PG&E Co. (NYSE:PCG) Shares Sold by Peapack Gladstone Financial Corp

Peapack Gladstone Financial Corp reduced its stake in shares of PG&E Co. (NYSE:PCG) by 9.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 89,121 shares of the utilities provider’s stock after selling 9,525 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in PG&E were worth $1,761,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Rothschild Investment LLC acquired a new stake in shares of PG&E during the second quarter worth about $30,000. UMB Bank n.a. grew its stake in PG&E by 84.7% during the 2nd quarter. UMB Bank n.a. now owns 2,204 shares of the utilities provider’s stock worth $38,000 after buying an additional 1,011 shares during the last quarter. Blue Trust Inc. increased its position in PG&E by 77.0% during the second quarter. Blue Trust Inc. now owns 2,361 shares of the utilities provider’s stock worth $40,000 after buying an additional 1,027 shares during the period. Plato Investment Management Ltd purchased a new stake in PG&E in the second quarter valued at approximately $44,000. Finally, Crewe Advisors LLC boosted its holdings in shares of PG&E by 243.0% in the second quarter. Crewe Advisors LLC now owns 4,041 shares of the utilities provider’s stock valued at $71,000 after acquiring an additional 2,863 shares during the period. 78.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PCG. Jefferies Financial Group assumed coverage on shares of PG&E in a report on Monday, October 14th. They issued a “buy” rating and a $24.00 target price on the stock. Bank of America began coverage on shares of PG&E in a research note on Thursday, September 12th. They set a “buy” rating and a $24.00 target price for the company. Barclays boosted their price target on PG&E from $24.00 to $25.00 and gave the company an “overweight” rating in a research report on Monday, October 21st. Morgan Stanley increased their price objective on PG&E from $19.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. Finally, UBS Group boosted their target price on PG&E from $24.00 to $26.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $23.10.

PG&E Stock Down 0.9 %

PG&E stock opened at $19.75 on Friday. The stock’s 50 day moving average price is $20.52 and its 200 day moving average price is $19.26. The company has a market cap of $51.65 billion, a PE ratio of 15.43, a price-to-earnings-growth ratio of 1.51 and a beta of 1.01. The company has a debt-to-equity ratio of 2.02, a current ratio of 1.04 and a quick ratio of 0.99. PG&E Co. has a 1-year low of $15.94 and a 1-year high of $21.72.

PG&E (NYSE:PCG) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.05. PG&E had a net margin of 11.11% and a return on equity of 12.51%. The business had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $6.58 billion. During the same period in the prior year, the company posted $0.24 EPS. The business’s revenue for the quarter was up .9% on a year-over-year basis. On average, sell-side analysts predict that PG&E Co. will post 1.36 EPS for the current fiscal year.

PG&E Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.025 per share. This is a positive change from PG&E’s previous quarterly dividend of $0.01. The ex-dividend date is Tuesday, December 31st. This represents a $0.10 annualized dividend and a dividend yield of 0.51%. PG&E’s payout ratio is 7.81%.

Insider Buying and Selling

In other PG&E news, CEO Patricia K. Poppe sold 55,555 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $20.66, for a total transaction of $1,147,766.30. Following the sale, the chief executive officer now directly owns 1,460,222 shares in the company, valued at approximately $30,168,186.52. The trade was a 3.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.15% of the company’s stock.

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.