Janney Montgomery Scott LLC Increases Position in PG&E Co. (NYSE:PCG)

Janney Montgomery Scott LLC lifted its position in PG&E Co. (NYSE:PCG) by 17.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 80,874 shares of the utilities provider’s stock after purchasing an additional 12,092 shares during the period. Janney Montgomery Scott LLC’s holdings in PG&E were worth $1,599,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Jupiter Asset Management Ltd. purchased a new stake in shares of PG&E in the first quarter worth $2,153,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in PG&E by 19.8% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,486,117 shares of the utilities provider’s stock valued at $41,667,000 after acquiring an additional 410,409 shares in the last quarter. Bayesian Capital Management LP purchased a new position in PG&E during the first quarter valued at $2,377,000. Scientech Research LLC purchased a new position in PG&E during the second quarter valued at $1,122,000. Finally, Allspring Global Investments Holdings LLC grew its stake in PG&E by 808.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,243,020 shares of the utilities provider’s stock valued at $21,703,000 after acquiring an additional 1,106,200 shares in the last quarter. 78.56% of the stock is owned by hedge funds and other institutional investors.

PG&E Price Performance

PG&E stock opened at $21.28 on Thursday. The firm has a 50-day moving average price of $20.10 and a 200-day moving average price of $18.83. The firm has a market capitalization of $55.65 billion, a PE ratio of 16.63, a price-to-earnings-growth ratio of 1.63 and a beta of 1.03. The company has a current ratio of 1.04, a quick ratio of 0.99 and a debt-to-equity ratio of 2.02. PG&E Co. has a 12-month low of $15.94 and a 12-month high of $21.51.

PG&E (NYSE:PCG) last released its earnings results on Thursday, November 7th. The utilities provider reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.05. PG&E had a net margin of 11.11% and a return on equity of 12.51%. The firm had revenue of $5.94 billion during the quarter, compared to analyst estimates of $6.58 billion. During the same quarter last year, the business earned $0.24 EPS. The business’s revenue was up .9% on a year-over-year basis. As a group, equities research analysts forecast that PG&E Co. will post 1.36 EPS for the current year.

PG&E Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $0.01 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.04 dividend on an annualized basis and a yield of 0.19%. PG&E’s payout ratio is 3.13%.

Analyst Ratings Changes

PCG has been the subject of several research analyst reports. Wells Fargo & Company raised their target price on shares of PG&E from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. UBS Group raised their target price on shares of PG&E from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Jefferies Financial Group began coverage on shares of PG&E in a research report on Monday, October 14th. They set a “buy” rating and a $24.00 price objective for the company. Morgan Stanley increased their price objective on shares of PG&E from $19.00 to $20.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. Finally, Bank of America began coverage on shares of PG&E in a research report on Thursday, September 12th. They set a “buy” rating and a $24.00 price objective for the company. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $22.80.

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.