PNC Financial Services Group Inc. Increases Stock Holdings in PG&E Co. (NYSE:PCG)

PNC Financial Services Group Inc. increased its holdings in PG&E Co. (NYSE:PCG) by 18.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 70,077 shares of the utilities provider’s stock after purchasing an additional 11,094 shares during the period. PNC Financial Services Group Inc.’s holdings in PG&E were worth $1,263,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Raymond James Trust N.A. grew its position in shares of PG&E by 4.2% in the fourth quarter. Raymond James Trust N.A. now owns 17,013 shares of the utilities provider’s stock valued at $307,000 after purchasing an additional 680 shares during the period. Bleakley Financial Group LLC grew its position in PG&E by 1.5% during the fourth quarter. Bleakley Financial Group LLC now owns 45,332 shares of the utilities provider’s stock valued at $817,000 after acquiring an additional 691 shares during the period. Parallel Advisors LLC grew its position in PG&E by 2.1% during the fourth quarter. Parallel Advisors LLC now owns 35,427 shares of the utilities provider’s stock valued at $639,000 after acquiring an additional 712 shares during the period. Glenmede Trust Co. NA grew its position in PG&E by 5.5% during the third quarter. Glenmede Trust Co. NA now owns 15,982 shares of the utilities provider’s stock valued at $258,000 after acquiring an additional 835 shares during the period. Finally, Caprock Group LLC grew its position in PG&E by 5.1% during the fourth quarter. Caprock Group LLC now owns 20,496 shares of the utilities provider’s stock valued at $370,000 after acquiring an additional 999 shares during the period. Hedge funds and other institutional investors own 78.56% of the company’s stock.

PG&E Price Performance

NYSE PCG opened at $17.66 on Friday. PG&E Co. has a fifty-two week low of $14.71 and a fifty-two week high of $18.95. The stock’s 50-day moving average is $17.81 and its two-hundred day moving average is $17.25. The company has a debt-to-equity ratio of 2.08, a current ratio of 0.99 and a quick ratio of 0.93. The firm has a market cap of $50.85 billion, a P/E ratio of 15.77 and a beta of 1.19.

PG&E (NYSE:PCG) last posted its earnings results on Thursday, April 25th. The utilities provider reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.02. PG&E had a return on equity of 11.32% and a net margin of 10.05%. The company had revenue of $5.86 billion for the quarter, compared to analyst estimates of $6.60 billion. During the same period last year, the company earned $0.29 earnings per share. The business’s revenue was down 5.6% compared to the same quarter last year. On average, analysts anticipate that PG&E Co. will post 1.35 earnings per share for the current fiscal year.

PG&E Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued a dividend of $0.01 per share. The ex-dividend date is Friday, June 28th. This represents a $0.04 annualized dividend and a yield of 0.23%. PG&E’s dividend payout ratio (DPR) is currently 3.57%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PCG shares. Morgan Stanley boosted their price target on PG&E from $16.00 to $18.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 28th. Mizuho upped their price objective on PG&E from $21.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, May 17th. JPMorgan Chase & Co. raised PG&E from a “neutral” rating to an “overweight” rating and upped their target price for the company from $19.00 to $22.00 in a report on Monday, June 10th. Citigroup upped their target price on PG&E from $19.00 to $21.00 and gave the company a “buy” rating in a report on Friday, June 14th. Finally, The Goldman Sachs Group assumed coverage on PG&E in a report on Wednesday, April 10th. They set a “buy” rating and a $21.00 target price for the company. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $20.22.

Insider Buying and Selling at PG&E

In other news, CEO Patricia K. Poppe sold 59,000 shares of PG&E stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $17.08, for a total value of $1,007,720.00. Following the transaction, the chief executive officer now directly owns 1,515,777 shares in the company, valued at $25,889,471.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.15% of the company’s stock.

PG&E Profile

PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to customers in northern and central California, the United States. It generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cell, and photovoltaic sources.