Garner Asset Management Corp Acquires Shares of 20,767 Great Plains Energy Inc (GXP)
Garner Asset Management Corp acquired a new position in Great Plains Energy Inc (NYSE:GXP) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 20,767 shares of the utilities provider’s stock, valued at approximately $608,000.
A number of other institutional investors have also modified their holdings of GXP. US Bancorp DE grew its position in Great Plains Energy by 1.7% in the first quarter. US Bancorp DE now owns 28,555 shares of the utilities provider’s stock worth $834,000 after acquiring an additional 482 shares during the period. Suntrust Banks Inc. purchased a new position in Great Plains Energy in the first quarter worth approximately $229,000. UBS Asset Management Americas Inc. grew its position in Great Plains Energy by 26.4% in the first quarter. UBS Asset Management Americas Inc. now owns 153,669 shares of the utilities provider’s stock worth $4,490,000 after acquiring an additional 32,093 shares during the period. Karp Capital Management Corp purchased a new position in Great Plains Energy in the first quarter worth approximately $2,075,000. Finally, TD Asset Management Inc. grew its position in Great Plains Energy by 86.9% in the first quarter. TD Asset Management Inc. now owns 50,654 shares of the utilities provider’s stock worth $1,480,000 after acquiring an additional 23,551 shares during the period. Institutional investors own 87.90% of the company’s stock.
GXP has been the subject of several analyst reports. Zacks Investment Research lowered Great Plains Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, September 12th. BidaskClub upgraded Great Plains Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 26th. KeyCorp reiterated a “hold” rating on shares of Great Plains Energy in a research report on Friday, September 1st. Finally, J P Morgan Chase & Co upgraded Great Plains Energy from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $31.00 to $32.00 in a research report on Tuesday, July 11th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Great Plains Energy has an average rating of “Buy” and a consensus price target of $31.75.
Great Plains Energy Inc (NYSE GXP) traded down 0.26% on Friday, reaching $30.30. The company’s stock had a trading volume of 1,224,857 shares. The firm has a 50 day moving average price of $31.02 and a 200 day moving average price of $29.67. The stock has a market capitalization of $6.53 billion, a P/E ratio of 35.94 and a beta of 0.45. Great Plains Energy Inc has a 52 week low of $25.85 and a 52 week high of $31.69.
Great Plains Energy (NYSE:GXP) last announced its quarterly earnings data on Wednesday, August 9th. The utilities provider reported $0.43 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by ($0.04). Great Plains Energy had a net margin of 8.00% and a return on equity of 5.62%. The company had revenue of $682.60 million for the quarter, compared to analysts’ expectations of $677.00 million. During the same period in the prior year, the firm earned $0.55 earnings per share. On average, equities analysts anticipate that Great Plains Energy Inc will post $1.60 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 20th. Stockholders of record on Tuesday, August 29th were paid a dividend of $0.275 per share. The ex-dividend date of this dividend was Friday, August 25th. This represents a $1.10 annualized dividend and a dividend yield of 3.63%. Great Plains Energy’s dividend payout ratio is presently 105.77%.
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In other news, CFO Kevin E. Bryant sold 9,853 shares of the business’s stock in a transaction on Monday, September 18th. The shares were sold at an average price of $30.64, for a total transaction of $301,895.92. Following the completion of the sale, the chief financial officer now directly owns 38,003 shares of the company’s stock, valued at approximately $1,164,411.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Heather A. Humphrey sold 3,500 shares of the business’s stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $30.86, for a total transaction of $108,010.00. The disclosure for this sale can be found here. Insiders have sold a total of 27,391 shares of company stock valued at $838,626 over the last three months. Corporate insiders own 0.41% of the company’s stock.
Great Plains Energy Profile
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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