Principal Financial Group Inc. grew its position in shares of Great Plains Energy Inc (NYSE:GXP) by 3.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,596,059 shares of the utilities provider’s stock after buying an additional 119,519 shares during the period. Principal Financial Group Inc. owned 1.67% of Great Plains Energy worth $108,959,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Boston Partners lifted its position in shares of Great Plains Energy by 24.6% during the 3rd quarter. Boston Partners now owns 2,350,394 shares of the utilities provider’s stock valued at $71,217,000 after buying an additional 463,582 shares during the last quarter. IndexIQ Advisors LLC purchased a new position in shares of Great Plains Energy during the 3rd quarter valued at $2,398,000. State of Wisconsin Investment Board lifted its position in shares of Great Plains Energy by 12.0% during the 3rd quarter. State of Wisconsin Investment Board now owns 236,699 shares of the utilities provider’s stock valued at $7,172,000 after buying an additional 25,311 shares during the last quarter. IFP Advisors Inc lifted its position in shares of Great Plains Energy by 10.8% during the 3rd quarter. IFP Advisors Inc now owns 16,902 shares of the utilities provider’s stock valued at $512,000 after buying an additional 1,653 shares during the last quarter. Finally, Hallmark Capital Management Inc. lifted its position in shares of Great Plains Energy by 1.8% during the 3rd quarter. Hallmark Capital Management Inc. now owns 522,978 shares of the utilities provider’s stock valued at $15,846,000 after buying an additional 9,243 shares during the last quarter. 87.83% of the stock is currently owned by hedge funds and other institutional investors.
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In related news, CFO Kevin E. Bryant sold 9,853 shares of the business’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $30.64, for a total transaction of $301,895.92. Following the sale, the chief financial officer now directly owns 38,003 shares in the company, valued at approximately $1,164,411.92. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Terry D. Bassham sold 6,370 shares of the company’s stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $30.54, for a total value of $194,539.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,391 shares of company stock worth $838,626. 0.41% of the stock is currently owned by corporate insiders.
Shares of Great Plains Energy Inc (NYSE GXP) opened at $33.16 on Friday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.24 and a current ratio of 1.44. Great Plains Energy Inc has a one year low of $25.85 and a one year high of $33.94. The stock has a market capitalization of $7,151.35, a price-to-earnings ratio of 19.06, a P/E/G ratio of 3.41 and a beta of 0.47.
Great Plains Energy (NYSE:GXP) last released its quarterly earnings data on Wednesday, November 1st. The utilities provider reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.09. Great Plains Energy had a return on equity of 5.41% and a net margin of 3.42%. The company had revenue of $857.20 million for the quarter, compared to analyst estimates of $805.72 million. During the same period in the previous year, the company posted $1.00 EPS. research analysts anticipate that Great Plains Energy Inc will post 1.77 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 20th. Investors of record on Wednesday, November 29th will be paid a dividend of $0.275 per share. The ex-dividend date is Monday, November 27th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.32%. Great Plains Energy’s payout ratio is 550.03%.
GXP has been the topic of a number of recent research reports. ValuEngine raised Great Plains Energy from a “hold” rating to a “buy” rating in a research report on Thursday. Bank of America Corporation initiated coverage on Great Plains Energy in a research report on Tuesday, October 24th. They set a “buy” rating and a $35.00 price target on the stock. J P Morgan Chase & Co set a $35.00 price target on Great Plains Energy and gave the company a “buy” rating in a research report on Thursday, October 12th. Zacks Investment Research raised Great Plains Energy from a “hold” rating to a “buy” rating and set a $35.00 price target on the stock in a research report on Wednesday, October 11th. Finally, BidaskClub raised Great Plains Energy from a “hold” rating to a “buy” rating in a research report on Tuesday, August 8th. Four investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $32.00.
About Great Plains Energy
Great Plains Energy Incorporated (Great Plains Energy) is a utility holding company. The Company operates through electric utility segment. The Company’s subsidiaries with operations include Kansas City Power & Light Company (KCP&L) and KCP&L Greater Missouri Operations Company (GMO). KCP&L is an integrated, regulated electric utility that provides electricity to customers primarily in the states of Missouri and Kansas.
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