Cornerstone Advisors LLC Lowers Stake in Dominion Energy Inc. (NYSE:D)

Key Points

• Cornerstone Advisors LLC reduced its holdings in Dominion Energy Inc. by 95.5%, leaving them with only 1,700 shares after selling 36,000 shares in the first quarter.
• Other institutional investors made significant changes to their positions, with Schnieders Capital Management increasing their stake by 39% and Atlantic Private Wealth boosting theirs by 166.7%.
• Dominion Energy declared a quarterly dividend of $0.6675 per share, resulting in a 4.4% dividend yield, with a payout ratio of 92.07%.

Cornerstone Advisors LLC trimmed its position in shares of Dominion Energy Inc. (NYSE:D - Free Report) by 95.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,700 shares of the utilities provider's stock after selling 36,000 shares during the quarter. Cornerstone Advisors LLC's holdings in Dominion Energy were worth $95,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Kayne Anderson Rudnick Investment Management LLC grew its stake in shares of Dominion Energy by 450.0% during the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 462 shares of the utilities provider's stock worth $25,000 after purchasing an additional 378 shares during the period. Orion Capital Management LLC purchased a new stake in Dominion Energy during the fourth quarter worth about $27,000. VSM Wealth Advisory LLC acquired a new position in Dominion Energy during the first quarter worth about $28,000. Park Square Financial Group LLC acquired a new position in Dominion Energy during the fourth quarter worth about $27,000. Finally, Navigoe LLC purchased a new position in Dominion Energy in the fourth quarter valued at about $29,000. 73.04% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

D has been the topic of several research analyst reports. Morgan Stanley decreased their price target on Dominion Energy from $62.00 to $60.00 and set an "equal weight" rating on the stock in a research note on Wednesday, June 18th. JPMorgan Chase & Co. lifted their price objective on Dominion Energy from $53.00 to $56.00 and gave the stock an "underweight" rating in a report on Tuesday, July 15th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, Dominion Energy currently has a consensus rating of "Hold" and a consensus target price of $59.14.

Dominion Energy Price Performance

Shares of NYSE D traded up $0.71 on Thursday, hitting $61.68. The company's stock had a trading volume of 5,413,687 shares, compared to its average volume of 4,886,368. The stock has a 50 day moving average of $57.09 and a 200-day moving average of $55.55. The company has a market capitalization of $52.64 billion, a price-to-earnings ratio of 21.27, a price-to-earnings-growth ratio of 1.32 and a beta of 0.57. Dominion Energy Inc. has a 12-month low of $48.07 and a 12-month high of $61.98. The company has a debt-to-equity ratio of 1.35, a current ratio of 0.67 and a quick ratio of 0.53.

Dominion Energy (NYSE:D - Get Free Report) last issued its quarterly earnings data on Friday, August 1st. The utilities provider reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.02). Dominion Energy had a return on equity of 9.68% and a net margin of 16.45%. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.73 billion. During the same quarter in the prior year, the firm earned $0.65 earnings per share. The company's revenue for the quarter was up 9.3% on a year-over-year basis. As a group, research analysts predict that Dominion Energy Inc. will post 3.39 EPS for the current year.

Dominion Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, September 20th. Investors of record on Friday, September 5th will be paid a dividend of $0.6675 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $2.67 dividend on an annualized basis and a dividend yield of 4.3%. Dominion Energy's dividend payout ratio (DPR) is presently 92.07%.

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.