Fifth Third Bancorp Has $1.56 Million Holdings in MGE Energy Inc. $MGEE

Fifth Third Bancorp lifted its stake in shares of MGE Energy Inc. (NASDAQ:MGEE) by 27,266.2% in the 1st quarter, Holdings Channel reports. The fund owned 20,251 shares of the utilities provider’s stock after acquiring an additional 20,177 shares during the quarter. Fifth Third Bancorp’s holdings in MGE Energy were worth $1,565,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Hantz Financial Services Inc. boosted its stake in MGE Energy by 63.8% in the 4th quarter. Hantz Financial Services Inc. now owns 416 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 162 shares during the period. Advisory Services Network LLC acquired a new position in shares of MGE Energy during the third quarter worth about $40,000. eCIO Inc. bought a new position in shares of MGE Energy during the fourth quarter worth about $45,000. Parallel Advisors LLC grew its holdings in shares of MGE Energy by 28.6% during the third quarter. Parallel Advisors LLC now owns 714 shares of the utilities provider’s stock worth $60,000 after buying an additional 159 shares in the last quarter. Finally, Covestor Ltd raised its position in MGE Energy by 84.5% in the 4th quarter. Covestor Ltd now owns 878 shares of the utilities provider’s stock valued at $69,000 after buying an additional 402 shares during the last quarter. 52.58% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MGEE. Morgan Stanley reaffirmed an “underweight” rating and set a $76.00 price target on shares of MGE Energy in a research report on Wednesday. Weiss Ratings reiterated a “hold (c)” rating on shares of MGE Energy in a report on Friday, May 8th. Finally, LADENBURG THALM/SH SH raised shares of MGE Energy from a “neutral” rating to a “buy” rating and set a $81.00 price objective on the stock in a research report on Monday, June 8th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $78.50.

MGE Energy Stock Performance

MGEE opened at $82.40 on Friday. The business’s 50-day simple moving average is $78.34 and its 200 day simple moving average is $78.57. MGE Energy Inc. has a 52-week low of $72.16 and a 52-week high of $88.01. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.83 and a current ratio of 1.15. The firm has a market capitalization of $3.03 billion, a PE ratio of 21.13 and a beta of 0.71.

MGE Energy (NASDAQ:MGEE) last posted its quarterly earnings results on Tuesday, May 5th. The utilities provider reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.19. MGE Energy had a return on equity of 10.94% and a net margin of 18.61%.The firm had revenue of $242.70 million for the quarter, compared to analyst estimates of $227.06 million. As a group, sell-side analysts expect that MGE Energy Inc. will post 3.99 earnings per share for the current fiscal year.

MGE Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend was Monday, June 1st. MGE Energy’s dividend payout ratio is presently 48.72%.

MGE Energy Profile

MGE Energy, Inc is a public utility holding company headquartered in Madison, Wisconsin. Through its principal subsidiary, Madison Gas and Electric Company (MGE), the company provides regulated electric and natural gas distribution services to residential, commercial and industrial customers in south-central Wisconsin. MGE Energy’s operations encompass the generation, transmission and distribution of electricity as well as the purchase and distribution of natural gas, with an emphasis on reliable service and system resilience.

Since reorganizing as a holding company in 2001, MGE Energy has expanded its portfolio to include nonregulated subsidiaries involved in renewable energy development, energy services and infrastructure support.