PNC Financial Services Group Inc. Lowers Stock Holdings in The AES Co. (NYSE:AES)

PNC Financial Services Group Inc. trimmed its position in The AES Co. (NYSE:AES) by 5.2% during the third quarter, HoldingsChannel reports. The institutional investor owned 148,618 shares of the utilities provider’s stock after selling 8,212 shares during the period. PNC Financial Services Group Inc.’s holdings in AES were worth $2,981,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of AES in the third quarter worth about $2,573,000. Lingohr Asset Management GmbH increased its position in shares of AES by 17.9% in the third quarter. Lingohr Asset Management GmbH now owns 46,463 shares of the utilities provider’s stock worth $922,000 after purchasing an additional 7,039 shares during the last quarter. Thrivent Financial for Lutherans increased its position in shares of AES by 664.7% in the third quarter. Thrivent Financial for Lutherans now owns 219,270 shares of the utilities provider’s stock worth $4,398,000 after purchasing an additional 190,596 shares during the last quarter. Frazier Financial Advisors LLC increased its position in shares of AES by 160.3% in the third quarter. Frazier Financial Advisors LLC now owns 6,983 shares of the utilities provider’s stock worth $140,000 after purchasing an additional 4,300 shares during the last quarter. Finally, River Street Advisors LLC increased its position in shares of AES by 8.1% in the third quarter. River Street Advisors LLC now owns 18,240 shares of the utilities provider’s stock worth $366,000 after purchasing an additional 1,373 shares during the last quarter. 93.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Jefferies Financial Group assumed coverage on shares of AES in a research report on Wednesday, September 11th. They issued a “buy” rating and a $20.00 price objective on the stock. Mizuho decreased their price objective on shares of AES from $24.00 to $16.00 and set an “outperform” rating on the stock in a research report on Thursday, November 21st. Evercore ISI upgraded shares of AES to a “strong-buy” rating in a research report on Wednesday, September 18th. Barclays increased their price target on shares of AES from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Monday, October 21st. Finally, Bank of America assumed coverage on shares of AES in a research report on Monday. They set an “underperform” rating and a $11.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, AES has a consensus rating of “Moderate Buy” and a consensus target price of $20.22.

AES Stock Performance

NYSE:AES opened at $13.16 on Tuesday. The firm has a market cap of $9.36 billion, a PE ratio of 9.14 and a beta of 1.10. The AES Co. has a fifty-two week low of $12.97 and a fifty-two week high of $22.21. The company has a debt-to-equity ratio of 3.21, a quick ratio of 0.80 and a current ratio of 0.85. The business has a 50 day moving average price of $16.85 and a 200-day moving average price of $17.89.

AES (NYSE:AES) last released its quarterly earnings data on Thursday, October 31st. The utilities provider reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.11. The firm had revenue of $3.29 billion during the quarter, compared to analyst estimates of $3.46 billion. AES had a return on equity of 27.30% and a net margin of 8.34%. The business’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.60 earnings per share. Equities research analysts predict that The AES Co. will post 1.94 earnings per share for the current year.

AES Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Friday, November 1st were paid a $0.1725 dividend. This represents a $0.69 dividend on an annualized basis and a yield of 5.24%. The ex-dividend date of this dividend was Friday, November 1st. AES’s payout ratio is 47.92%.

About AES

The AES Corporation, together with its subsidiaries, operates as a diversified power generation and utility company in the United States and internationally. The company owns and/or operates power plants to generate and sell power to customers, such as utilities, industrial users, and other intermediaries; owns and/or operates utilities to generate or purchase, distribute, transmit, and sell electricity to end-user customers in the residential, commercial, industrial, and governmental sectors; and generates and sells electricity on the wholesale market.