Zurcher Kantonalbank Zurich Cantonalbank Trims Stock Holdings in PG&E Co. (NYSE:PCG)

Zurcher Kantonalbank Zurich Cantonalbank cut its holdings in shares of PG&E Co. (NYSE:PCG) by 2.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,019,657 shares of the utilities provider’s stock after selling 25,230 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in PG&E were worth $20,159,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Rothschild Investment LLC purchased a new position in PG&E during the 2nd quarter worth $30,000. UMB Bank n.a. increased its position in PG&E by 84.7% in the 2nd quarter. UMB Bank n.a. now owns 2,204 shares of the utilities provider’s stock valued at $38,000 after acquiring an additional 1,011 shares during the period. Blue Trust Inc. raised its stake in PG&E by 77.0% during the 2nd quarter. Blue Trust Inc. now owns 2,361 shares of the utilities provider’s stock valued at $40,000 after acquiring an additional 1,027 shares during the last quarter. Plato Investment Management Ltd purchased a new stake in PG&E during the 2nd quarter valued at approximately $44,000. Finally, Massmutual Trust Co. FSB ADV grew its stake in shares of PG&E by 48.8% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 3,596 shares of the utilities provider’s stock valued at $63,000 after purchasing an additional 1,179 shares during the last quarter. 78.56% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PCG has been the subject of several analyst reports. Bank of America started coverage on PG&E in a research note on Thursday, September 12th. They set a “buy” rating and a $24.00 price target for the company. Jefferies Financial Group started coverage on shares of PG&E in a research note on Monday, October 14th. They issued a “buy” rating and a $24.00 target price for the company. Morgan Stanley boosted their price target on shares of PG&E from $19.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. Barclays raised their price objective on shares of PG&E from $24.00 to $25.00 and gave the company an “overweight” rating in a research report on Monday, October 21st. Finally, Mizuho increased their price objective on PG&E from $24.00 to $26.00 and gave the stock an “outperform” rating in a research report on Wednesday. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $23.10.

PG&E Stock Performance

NYSE:PCG opened at $21.63 on Friday. The company has a market capitalization of $56.57 billion, a PE ratio of 16.90, a price-to-earnings-growth ratio of 1.66 and a beta of 1.03. PG&E Co. has a 52-week low of $15.94 and a 52-week high of $21.72. The stock has a fifty day simple moving average of $20.44 and a 200-day simple moving average of $19.13. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 2.02.

PG&E (NYSE:PCG) last announced its quarterly earnings results on Thursday, November 7th. The utilities provider reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.05. The company had revenue of $5.94 billion for the quarter, compared to the consensus estimate of $6.58 billion. PG&E had a net margin of 11.11% and a return on equity of 12.51%. The company’s revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.24 earnings per share. On average, equities research analysts expect that PG&E Co. will post 1.36 earnings per share for the current fiscal year.

PG&E Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.18%. The ex-dividend date of this dividend was Monday, September 30th. PG&E’s dividend payout ratio (DPR) is presently 3.13%.

About PG&E

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.