State of Tennessee Treasury Department increased its position in shares of Vectren Corporation (NYSE:VVC) by 61.2% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 70,000 shares of the utilities provider’s stock after buying an additional 26,564 shares during the period. State of Tennessee Treasury Department owned 0.08% of Vectren Corporation worth $4,091,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in VVC. Russell Investments Group Ltd. raised its stake in Vectren Corporation by 11.7% during the first quarter. Russell Investments Group Ltd. now owns 43,505 shares of the utilities provider’s stock worth $2,550,000 after buying an additional 4,552 shares during the last quarter. Wells Fargo & Company MN raised its stake in Vectren Corporation by 117.5% during the first quarter. Wells Fargo & Company MN now owns 73,057 shares of the utilities provider’s stock worth $4,282,000 after buying an additional 39,474 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in Vectren Corporation during the first quarter worth $3,341,000. Great West Life Assurance Co. Can raised its stake in Vectren Corporation by 4.7% during the first quarter. Great West Life Assurance Co. Can now owns 48,870 shares of the utilities provider’s stock worth $2,863,000 after buying an additional 2,175 shares during the last quarter. Finally, Eqis Capital Management Inc. bought a new position in Vectren Corporation during the first quarter worth $228,000. 63.83% of the stock is owned by institutional investors and hedge funds.
Shares of Vectren Corporation (NYSE:VVC) opened at 66.54 on Wednesday. Vectren Corporation has a 1-year low of $46.52 and a 1-year high of $68.30. The firm has a 50-day moving average of $62.87 and a 200 day moving average of $60.01. The company has a market capitalization of $5.52 billion, a P/E ratio of 24.65 and a beta of 0.81.
Vectren Corporation (NYSE:VVC) last announced its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.02. The business had revenue of $630.70 million during the quarter, compared to analysts’ expectations of $565.12 million. Vectren Corporation had a net margin of 8.66% and a return on equity of 12.65%. The firm’s revenue for the quarter was up 18.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.39 EPS. On average, equities research analysts expect that Vectren Corporation will post $2.62 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th were given a $0.42 dividend. The ex-dividend date was Friday, August 11th. This represents a $1.68 annualized dividend and a dividend yield of 2.52%. Vectren Corporation’s dividend payout ratio is 62.22%.
A number of brokerages recently weighed in on VVC. Zacks Investment Research raised shares of Vectren Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday. BidaskClub raised shares of Vectren Corporation from a “sell” rating to a “hold” rating in a research note on Friday, August 4th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $65.50.
Vectren Corporation Profile
Vectren Corporation (Vectren) is an energy holding company. The Company segregates its operations into groups, including the Utility Group, the Nonutility Group, and Corporate and Other. The Company’s subsidiary, Vectren Utility Holdings, Inc (Utility Holdings or VUHI), serves as the intermediate holding company for three public utilities: Indiana Gas Company, Inc (Indiana Gas), Southern Indiana Gas and Electric Company (SIGECO) and Vectren Energy Delivery of Ohio, Inc (VEDO).
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