Great Plains Energy Inc (NYSE:GXP) declared a quarterly dividend on Tuesday, August 8th, RTT News reports. Shareholders of record on Tuesday, August 29th will be given a dividend of 0.275 per share by the utilities provider on Wednesday, September 20th. This represents a $1.10 annualized dividend and a yield of 3.51%. The ex-dividend date is Friday, August 25th.

Great Plains Energy has raised its dividend payment by an average of 6.4% annually over the last three years and has raised its dividend every year for the last 6 years. Great Plains Energy has a payout ratio of 62.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Great Plains Energy to earn $1.83 per share next year, which means the company should continue to be able to cover its $1.10 annual dividend with an expected future payout ratio of 60.1%.

Great Plains Energy (GXP) traded up 0.3904% during trading on Tuesday, reaching $31.5025. The company’s stock had a trading volume of 349,840 shares. The stock has a 50-day moving average price of $29.87 and a 200 day moving average price of $28.88. The company has a market cap of $6.78 billion, a PE ratio of 26.0998 and a beta of 0.44. Great Plains Energy has a 52-week low of $25.85 and a 52-week high of $31.54.

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A number of research firms have recently weighed in on GXP. Zacks Investment Research raised Great Plains Energy from a “hold” rating to a “buy” rating and set a $34.00 target price for the company in a research note on Tuesday, July 25th. J P Morgan Chase & Co raised Great Plains Energy from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $31.00 to $32.00 in a research note on Tuesday, July 11th. Finally, BidaskClub raised Great Plains Energy from a “hold” rating to a “buy” rating in a research note on Wednesday, June 21st. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $31.56.

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.

Dividend History for Great Plains Energy (NYSE:GXP)

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