ProShare Advisors LLC boosted its holdings in shares of WEC Energy Group, Inc. (NYSE:WEC – Free Report) by 26.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 65,334 shares of the utilities provider’s stock after purchasing an additional 13,497 shares during the quarter. ProShare Advisors LLC’s holdings in WEC Energy Group were worth $6,584,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of the business. Envestnet Asset Management Inc. raised its stake in shares of WEC Energy Group by 3.1% during the 2nd quarter. Envestnet Asset Management Inc. now owns 3,734,979 shares of the utilities provider’s stock worth $436,133,000 after buying an additional 111,057 shares during the period. Legal & General Group Plc acquired a new stake in WEC Energy Group in the 2nd quarter valued at $299,100,000. PNC Financial Services Group Inc. increased its holdings in WEC Energy Group by 0.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,571,015 shares of the utilities provider’s stock worth $297,646,000 after acquiring an additional 7,206 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in WEC Energy Group by 5.0% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,644,319 shares of the utilities provider’s stock worth $192,007,000 after acquiring an additional 78,168 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in WEC Energy Group by 3.4% during the first quarter. Dimensional Fund Advisors LP now owns 1,286,276 shares of the utilities provider’s stock worth $148,906,000 after acquiring an additional 42,403 shares during the period. 77.20% of the stock is owned by institutional investors and hedge funds.
WEC Energy Group Trading Up 2.4%
Shares of WEC stock opened at $118.14 on Thursday. WEC Energy Group, Inc. has a fifty-two week low of $99.80 and a fifty-two week high of $119.91. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.36 and a current ratio of 0.53. The stock’s fifty day moving average is $106.45 and its two-hundred day moving average is $111.58. The firm has a market capitalization of $38.87 billion, a P/E ratio of 21.44, a PEG ratio of 2.38 and a beta of 0.43.
WEC Energy Group (NYSE:WEC – Get Free Report) last released its earnings results on Thursday, October 29th. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.21. The business had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.27 billion. WEC Energy Group had a net margin of 17.54% and a return on equity of 13.49%. The company’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.83 earnings per share. Research analysts expect that WEC Energy Group, Inc. will post 5.61 earnings per share for the current fiscal year.
WEC Energy Group Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 13th will be issued a $0.9525 dividend. The ex-dividend date is Friday, November 13th. This represents a $3.81 dividend on an annualized basis and a yield of 3.2%. WEC Energy Group’s dividend payout ratio is presently 69.15%.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on WEC. Scotiabank lifted their target price on shares of WEC Energy Group from $117.00 to $128.00 and gave the company a “sector outperform” rating in a research report on Friday, October 30th. HSBC started coverage on shares of WEC Energy Group in a research report on Thursday, October 22nd. They set a “hold” rating and a $106.50 price target for the company. Truist Financial decreased their price target on shares of WEC Energy Group from $114.00 to $113.00 and set a “hold” rating on the stock in a research note on Friday, October 16th. The Goldman Sachs Group lowered their price objective on WEC Energy Group from $110.00 to $107.00 in a report on Thursday, October 15th. Finally, Stephens set a $109.00 price objective on WEC Energy Group in a research note on Friday, October 16th. Eight analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, WEC Energy Group presently has a consensus rating of “Hold” and a consensus target price of $118.00.
Get Our Latest Research Report on WEC Energy Group
Insider Buying and Selling
In other WEC Energy Group news, Director Ulice Payne, Jr. sold 980 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $105.58, for a total value of $103,468.40. Following the transaction, the director directly owned 19,588 shares of the company’s stock, valued at $2,068,101.04. This trade represents a 4.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.46% of the company’s stock.
About WEC Energy Group
WEC Energy Group, Inc is an energy holding company headquartered in Milwaukee, Wisconsin. Through its operating companies, the company generates and delivers electricity and provides natural gas distribution, storage and related energy services to residential, commercial and industrial customers.
WEC Energy’s principal utility businesses include We Energies and Wisconsin Public Service in Wisconsin, Michigan Gas Utilities, Minnesota Energy Resources, Upper Michigan Energy Resources and North Dakota utility operations.
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