Zions Bancorporation N.A. Sells 2,675 Shares of PPL Co. (NYSE:PPL)

Zions Bancorporation N.A. trimmed its holdings in PPL Co. (NYSE:PPL) by 2.2% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 117,448 shares of the utilities provider’s stock after selling 2,675 shares during the quarter. Zions Bancorporation N.A.’s holdings in PPL were worth $3,885,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Fortitude Family Office LLC grew its position in PPL by 195.5% during the 3rd quarter. Fortitude Family Office LLC now owns 780 shares of the utilities provider’s stock worth $26,000 after acquiring an additional 516 shares during the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new stake in PPL in the second quarter worth $29,000. Redwood Wealth Management Group LLC purchased a new position in PPL during the 2nd quarter valued at $29,000. Ashton Thomas Securities LLC bought a new position in PPL in the 3rd quarter worth $34,000. Finally, Lynx Investment Advisory purchased a new stake in shares of PPL in the 2nd quarter worth about $38,000. 76.99% of the stock is currently owned by institutional investors.

PPL Stock Up 0.8 %

Shares of PPL stock opened at $33.49 on Thursday. The company has a 50-day simple moving average of $32.48 and a two-hundred day simple moving average of $30.36. The stock has a market capitalization of $24.71 billion, a PE ratio of 29.90, a price-to-earnings-growth ratio of 2.84 and a beta of 0.81. PPL Co. has a 52-week low of $25.35 and a 52-week high of $33.60. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.07 and a current ratio of 1.29.

PPL (NYSE:PPL) last announced its quarterly earnings data on Friday, November 1st. The utilities provider reported $0.42 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.42. PPL had a net margin of 9.95% and a return on equity of 9.20%. The company had revenue of $2.07 billion during the quarter, compared to analyst estimates of $2.10 billion. During the same period in the previous year, the business earned $0.43 EPS. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. On average, analysts anticipate that PPL Co. will post 1.72 EPS for the current fiscal year.

PPL Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Tuesday, September 10th were given a dividend of $0.2575 per share. The ex-dividend date was Tuesday, September 10th. This represents a $1.03 annualized dividend and a dividend yield of 3.08%. PPL’s dividend payout ratio (DPR) is presently 91.97%.

Analyst Ratings Changes

PPL has been the subject of a number of research reports. Barclays increased their price target on shares of PPL from $30.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. Bank of America lifted their price target on PPL from $34.00 to $35.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Wells Fargo & Company increased their price objective on PPL from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Morgan Stanley upped their target price on shares of PPL from $31.00 to $33.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Finally, Jefferies Financial Group started coverage on shares of PPL in a research report on Thursday, September 19th. They set a “buy” rating and a $38.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, PPL currently has an average rating of “Moderate Buy” and an average price target of $35.50.

About PPL

PPL Corporation, an energy company, focuses on providing electricity and natural gas to approximately 3.6 million customers in the United States. It operates through three segments: Kentucky Regulated, Pennsylvania Regulated, and Rhode Island Regulated. The company delivers electricity to customers in Pennsylvania, Kentucky, Virginia, and Rhode Island; delivers natural gas to customers in Kentucky and Rhode Island; and generates electricity from power plants in Kentucky.