John R. Crockett III, President of a PPL Corp (NYSE:PPL) subsidiary, has sold 9,161 shares of the company's common stock, according to a recent SEC filing. The shares were sold at an average price of $34.35 each, totaling approximately $314,680. This transaction was executed under a 10b5-1 trading plan established on August 19, 2024. Following this sale, Crockett retains ownership of 12,433.75 shares of PPL Corp stock.
In other recent news, PPL Corporation (NYSE:PPL) reported GAAP earnings of $0.29 per share and ongoing earnings of $0.42 per share for 2024. The company is on track to complete infrastructure improvements worth approximately $3.1 billion and aims for annual O&M savings between $120 million and $130 million. PPL has also outlined significant infrastructure investments totaling $14.3 billion from 2024 to 2027. BofA Securities and Seaport Global Securities have both updated their outlooks on PPL Corp, with BofA Securities increasing the stock's price target to $35.00 and Seaport Global Securities raising it to $39.00. Both firms have maintained a Buy rating for the stock. These recent developments are a result of PPL's strategy to ramp up generation capacity to meet increasing data center demand and the potential for increased capital investments. Despite supply chain constraints, PPL is confident in executing its construction plans and maintains a strong balance sheet.
InvestingPro Insights
While John R. Crockett III's recent sale of PPL Corp (NYSE:PPL) shares may raise eyebrows, it's essential to consider the broader financial picture of the company. According to InvestingPro data, PPL Corp boasts a market capitalization of $25.36 billion and has demonstrated strong performance in recent months. The stock's total return over the past year stands at an impressive 35.72%, with a year-to-date return of 30.56%.
InvestingPro Tips highlight that PPL has maintained dividend payments for 54 consecutive years, a testament to its financial stability and commitment to shareholder returns. This consistent dividend history is particularly noteworthy in the utility sector, where income-seeking investors often focus. The current dividend yield is 2.99%, with a dividend growth rate of 7.29% over the last twelve months.
Another InvestingPro Tip indicates that PPL's stock generally trades with low price volatility, which may appeal to risk-averse investors. This characteristic, combined with the company's strong dividend track record, suggests that PPL could be an attractive option for those seeking stable returns in their portfolio.
It's worth noting that InvestingPro offers 6 additional tips for PPL Corp, providing subscribers with a more comprehensive analysis of the company's financial health and market position. These insights can be valuable for investors looking to make informed decisions about their holdings in the utility sector.
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