Ameriprise Financial Inc. reduced its stake in Great Plains Energy Incorporated (NYSE:GXP) by 29.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 646,175 shares of the utilities provider’s stock after selling 267,838 shares during the period. Ameriprise Financial Inc. owned 0.30% of Great Plains Energy worth $19,579,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Ffcm LLC raised its stake in Great Plains Energy by 171.5% in the second quarter. Ffcm LLC now owns 4,018 shares of the utilities provider’s stock worth $118,000 after buying an additional 2,538 shares in the last quarter. Advisory Services Network LLC increased its stake in shares of Great Plains Energy by 0.9% during the second quarter. Advisory Services Network LLC now owns 4,793 shares of the utilities provider’s stock valued at $140,000 after purchasing an additional 45 shares in the last quarter. HL Financial Services LLC bought a new position in shares of Great Plains Energy during the third quarter valued at approximately $205,000. CIBC Asset Management Inc bought a new position in shares of Great Plains Energy during the third quarter valued at approximately $211,000. Finally, Cornerstone Capital Management Holdings LLC. bought a new position in shares of Great Plains Energy during the second quarter valued at approximately $219,000. 87.09% of the stock is owned by institutional investors.
In other news, insider Terry D. Bassham sold 6,370 shares of the stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $30.54, for a total transaction of $194,539.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Lori A. Wright sold 7,668 shares of the stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $30.54, for a total transaction of $234,180.72. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,391 shares of company stock worth $838,626. Corporate insiders own 0.41% of the company’s stock.
Great Plains Energy (NYSE:GXP) last posted its quarterly earnings results on Wednesday, November 1st. The utilities provider reported $1.05 EPS for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.09. Great Plains Energy had a net margin of 3.42% and a return on equity of 5.41%. The firm had revenue of $857.20 million for the quarter, compared to analysts’ expectations of $805.72 million. During the same quarter in the prior year, the company posted $1.00 earnings per share. sell-side analysts forecast that Great Plains Energy Incorporated will post 1.77 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Stockholders of record on Wednesday, November 29th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date is Monday, November 27th. Great Plains Energy’s payout ratio is 550.03%.
A number of equities analysts have weighed in on GXP shares. Bank of America started coverage on shares of Great Plains Energy in a research note on Tuesday, October 24th. They set a “buy” rating and a $35.00 target price for the company. BidaskClub raised shares of Great Plains Energy from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 26th. Zacks Investment Research downgraded shares of Great Plains Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, November 15th. KeyCorp reaffirmed a “hold” rating on shares of Great Plains Energy in a research note on Friday, September 1st. Finally, ValuEngine raised shares of Great Plains Energy from a “hold” rating to a “buy” rating in a research note on Thursday, November 9th. Five research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Great Plains Energy has an average rating of “Buy” and an average target price of $32.00.
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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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