Federated Hermes Acquires Additional Shares in WEC Energy Group
Federated Hermes Inc. has increased its investment in WEC Energy Group, Inc. (NYSE: WEC), acquiring an additional 26,921 shares during the first quarter of 2024. This move resulted in a total of 1,999,474 shares held by Federated Hermes, valued at approximately $217.9 million. The increase marks a 1.4% stake enhancement in the utilities provider, reflecting the ongoing confidence of institutional investors in WEC Energy Group.
Several other institutional investors have also adjusted their positions in WEC Energy Group. Notably, N.E.W. Advisory Services LLC raised its holdings by 5.6%, now owning 40,161 shares valued at around $4.4 million. Similarly, Meeder Advisory Services Inc. increased its stake by 10.5%, owning 7,784 shares valued at approximately $848,000. Other firms, including Evermay Wealth Management LLC and Foundations Investment Advisors LLC, also made adjustments, contributing to a larger trend of institutional investment in the company. Currently, institutional investors control 77.2% of WEC Energy Group’s stock.
Insider Transactions and Recent Performance
In related news, Vice President Joshua M. Erickson sold 2,155 shares on May 20, 2024, for a total of $232,244.35, at an average price of $107.77. Following this transaction, Erickson’s ownership dropped by 44.52%, leaving him with 2,686 shares, valued at around $289,470.22. Company insiders currently hold 0.5% of the company’s stock.
WEC Energy Group recently published its quarterly earnings report on May 6, 2024. The company posted earnings of $2.27 per share, exceeding the consensus estimate of $2.18 by $0.09. Revenue reached $3.15 billion, surpassing analysts’ expectations of $2.81 billion. This performance represents a 17.5% increase in revenue compared to the same quarter in the previous year. Analysts are projecting an earnings per share of $5.23 for the current fiscal year.
Dividend Announcement and Analyst Ratings
WEC Energy Group also announced a quarterly dividend of $0.8925 per share, scheduled for payment on September 1, 2024, to shareholders of record on August 14, 2024. This dividend reflects an annualized rate of $3.57, resulting in a dividend yield of 3.32%. The company’s current dividend payout ratio stands at 69.59%.
Several research firms have recently evaluated WEC Energy Group’s stock. UBS Group has raised its target price from $105.00 to $107.00, maintaining a “neutral” rating. In contrast, Wall Street Zen downgraded the company from a “hold” to a “sell” rating. Scotiabank has set a target price of $115.00 with an “outperform” rating, while JPMorgan Chase & Co. upgraded WEC’s rating from “underweight” to “neutral” with a new target price of $108.00. Overall, MarketBeat reports that WEC Energy Group holds a consensus rating of “Hold” with an average target price of $106.40.
The ongoing adjustments in institutional holdings, combined with WEC Energy Group’s strong financial performance, suggest a vigorous interest in the utilities sector as market dynamics continue to evolve.
