Exelon Corporation (EXC) is the largest competitive utility in the country. All of the top five institutional investors increased their positions in Exelon in 4Q17.
The Vanguard Group added net 2.3 million shares of Exelon during the quarter, which took its stake to 7.36%. It held more than 71 million shares of Exelon at the end of December 31.
Fidelity Management became the second-largest institutional investor in Exelon last quarter, adding 6.12 million shares. In 3Q17, Fidelity was the third-biggest institution in Exelon. As of December 31, it held 58.22 million shares of the utility with more than a 6% stake. Wellington Management Company added 0.16 million shares in Exelon during the fourth quarter.
T. Rowe Price was one of the top institutional investors in Exelon in 3Q17. It sold nearly 17.2 million shares in 4Q17. As on December 31, it held 1.37% of Exelon’s total outstanding shares.
Exelon, the largest utility by revenue as well, offers an upside potential of more than 13% in a year. Wall Street analysts have given the stock a mean price target of $41.94, against its current market price of $37.05.
Exelon’s discounted valuation in 4Q17 might have attracted institutions during the quarter. Its larger exposure to competitive operations largely makes its earnings less stable. So its market performance was more volatile compared to peers (XLU).