Dominion Resources Inc. (D) Shares Sold by First Citizens Bank & Trust Co.
First Citizens Bank & Trust Co. decreased its stake in Dominion Resources Inc. (NYSE:D) by 18.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,401 shares of the company’s stock after selling 1,905 shares during the period. First Citizens Bank & Trust Co.’s holdings in Dominion Resources were worth $655,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Virginia Retirement System bought a new position in Dominion Resources during the first quarter valued at $725,000. JPMorgan Chase & Co. increased its position in Dominion Resources by 6.6% in the first quarter. JPMorgan Chase & Co. now owns 464,088 shares of the company’s stock valued at $34,861,000 after buying an additional 28,724 shares during the period. NN Investment Partners Holdings N.V. bought a new position in Dominion Resources during the first quarter valued at $1,227,000. Aviva PLC increased its position in Dominion Resources by 1.6% in the first quarter. Aviva PLC now owns 308,821 shares of the company’s stock valued at $23,199,000 after buying an additional 5,000 shares during the period. Finally, Meiji Yasuda Asset Management Co Ltd. bought a new position in Dominion Resources during the first quarter valued at $218,000. Hedge funds and other institutional investors own 63.21% of the company’s stock.
Dominion Resources Inc. (NYSE:D) traded down 0.72% during trading on Friday, hitting $72.78. 1,694,062 shares of the company were exchanged. The company has a market capitalization of $45.54 billion, a price-to-earnings ratio of 22.69 and a beta of 0.20. Dominion Resources Inc. has a 12 month low of $64.54 and a 12 month high of $78.97. The company has a 50-day moving average of $74.40 and a 200-day moving average of $74.24.
Dominion Resources (NYSE:D) last released its quarterly earnings data on Wednesday, August 3rd. The company reported $0.71 EPS for the quarter, hitting analysts’ consensus estimates of $0.71. The firm had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.99 billion. Dominion Resources had a net margin of 17.44% and a return on equity of 14.48%. The firm’s revenue was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.73 earnings per share. Analysts forecast that Dominion Resources Inc. will post $3.79 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 20th. Shareholders of record on Friday, September 2nd were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date was Wednesday, August 31st. Dominion Resources’s payout ratio is currently 87.23%.
Several research analysts recently weighed in on D shares. JPMorgan Chase & Co. downgraded shares of Dominion Resources from an “overweight” rating to a “neutral” rating and upped their price target for the stock from $76.00 to $81.00 in a research report on Thursday, June 16th. They noted that the move was a valuation call. BMO Capital Markets restated a “hold” rating and set a $77.00 price target on shares of Dominion Resources in a research report on Wednesday, June 22nd. Zacks Investment Research downgraded shares of Dominion Resources from a “hold” rating to a “sell” rating in a report on Friday, July 22nd. Morgan Stanley downgraded shares of Dominion Resources from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $82.00 to $79.00 in a report on Monday, August 8th. They noted that the move was a valuation call. Finally, Canaccord Genuity reiterated a “hold” rating on shares of Dominion Resources in a report on Friday, August 12th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the stock. Dominion Resources has a consensus rating of “Hold” and an average price target of $76.77.
About Dominion Resources
Dominion Resources, Inc (Dominion) is a holding company. The Company is a producer and transporter of energy. The Company is a provider of electricity, natural gas and related services to customers in the eastern region of the United States. The Company operates through three segments: Dominion Virginia Power (DVP), Dominion Generation and Dominion Energy.
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