Truist Financial Corp Raises Stake in WEC Energy Group, Inc. $WEC

Key Points

• Truist Financial Corp increased its stake in WEC Energy Group by 6.0%, owning approximately 174,551 shares, valued at around $18.19 million.
• Despite a recent quarterly earnings report where WEC posted an EPS of $0.76, it has also announced a cut in its dividend, signaling potential financial challenges ahead.
• WEC's stock is currently rated with a consensus "Hold" rating and an average target price of $109.30, reflecting mixed sentiments among analysts.

Truist Financial Corp raised its holdings in shares of WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 6.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 174,551 shares of the utilities provider's stock after buying an additional 9,855 shares during the period. Truist Financial Corp owned about 0.05% of WEC Energy Group worth $18,188,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of WEC. Truvestments Capital LLC acquired a new stake in WEC Energy Group in the 1st quarter valued at $25,000. Nova Wealth Management Inc. acquired a new stake in WEC Energy Group in the 1st quarter valued at $26,000. Hughes Financial Services LLC purchased a new stake in shares of WEC Energy Group in the first quarter worth about $28,000. Opal Wealth Advisors LLC purchased a new stake in shares of WEC Energy Group in the first quarter worth about $32,000. Finally, WPG Advisers LLC purchased a new stake in shares of WEC Energy Group in the first quarter worth about $35,000. 77.20% of the stock is owned by institutional investors and hedge funds.

WEC Energy Group Stock Up 1.1%

WEC stock opened at $113.24 on Friday. WEC Energy Group, Inc. has a twelve month low of $91.94 and a twelve month high of $114.97. The company has a current ratio of 0.55, a quick ratio of 0.40 and a debt-to-equity ratio of 1.28. The company has a market capitalization of $36.45 billion, a P/E ratio of 21.69, a PEG ratio of 3.08 and a beta of 0.47. The firm has a 50 day simple moving average of $109.36 and a 200-day simple moving average of $107.38.

WEC Energy Group (NYSE:WEC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The utilities provider reported $0.76 EPS for the quarter, beating analysts' consensus estimates of $0.71 by $0.05. The firm had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $1.87 billion. WEC Energy Group had a net margin of 17.87% and a return on equity of 12.90%. The firm's revenue was up 13.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.67 EPS. WEC Energy Group has set its FY 2025 guidance at 5.170-5.270 EPS. On average, equities research analysts predict that WEC Energy Group, Inc. will post 5.23 earnings per share for the current fiscal year.

WEC Energy Group Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Thursday, August 14th were given a $0.8925 dividend. The ex-dividend date was Thursday, August 14th. This represents a $3.57 annualized dividend and a dividend yield of 3.2%. WEC Energy Group's dividend payout ratio (DPR) is presently 68.39%.

Insider Buying and Selling

In related news, EVP Molly A. Mulroy sold 4,030 shares of the firm's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $110.33, for a total transaction of $444,629.90. Following the transaction, the executive vice president directly owned 5,829 shares in the company, valued at $643,113.57. This trade represents a 40.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Anthony Reese sold 4,177 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $110.30, for a total transaction of $460,723.10. Following the sale, the vice president directly owned 1,757 shares in the company, valued at $193,797.10. This trade represents a 70.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 68,448 shares of company stock worth $7,581,132. 0.50% of the stock is currently owned by insiders.

Analyst Ratings Changes

WEC has been the topic of several recent research reports. UBS Group set a $107.00 price target on WEC Energy Group and gave the stock a "neutral" rating in a research report on Friday, July 11th. The Goldman Sachs Group lowered shares of WEC Energy Group from a "neutral" rating to a "sell" rating and dropped their price objective for the company from $106.00 to $100.00 in a research note on Wednesday, June 25th. Citigroup assumed coverage on shares of WEC Energy Group in a report on Friday. They set a "buy" rating and a $131.00 price target for the company. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of WEC Energy Group in a report on Saturday, September 27th. Finally, Wall Street Zen raised shares of WEC Energy Group from a "sell" rating to a "hold" rating in a research report on Saturday. Five research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, WEC Energy Group has a consensus rating of "Hold" and an average target price of $109.30.

WEC Energy Group Company 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.

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