PNC Financial Services Group Inc. decreased its stake in Westar Energy Inc. (NYSE:WR) by 14.1% during the second quarter, Holdings Channel reports. The fund owned 11,360 shares of the company’s stock after selling 1,859 shares during the period. PNC Financial Services Group Inc.’s holdings in Westar Energy were worth $637,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. BlackRock Fund Advisors boosted its position in Westar Energy by 1.5% in the first quarter. BlackRock Fund Advisors now owns 4,973,120 shares of the company’s stock worth $246,716,000 after buying an additional 72,979 shares in the last quarter. State Street Corp boosted its position in Westar Energy by 0.6% in the first quarter. State Street Corp now owns 3,702,478 shares of the company’s stock worth $183,680,000 after buying an additional 21,456 shares in the last quarter. Gabelli Funds LLC boosted its position in Westar Energy by 45.7% in the second quarter. Gabelli Funds LLC now owns 2,385,200 shares of the company’s stock worth $133,786,000 after buying an additional 748,200 shares in the last quarter. Gamco Investors INC. ET AL boosted its position in Westar Energy by 30.9% in the second quarter. Gamco Investors INC. ET AL now owns 1,406,986 shares of the company’s stock worth $78,918,000 after buying an additional 332,455 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in Westar Energy by 45.3% in the first quarter. Wellington Management Group LLP now owns 1,338,545 shares of the company’s stock worth $66,405,000 after buying an additional 417,518 shares in the last quarter. 69.86% of the stock is currently owned by institutional investors.
Shares of Westar Energy Inc. (NYSE:WR) traded up 0.44% during mid-day trading on Thursday, hitting $56.50. The company had a trading volume of 777,528 shares. The firm has a market capitalization of $8.01 billion, a price-to-earnings ratio of 25.55 and a beta of 0.33. Westar Energy Inc. has a 52-week low of $37.03 and a 52-week high of $57.25. The firm has a 50-day moving average price of $54.61 and a 200 day moving average price of $53.12.
Westar Energy (NYSE:WR) last released its earnings results on Tuesday, August 2nd. The company reported $0.51 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.53 by $0.02. Westar Energy had a return on equity of 8.55% and a net margin of 12.76%. The business earned $621.45 million during the quarter, compared to analysts’ expectations of $639.24 million. During the same period last year, the business earned $0.47 earnings per share. The company’s revenue for the quarter was up 5.5% compared to the same quarter last year. Analysts expect that Westar Energy Inc. will post $2.45 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Friday, September 9th will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date is Wednesday, September 7th. Westar Energy’s dividend payout ratio (DPR) is 68.47%.
A number of research analysts have recently commented on WR shares. Zacks Investment Research raised Westar Energy from a “sell” rating to a “hold” rating in a research note on Thursday, May 26th. Barclays PLC upped their target price on Westar Energy from $45.00 to $60.00 and gave the company an “equal weight” rating in a research note on Thursday, June 2nd. Mizuho cut Westar Energy from a “buy” rating to a “neutral” rating and set a $60.00 target price on the stock. in a research note on Wednesday, June 1st. Finally, Gabelli cut Westar Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, June 1st. Two investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. The company has an average rating of “Hold” and a consensus price target of $53.00.
About Westar Energy
Westar Energy, Inc (Westar Energy) is an electric utility in Kansas. The Company provides electric generation, transmission and distribution services to approximately 700,000 customers in Kansas. The Company provides these services in central and northeastern Kansas, including the cities of Topeka, Lawrence, Manhattan, Salina and Hutchinson.
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