BB&T Corp Increases Position in WEC Energy Group Inc (WEC)

BB&T Corp Increases Position in WEC Energy Group Inc (WEC)

BB&T Corp raised its stake in shares of WEC Energy Group Inc (NYSE:WEC) by 197.4% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 55,273 shares of the utilities provider’s stock after buying an additional 36,687 shares during the period. BB&T Corp’s holdings in WEC Energy Group were worth $3,351,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. North Star Investment Management Corp. boosted its position in WEC Energy Group by 14.0% in the first quarter. North Star Investment Management Corp. now owns 5,949 shares of the utilities provider’s stock valued at $361,000 after buying an additional 732 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD boosted its position in WEC Energy Group by 10.6% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 26,190 shares of the utilities provider’s stock valued at $1,587,000 after buying an additional 2,511 shares in the last quarter. Wetherby Asset Management Inc. boosted its position in WEC Energy Group by 66.8% in the first quarter. Wetherby Asset Management Inc. now owns 6,167 shares of the utilities provider’s stock valued at $373,000 after buying an additional 2,470 shares in the last quarter. Enterprise Financial Services Corp boosted its position in WEC Energy Group by 0.8% in the first quarter. Enterprise Financial Services Corp now owns 2,822 shares of the utilities provider’s stock valued at $171,000 after buying an additional 22 shares in the last quarter. Finally, Reilly Herbert Faulkner III boosted its position in WEC Energy Group by 0.7% in the first quarter. Reilly Herbert Faulkner III now owns 72,925 shares of the utilities provider’s stock valued at $4,421,000 after buying an additional 502 shares in the last quarter. Institutional investors and hedge funds own 69.55% of the company’s stock.

WEC Energy Group Inc (NYSE:WEC) traded up 0.54% during midday trading on Friday, hitting $61.60. 1,702,564 shares of the stock were exchanged. WEC Energy Group Inc has a one year low of $53.66 and a one year high of $66.10. The firm has a 50-day moving average price of $60.69 and a 200-day moving average price of $58.63. The stock has a market cap of $19.44 billion, a P/E ratio of 20.81 and a beta of 0.06.

WEC Energy Group (NYSE:WEC) last posted its quarterly earnings data on Tuesday, May 2nd. The utilities provider reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.06. The firm earned $2.30 billion during the quarter, compared to analysts’ expectations of $2.42 billion. WEC Energy Group had a return on equity of 10.63% and a net margin of 12.58%. The firm’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.09 EPS. On average, equities research analysts anticipate that WEC Energy Group Inc will post $3.10 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 1st. Investors of record on Friday, May 12th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date is Wednesday, May 10th. WEC Energy Group’s dividend payout ratio is presently 70.51%.

Several equities research analysts recently commented on the stock. Zacks Investment Research raised shares of WEC Energy Group from a “sell” rating to a “hold” rating in a report on Thursday, March 23rd. Wolfe Research reissued a “peer perform” rating on shares of WEC Energy Group in a report on Monday, April 24th. Deutsche Bank AG boosted their price target on shares of WEC Energy Group from $60.00 to $62.00 and gave the stock a “hold” rating in a report on Tuesday, April 11th. Barclays PLC reissued an “equal weight” rating and issued a $68.00 price target (up previously from $61.00) on shares of WEC Energy Group in a report on Sunday, April 23rd. Finally, Mizuho lowered shares of WEC Energy Group from a “buy” rating to a “neutral” rating and cut their price target for the stock from $63.00 to $59.00 in a report on Thursday, February 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. WEC Energy Group currently has a consensus rating of “Hold” and a consensus target price of $64.50.

In related news, Director Gale E. Klappa sold 41,060 shares of WEC Energy Group stock in a transaction dated Thursday, March 2nd. The stock was sold at an average price of $60.24, for a total transaction of $2,473,454.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Scott J. Lauber sold 6,650 shares of WEC Energy Group stock in a transaction dated Monday, March 27th. The stock was sold at an average price of $61.50, for a total value of $408,975.00. The disclosure for this sale can be found here. Company insiders own 0.81% of the company’s stock.

About WEC Energy Group

WEC Energy Group, Inc was a diversified holding company with natural gas and electric utility operations, an approximately 60% equity ownership interest in American Transmission Company LLC, and non-utility electric operations through its We Power business, as of December 31, 2016. Its segments include Wisconsin; Illinois; Other States; Electric Transmission; We Power, and Corporate and Other.

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