Wells Fargo & Company MN lessened its holdings in shares of SCANA Co. (NYSE:SCG) by 54.8% in the third quarter, according to its most recent filing with the SEC. The firm owned 1,462,615 shares of the utilities provider’s stock after selling 1,769,699 shares during the period. Wells Fargo & Company MN owned 1.03% of SCANA worth $70,922,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Johnson Financial Group Inc. grew its holdings in SCANA by 7.9% during the 3rd quarter. Johnson Financial Group Inc. now owns 22,096 shares of the utilities provider’s stock worth $1,071,000 after acquiring an additional 1,627 shares during the period. Cadence Capital Management LLC grew its holdings in shares of SCANA by 50.6% in the 3rd quarter. Cadence Capital Management LLC now owns 9,941 shares of the utilities provider’s stock valued at $482,000 after buying an additional 3,341 shares during the period. Trexquant Investment LP acquired a new position in shares of SCANA in the 3rd quarter valued at $1,257,000. JPMorgan Chase & Co. grew its holdings in shares of SCANA by 20.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 153,739 shares of the utilities provider’s stock valued at $7,840,000 after buying an additional 25,942 shares during the period. Finally, Legal & General Group Plc grew its holdings in shares of SCANA by 5.7% in the 3rd quarter. Legal & General Group Plc now owns 1,117,658 shares of the utilities provider’s stock valued at $54,199,000 after buying an additional 59,907 shares during the period. 66.78% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have recently issued reports on SCG shares. Edward Jones raised shares of SCANA from a “hold” rating to a “buy” rating in a report on Monday, November 13th. Mizuho raised shares of SCANA from an “underperform” rating to a “neutral” rating and set a $58.50 price target for the company in a report on Monday, August 28th. Zacks Investment Research raised shares of SCANA from a “sell” rating to a “hold” rating in a report on Wednesday, September 6th. Morgan Stanley boosted their price target on shares of SCANA from $58.00 to $59.00 and gave the company an “underweight” rating in a report on Thursday, August 10th. Finally, Bank of America started coverage on shares of SCANA in a report on Tuesday, October 24th. They issued a “neutral” rating and a $49.00 price target for the company. Three analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $61.44.
SCANA (NYSE:SCG) last announced its earnings results on Thursday, October 26th. The utilities provider reported $1.16 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.17 by ($0.01). The company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.17 billion. SCANA had a return on equity of 10.05% and a net margin of 10.45%. SCANA’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.32 earnings per share. analysts expect that SCANA Co. will post 4.17 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, January 1st. Investors of record on Tuesday, December 12th will be paid a $0.6125 dividend. This represents a $2.45 dividend on an annualized basis and a yield of 5.60%. The ex-dividend date is Monday, December 11th. SCANA’s payout ratio is presently 77.78%.
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SCANA Company Profile
SCANA Corporation is a holding company. The Company, through its subsidiaries, is engaged in the generation, transmission, distribution and sale of electricity in South Carolina. The Company operates through segments, including Electric Operations, Gas Distribution, Gas Marketing and All Other. The Company is engaged in the purchase, transmission and sale of natural gas in North Carolina and South Carolina.
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