PNC Financial Services Group Inc. Sells 8,284 Shares of Enbridge Inc. (NYSE:ENB)

PNC Financial Services Group Inc. lessened its position in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 2.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 369,601 shares of the pipeline company’s stock after selling 8,284 shares during the period. PNC Financial Services Group Inc.’s holdings in Enbridge were worth $13,313,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of ENB. Daiwa Securities Group Inc. grew its stake in shares of Enbridge by 82.4% during the 3rd quarter. Daiwa Securities Group Inc. now owns 19,700 shares of the pipeline company’s stock worth $654,000 after acquiring an additional 8,900 shares in the last quarter. SteelPeak Wealth LLC acquired a new position in Enbridge during the third quarter worth $229,000. Larson Financial Group LLC increased its stake in shares of Enbridge by 21.4% during the 3rd quarter. Larson Financial Group LLC now owns 5,649 shares of the pipeline company’s stock worth $189,000 after purchasing an additional 997 shares during the last quarter. MGO One Seven LLC raised its holdings in shares of Enbridge by 25.9% in the 3rd quarter. MGO One Seven LLC now owns 29,585 shares of the pipeline company’s stock valued at $987,000 after purchasing an additional 6,077 shares during the period. Finally, Corient Private Wealth LLC lifted its position in shares of Enbridge by 15.6% in the third quarter. Corient Private Wealth LLC now owns 310,895 shares of the pipeline company’s stock valued at $10,309,000 after buying an additional 41,975 shares during the last quarter. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group started coverage on Enbridge in a report on Tuesday, February 27th. They set a “buy” rating for the company. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $55.20.

Enbridge Stock Down 0.5 %

NYSE:ENB opened at $36.60 on Thursday. The company has a debt-to-equity ratio of 1.35, a current ratio of 0.68 and a quick ratio of 0.59. Enbridge Inc. has a one year low of $31.03 and a one year high of $38.37. The firm’s 50 day simple moving average is $35.81 and its 200 day simple moving average is $35.36. The company has a market cap of $77.81 billion, a PE ratio of 18.58, a P/E/G ratio of 3.47 and a beta of 0.86.

Enbridge Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Wednesday, May 15th will be issued a dividend of $0.677 per share. This is an increase from Enbridge’s previous quarterly dividend of $0.66. This represents a $2.71 dividend on an annualized basis and a yield of 7.40%. The ex-dividend date of this dividend is Tuesday, May 14th. Enbridge’s dividend payout ratio (DPR) is presently 136.04%.

About Enbridge

Enbridge Inc, together with its subsidiaries, operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.