PNC Financial Services Group Inc. Cuts Holdings in Dominion Energy, Inc. (NYSE:D)

PNC Financial Services Group Inc. decreased its position in Dominion Energy, Inc. (NYSE:D) by 4.8% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,138,288 shares of the utilities provider’s stock after selling 57,016 shares during the period. PNC Financial Services Group Inc.’s holdings in Dominion Energy were worth $65,782,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Price T Rowe Associates Inc. MD raised its position in Dominion Energy by 12.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 24,494,873 shares of the utilities provider’s stock worth $1,204,904,000 after acquiring an additional 2,801,687 shares during the period. International Assets Investment Management LLC raised its stake in shares of Dominion Energy by 7,438.3% in the third quarter. International Assets Investment Management LLC now owns 1,483,538 shares of the utilities provider’s stock valued at $85,734,000 after buying an additional 1,463,858 shares during the period. Jupiter Asset Management Ltd. bought a new position in shares of Dominion Energy during the 2nd quarter worth $67,854,000. Assenagon Asset Management S.A. increased its holdings in Dominion Energy by 707.4% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,211,939 shares of the utilities provider’s stock worth $70,038,000 after acquiring an additional 1,061,829 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Dominion Energy by 6.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 14,979,739 shares of the utilities provider’s stock valued at $734,007,000 after acquiring an additional 940,402 shares during the period. Hedge funds and other institutional investors own 73.04% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Scotiabank lifted their target price on shares of Dominion Energy from $48.00 to $58.00 and gave the stock a “sector perform” rating in a research note on Tuesday, August 20th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $61.00 price objective on shares of Dominion Energy in a research note on Friday, November 8th. JPMorgan Chase & Co. increased their target price on Dominion Energy from $54.00 to $57.00 and gave the stock a “neutral” rating in a research report on Monday, August 12th. Jefferies Financial Group started coverage on Dominion Energy in a research report on Friday, September 20th. They issued a “hold” rating and a $58.00 price target for the company. Finally, Barclays increased their price objective on Dominion Energy from $54.00 to $58.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. Ten research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $55.91.

Dominion Energy Stock Performance

Shares of D opened at $57.80 on Thursday. Dominion Energy, Inc. has a 12-month low of $43.53 and a 12-month high of $61.97. The company has a current ratio of 0.74, a quick ratio of 0.58 and a debt-to-equity ratio of 1.42. The company has a market cap of $48.55 billion, a PE ratio of 20.28, a price-to-earnings-growth ratio of 1.53 and a beta of 0.59. The stock has a 50-day moving average price of $58.05 and a 200-day moving average price of $54.73.

Dominion Energy (NYSE:D) last announced its earnings results on Friday, November 1st. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.05. The business had revenue of $3.94 billion during the quarter, compared to analyst estimates of $4.18 billion. Dominion Energy had a net margin of 16.95% and a return on equity of 8.35%. Dominion Energy’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.77 earnings per share. As a group, equities analysts forecast that Dominion Energy, Inc. will post 2.76 earnings per share for the current fiscal year.

Dominion Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.6675 per share. This represents a $2.67 annualized dividend and a yield of 4.62%. The ex-dividend date is Friday, November 29th. Dominion Energy’s dividend payout ratio (DPR) is currently 93.68%.

Dominion Energy Company Profile

Dominion Energy, Inc produces and distributes energy in the United States. It operates through three operating segments: Dominion Energy Virginia, Dominion Energy South Carolina, and Contracted Energy. The Dominion Energy Virginia segment generates, transmits, and distributes regulated electricity to approximately 2.8 million residential, commercial, industrial, and governmental customers in Virginia and North Carolina.