Wallace Advisory Group LLC Sells 983 Shares of PG&E Co. (NYSE:PCG)

Wallace Advisory Group LLC decreased its position in PG&E Co. (NYSE:PCG) by 2.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 33,083 shares of the utilities provider’s stock after selling 983 shares during the quarter. Wallace Advisory Group LLC’s holdings in PG&E were worth $654,000 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. Axxcess Wealth Management LLC lifted its stake in PG&E by 3.5% in the first quarter. Axxcess Wealth Management LLC now owns 18,217 shares of the utilities provider’s stock worth $305,000 after purchasing an additional 614 shares during the last quarter. Ballentine Partners LLC raised its holdings in shares of PG&E by 3.1% in the second quarter. Ballentine Partners LLC now owns 22,458 shares of the utilities provider’s stock worth $392,000 after buying an additional 666 shares during the period. Alta Advisers Ltd lifted its stake in shares of PG&E by 19.5% during the 2nd quarter. Alta Advisers Ltd now owns 4,900 shares of the utilities provider’s stock worth $86,000 after acquiring an additional 800 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in PG&E by 14.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 6,830 shares of the utilities provider’s stock valued at $125,000 after acquiring an additional 863 shares during the period. Finally, Meeder Advisory Services Inc. grew its position in PG&E by 8.0% in the 1st quarter. Meeder Advisory Services Inc. now owns 12,363 shares of the utilities provider’s stock valued at $207,000 after acquiring an additional 917 shares during the last quarter. 78.56% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, VP Stephanie N. Williams sold 38,601 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $18.32, for a total value of $707,170.32. Following the completion of the transaction, the vice president now directly owns 19,114 shares of the company’s stock, valued at $350,168.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.15% of the company’s stock.

PG&E Stock Up 1.1 %

PG&E stock traded up $0.22 during trading hours on Friday, reaching $19.71. The stock had a trading volume of 11,552,210 shares, compared to its average volume of 14,329,122. PG&E Co. has a 52 week low of $14.87 and a 52 week high of $20.65. The company has a market cap of $56.75 billion, a price-to-earnings ratio of 17.60, a PEG ratio of 1.52 and a beta of 1.01. The company has a debt-to-equity ratio of 1.99, a current ratio of 0.90 and a quick ratio of 0.86. The business’s 50 day moving average price is $19.19 and its 200-day moving average price is $18.10.

PG&E (NYSE:PCG) last posted its earnings results on Thursday, July 25th. The utilities provider reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.30 by $0.01. PG&E had a net margin of 10.22% and a return on equity of 11.76%. The company had revenue of $5.99 billion during the quarter, compared to analysts’ expectations of $5.86 billion. During the same quarter in the prior year, the company posted $0.23 earnings per share. PG&E’s revenue for the quarter was up 13.2% compared to the same quarter last year. Sell-side analysts anticipate that PG&E Co. will post 1.36 EPS for the current year.

PG&E Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.20%. The ex-dividend date of this dividend is Monday, September 30th. PG&E’s dividend payout ratio (DPR) is presently 3.57%.

Wall Street Analyst Weigh In

PCG has been the subject of a number of recent analyst reports. UBS Group boosted 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. Morgan Stanley raised their target price on shares of PG&E from $19.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. Wells Fargo & Company increased their price objective on PG&E from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Citigroup lifted their target price on PG&E from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Friday, June 14th. Finally, Barclays increased their price target on PG&E from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Three investment analysts have rated the stock with a hold rating and eight 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 a consensus price target of $21.55.

PG&E Company 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.