Patriot Financial Group Insurance Agency LLC Acquires Shares of 6,771 WEC Energy Group, Inc. (NYSE:WEC)

29 Oct 2024, 06:56 by Scott Moore · The Cerbat Gem

Patriot Financial Group Insurance Agency LLC bought a new stake in shares of WEC Energy Group, Inc. (NYSE:WEC – Free Report) in the third quarter, Holdings Channel reports. The firm bought 6,771 shares of the utilities provider’s stock, valued at approximately $651,000.

Several other institutional investors and hedge funds have also modified their holdings of WEC. American Century Companies Inc. grew its stake in WEC Energy Group by 36.7% in the second quarter. American Century Companies Inc. now owns 2,566,001 shares of the utilities provider’s stock valued at $201,328,000 after purchasing an additional 688,812 shares in the last quarter. Earnest Partners LLC increased its holdings in WEC Energy Group by 36.0% in the first quarter. Earnest Partners LLC now owns 1,748,141 shares of the utilities provider’s stock worth $143,557,000 after buying an additional 462,646 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in WEC Energy Group by 151.7% in the third quarter. Assenagon Asset Management S.A. now owns 583,990 shares of the utilities provider’s stock worth $56,168,000 after buying an additional 351,972 shares during the last quarter. International Assets Investment Management LLC increased its holdings in WEC Energy Group by 10,220.1% in the third quarter. International Assets Investment Management LLC now owns 303,515 shares of the utilities provider’s stock worth $29,192,000 after buying an additional 300,574 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in WEC Energy Group during the first quarter valued at approximately $23,297,000. 77.20% of the stock is currently owned by hedge funds and other institutional investors.

WEC Energy Group Trading Down 0.2 %

Shares of WEC stock opened at $97.00 on Tuesday. The firm has a market capitalization of $30.66 billion, a P/E ratio of 22.40, a price-to-earnings-growth ratio of 2.50 and a beta of 0.44. WEC Energy Group, Inc. has a 1 year low of $75.13 and a 1 year high of $100.31. The firm’s fifty day simple moving average is $95.26 and its 200 day simple moving average is $86.83. The company has a current ratio of 0.74, a quick ratio of 0.54 and a debt-to-equity ratio of 1.37.

WEC Energy Group (NYSE:WEC – Get Free Report) last posted its quarterly earnings data on Wednesday, July 31st. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.04. WEC Energy Group had a net margin of 15.85% and a return on equity of 12.26%. The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.87 billion. During the same quarter in the previous year, the firm posted $0.92 EPS. The business’s revenue was down 3.2% compared to the same quarter last year. As a group, sell-side analysts predict that WEC Energy Group, Inc. will post 4.87 EPS for the current year.

WEC Energy Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Thursday, November 14th will be given a $0.835 dividend. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $3.34 dividend on an annualized basis and a dividend yield of 3.44%. WEC Energy Group’s dividend payout ratio is currently 77.14%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on WEC. Wells Fargo & Company increased their price target on shares of WEC Energy Group from $103.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. BMO Capital Markets raised their target price on WEC Energy Group from $91.00 to $93.00 and gave the company a “market perform” rating in a report on Friday, August 23rd. Bank of America boosted their price target on WEC Energy Group from $88.00 to $90.00 and gave the stock an “underperform” rating in a research report on Thursday, August 29th. Scotiabank increased their price objective on WEC Energy Group from $90.00 to $103.00 and gave the company a “sector outperform” rating in a report on Tuesday, August 20th. Finally, StockNews.com lowered WEC Energy Group from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Four analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $94.45.

Check Out Our Latest Report on WEC Energy Group

Insider Transactions at WEC Energy Group

In related news, VP Joshua M. Erickson sold 350 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $89.75, for a total value of $31,412.50. Following the completion of the transaction, the vice president now directly owns 2,377 shares of the company’s stock, valued at $213,335.75. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Ulice Payne, Jr. sold 750 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $88.45, for a total value of $66,337.50. Following the sale, the director now owns 21,876 shares of the company’s stock, valued at $1,934,932.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Joshua M. Erickson sold 350 shares of WEC Energy Group stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $89.75, for a total value of $31,412.50. Following the sale, the vice president now directly owns 2,377 shares in the company, valued at $213,335.75. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,702 shares of company stock valued at $1,078,058. 0.44% of the stock is owned by corporate insiders.

About WEC Energy Group

(Free Report)