PNC Financial Services Group Inc. Has $2.98 Million Stake in The AES Co. (NYSE:AES)

PNC Financial Services Group Inc. lowered its stake in The AES Co. (NYSE:AES) by 5.2% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 148,618 shares of the utilities provider’s stock after selling 8,212 shares during the quarter. PNC Financial Services Group Inc.’s holdings in AES were worth $2,981,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. CWM LLC increased its stake in shares of AES by 2.4% in the 2nd quarter. CWM LLC now owns 27,122 shares of the utilities provider’s stock valued at $477,000 after acquiring an additional 628 shares in the last quarter. Cromwell Holdings LLC increased its stake in AES by 59.1% during the 3rd quarter. Cromwell Holdings LLC now owns 1,723 shares of the utilities provider’s stock valued at $35,000 after purchasing an additional 640 shares in the last quarter. Raymond James Trust N.A. increased its stake in AES by 1.6% during the 2nd quarter. Raymond James Trust N.A. now owns 44,433 shares of the utilities provider’s stock valued at $781,000 after purchasing an additional 711 shares in the last quarter. Rise Advisors LLC increased its stake in AES by 92.4% during the 2nd quarter. Rise Advisors LLC now owns 1,499 shares of the utilities provider’s stock valued at $26,000 after purchasing an additional 720 shares in the last quarter. Finally, SeaCrest Wealth Management LLC increased its stake in AES by 3.2% during the 3rd quarter. SeaCrest Wealth Management LLC now owns 26,301 shares of the utilities provider’s stock valued at $528,000 after purchasing an additional 826 shares in the last quarter. Institutional investors own 93.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Bank of America assumed coverage on shares of AES in a research note on Monday. They set an “underperform” rating and a $11.00 price target for the company. Evercore ISI upgraded shares of AES to a “strong-buy” rating in a research note on Wednesday, September 18th. Mizuho reduced their target price on shares of AES from $24.00 to $16.00 and set an “outperform” rating for the company in a research note on Thursday, November 21st. Barclays upped their target price on shares of AES from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. Finally, Jefferies Financial Group began coverage on shares of AES in a research note on Wednesday, September 11th. They issued a “buy” rating and a $20.00 target price for the company. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $20.22.

AES Price Performance

Shares of NYSE:AES opened at $13.16 on Tuesday. The company’s 50-day moving average is $16.85 and its 200 day moving average is $17.89. 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 company has a market capitalization of $9.36 billion, a P/E 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.

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

AES Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Friday, November 1st were issued a dividend of $0.1725 per share. This represents a $0.69 annualized dividend and a yield of 5.24%. The ex-dividend date was Friday, November 1st. AES’s dividend payout ratio (DPR) is presently 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.