Truist Financial Corp Trims Holdings in WEC Energy Group, Inc. (NYSE:WEC)

Truist Financial Corp decreased its holdings in shares of WEC Energy Group, Inc. (NYSE:WEC - Free Report) by 3.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 148,795 shares of the utilities provider's stock after selling 4,660 shares during the period. Truist Financial Corp's holdings in WEC Energy Group were worth $13,993,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Marshall Financial Group LLC lifted its position in WEC Energy Group by 4.8% during the 4th quarter. Marshall Financial Group LLC now owns 2,198 shares of the utilities provider's stock worth $207,000 after acquiring an additional 100 shares during the period. Tsfg LLC lifted its holdings in shares of WEC Energy Group by 4.6% during the fourth quarter. Tsfg LLC now owns 2,699 shares of the utilities provider's stock worth $254,000 after purchasing an additional 119 shares during the period. Concord Wealth Partners grew its position in WEC Energy Group by 20.7% in the 3rd quarter. Concord Wealth Partners now owns 777 shares of the utilities provider's stock valued at $75,000 after buying an additional 133 shares during the last quarter. TrinityPoint Wealth LLC increased its stake in WEC Energy Group by 1.3% in the 3rd quarter. TrinityPoint Wealth LLC now owns 10,755 shares of the utilities provider's stock valued at $1,034,000 after buying an additional 134 shares during the period. Finally, Synovus Financial Corp increased its stake in WEC Energy Group by 4.7% in the 3rd quarter. Synovus Financial Corp now owns 2,980 shares of the utilities provider's stock valued at $287,000 after buying an additional 135 shares during the period. Institutional investors and hedge funds own 77.20% of the company's stock.

Remove Ads

WEC Energy Group Price Performance

WEC stock traded up $0.84 during midday trading on Monday, hitting $104.89. 2,480,352 shares of the stock were exchanged, compared to its average volume of 2,172,655. The stock's 50-day moving average price is $97.96 and its 200-day moving average price is $96.56. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.43 and a current ratio of 0.60. The stock has a market cap of $33.18 billion, a price-to-earnings ratio of 21.72, a PEG ratio of 2.60 and a beta of 0.49. WEC Energy Group, Inc. has a fifty-two week low of $76.50 and a fifty-two week high of $105.29.

WEC Energy Group (NYSE:WEC - Get Free Report) last released its quarterly earnings results on Tuesday, February 4th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.49 by ($0.06). The firm had revenue of $2.28 billion for the quarter, compared to analyst estimates of $2.50 billion. WEC Energy Group had a return on equity of 12.39% and a net margin of 17.75%. The company's quarterly revenue was up 3.0% compared to the same quarter last year. During the same period last year, the firm earned $1.10 EPS. Research analysts predict that WEC Energy Group, Inc. will post 5.23 earnings per share for the current year.

WEC Energy Group Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Friday, February 14th will be given a $0.835 dividend. The ex-dividend date is Friday, February 14th. This represents a $3.34 annualized dividend and a dividend yield of 3.18%. WEC Energy Group's dividend payout ratio is presently 73.91%.

Wall Street Analyst Weigh In

Several research firms have recently commented on WEC. BMO Capital Markets raised their target price on shares of WEC Energy Group from $95.00 to $100.00 and gave the stock a "market perform" rating in a research note on Wednesday, February 5th. Wells Fargo & Company raised their price objective on shares of WEC Energy Group from $112.00 to $115.00 and gave the company an "overweight" rating in a research report on Wednesday, February 5th. Barclays upgraded WEC Energy Group from an "underweight" rating to an "equal weight" rating and boosted their target price for the stock from $89.00 to $93.00 in a research report on Thursday, January 2nd. Scotiabank lifted their price target on WEC Energy Group from $103.00 to $110.00 and gave the company a "sector outperform" rating in a research note on Monday, December 9th. Finally, StockNews.com lowered WEC Energy Group from a "hold" rating to a "sell" rating in a report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, WEC Energy Group has an average rating of "Hold" and an average price target of $101.88.

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.