total transaction of $249,744.60. Following the completion of the purchase, the insider owned 12,033 shares of the company's stock, valued at $795,020.31. This trade represents a 45.80% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.41% of the company's stock.

Eversource Energy Stock Performance

NYSE ES opened at $72.31 on Friday. Eversource Energy has a fifty-two week low of $52.28 and a fifty-two week high of $74.46. The stock has a market cap of $26.83 billion, a price-to-earnings ratio of 31.03, a price-to-earnings-growth ratio of 2.72 and a beta of 0.67. The business has a fifty day moving average of $66.69 and a 200-day moving average of $63.89. The company has a quick ratio of 0.63, a current ratio of 0.71 and a debt-to-equity ratio of 1.67.

Eversource Energy (NYSE:ES - Get Free Report) last released its earnings results on Thursday, July 31st. The utilities provider reported $0.96 EPS for the quarter, beating the consensus estimate of $0.95 by $0.01. The firm had revenue of $2.84 billion during the quarter, compared to analyst estimates of $3.01 billion. Eversource Energy had a return on equity of 11.00% and a net margin of 6.60%.The business's quarterly revenue was up 12.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.95 earnings per share. Eversource Energy has set its FY 2025 guidance at 4.670-4.820 EPS. As a group, analysts predict that Eversource Energy will post 4.75 earnings per share for the current fiscal year.

Eversource Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 22nd were paid a $0.7525 dividend. This represents a $3.01 annualized dividend and a yield of 4.2%. The ex-dividend date was Monday, September 22nd. Eversource Energy's dividend payout ratio is presently 129.18%.

About Eversource Energy

Eversource Energy, a public utility holding company, engages in the energy delivery business. The company operates through Electric Distribution, Electric Transmission, Natural Gas Distribution, and Water Distribution segments. It is involved in the transmission and distribution of electricity; solar power facilities; and distribution of natural gas.

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