Bank of New York Mellon Corp Trims Holdings in PG&E Co. (NYSE:PCG)

Bank of New York Mellon Corp cut its stake in PG&E Co. (NYSE:PCG) by 0.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,493,291 shares of the utilities provider’s stock after selling 4,299 shares during the period. Bank of New York Mellon Corp owned 0.44% of PG&E worth $231,935,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in PCG. Union Bancaire Privee UBP SA acquired a new stake in shares of PG&E in the 4th quarter valued at about $1,862,000. Howard Capital Management Inc. raised its stake in PG&E by 32.8% during the fourth quarter. Howard Capital Management Inc. now owns 59,799 shares of the utilities provider’s stock valued at $1,207,000 after buying an additional 14,786 shares in the last quarter. TCW Group Inc. lifted its holdings in PG&E by 5.2% during the 4th quarter. TCW Group Inc. now owns 30,737 shares of the utilities provider’s stock worth $620,000 after buying an additional 1,525 shares during the last quarter. First Horizon Advisors Inc. grew its position in shares of PG&E by 746.0% in the 4th quarter. First Horizon Advisors Inc. now owns 5,465 shares of the utilities provider’s stock worth $110,000 after acquiring an additional 4,819 shares in the last quarter. Finally, Transcend Capital Advisors LLC grew its position in shares of PG&E by 8.2% in the 4th quarter. Transcend Capital Advisors LLC now owns 22,940 shares of the utilities provider’s stock worth $463,000 after acquiring an additional 1,729 shares in the last quarter. 78.56% of the stock is currently owned by institutional investors.

PG&E Stock Performance

Shares of PCG stock opened at $15.95 on Friday. The company has a debt-to-equity ratio of 1.86, a current ratio of 1.05 and a quick ratio of 1.00. PG&E Co. has a 12-month low of $14.99 and a 12-month high of $21.72. The business has a 50 day simple moving average of $17.29 and a 200 day simple moving average of $19.07. The firm has a market capitalization of $42.59 billion, a price-to-earnings ratio of 13.87, a price-to-earnings-growth ratio of 1.09 and a beta of 0.99.

PG&E (NYSE:PCG) last issued its quarterly earnings results on Thursday, February 13th. The utilities provider reported $0.31 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.31. The company had revenue of $6.63 billion during the quarter, compared to analyst estimates of $7.29 billion. PG&E had a net margin of 10.27% and a return on equity of 10.94%. During the same period in the prior year, the business posted $0.47 EPS. On average, equities research analysts anticipate that PG&E Co. will post 1.49 EPS for the current year.

PG&E Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a dividend of $0.025 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.10 annualized dividend and a yield of 0.63%. PG&E’s dividend payout ratio is currently 8.70%.

Insider Buying and Selling

In related news, Director Arno Lockheart Harris purchased 6,389 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The stock was acquired at an average price of $15.66 per share, for a total transaction of $100,051.74. Following the transaction, the director now directly owns 14,864 shares of the company’s stock, valued at $232,770.24. This trade represents a 75.39 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Patricia K. Poppe sold 55,555 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 1,460,222 shares of the company’s stock, valued at approximately $30,168,186.52. The trade was a 3.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.15% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on PCG. UBS Group reduced their price objective on PG&E from $24.00 to $22.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. BMO Capital Markets lifted their price target on shares of PG&E from $21.00 to $23.00 and gave the company an “outperform” rating in a report on Tuesday, February 18th. Morgan Stanley downgraded shares of PG&E from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $20.00 to $16.50 in a research report on Friday, February 14th. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $22.00 target price on shares of PG&E in a report on Wednesday, February 12th. Finally, Guggenheim lowered PG&E from a “buy” rating to a “neutral” rating in a report on Tuesday, February 18th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $22.23.

PG&E Profile

PG&E Corp. operates as a holding company, which engages in generation, transmission, and distribution of electricity and natural gas to customers. It specializes in energy, utility, power, gas, electricity, solar and sustainability. The company was founded in 1995 and is headquartered in Oakland, CA.