Allstate Corp Acquires New Stake in DTE Energy (NYSE:DTE)

Allstate Corp acquired a new stake in shares of DTE Energy (NYSE:DTE) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 6,271 shares of the utilities provider’s stock, valued at approximately $757,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. D.A. Davidson & CO. raised its stake in shares of DTE Energy by 2.4% in the 3rd quarter. D.A. Davidson & CO. now owns 5,037 shares of the utilities provider’s stock worth $647,000 after buying an additional 119 shares in the last quarter. FMR LLC grew its holdings in DTE Energy by 6.1% during the third quarter. FMR LLC now owns 342,608 shares of the utilities provider’s stock worth $43,994,000 after acquiring an additional 19,678 shares during the period. Townsquare Capital LLC grew its holdings in DTE Energy by 10.1% during the third quarter. Townsquare Capital LLC now owns 8,831 shares of the utilities provider’s stock worth $1,134,000 after acquiring an additional 810 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in DTE Energy by 3.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 64,124 shares of the utilities provider’s stock worth $8,234,000 after acquiring an additional 1,970 shares in the last quarter. Finally, Public Sector Pension Investment Board lifted its holdings in DTE Energy by 2.8% in the 3rd quarter. Public Sector Pension Investment Board now owns 36,133 shares of the utilities provider’s stock valued at $4,640,000 after acquiring an additional 1,000 shares during the last quarter. Institutional investors own 76.06% of the company’s stock.

DTE Energy Stock Up 1.3 %

Shares of DTE Energy stock opened at $138.39 on Tuesday. DTE Energy has a 1 year low of $103.06 and a 1 year high of $139.30. The company has a market cap of $28.72 billion, a P/E ratio of 20.44, a P/E/G ratio of 2.41 and a beta of 0.59. The company has a current ratio of 0.71, a quick ratio of 0.46 and a debt-to-equity ratio of 1.77. The stock has a 50-day moving average price of $129.14 and a 200 day moving average price of $125.35.

DTE Energy (NYSE:DTE) last posted its quarterly earnings results on Thursday, February 13th. The utilities provider reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.01. DTE Energy had a net margin of 11.27% and a return on equity of 12.42%. As a group, analysts expect that DTE Energy will post 7.18 EPS for the current fiscal year.

DTE Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 17th will be paid a dividend of $1.09 per share. This represents a $4.36 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date is Monday, March 17th. DTE Energy’s dividend payout ratio (DPR) is currently 64.40%.

Analyst Upgrades and Downgrades

DTE has been the topic of a number of research reports. BMO Capital Markets boosted their target price on shares of DTE Energy from $125.00 to $135.00 and gave the stock a “market perform” rating in a report on Tuesday, February 18th. Guggenheim upped their price target on DTE Energy from $139.00 to $147.00 and gave the company a “buy” rating in a report on Friday, March 21st. Morgan Stanley raised their price objective on DTE Energy from $131.00 to $136.00 and gave the stock an “overweight” rating in a research note on Thursday, March 20th. UBS Group upgraded DTE Energy from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $129.00 to $143.00 in a report on Tuesday, December 3rd. Finally, Barclays downgraded DTE Energy from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $137.00 to $135.00 in a report on Thursday, February 20th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $138.58.

Insider Activity

In related news, SVP Joann Chavez sold 7,062 shares of DTE Energy stock in a transaction on Monday, February 24th. The stock was sold at an average price of $132.40, for a total transaction of $935,008.80. Following the completion of the sale, the senior vice president now owns 14,067 shares of the company’s stock, valued at approximately $1,862,470.80. This trade represents a 33.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Tracy J. Myrick sold 1,014 shares of the company’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $129.92, for a total value of $131,738.88. Following the completion of the transaction, the chief accounting officer now directly owns 3,437 shares in the company, valued at approximately $446,535.04. The trade was a 22.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 11,877 shares of company stock worth $1,559,205 in the last ninety days. Corporate insiders own 0.33% of the company’s stock.

DTE Energy Profile

DTE Energy Company engages in the utility operations. The company's Electric segment generates, purchases, distributes, and sells electricity to various residential, commercial, and industrial customers in southeastern Michigan. It generates electricity through coal-fired plants, hydroelectric pumped storage, and nuclear plants, as well as wind and solar assets.