PNC Financial Services Group Inc. Boosts Holdings in PG&E Co. (NYSE:PCG)

PNC Financial Services Group Inc. boosted its stake in PG&E Co. (NYSE:PCG) by 15.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 91,289 shares of the utilities provider’s stock after acquiring an additional 12,226 shares during the period. PNC Financial Services Group Inc.’s holdings in PG&E were worth $1,805,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of PCG. King Street Capital Management L.P. purchased a new stake in PG&E in the 2nd quarter valued at $1,964,250,000. Massachusetts Financial Services Co. MA increased its stake in PG&E by 17.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 101,910,190 shares of the utilities provider’s stock valued at $1,779,352,000 after purchasing an additional 14,998,472 shares during the period. Bank of Montreal Can increased its stake in PG&E by 4.1% in the second quarter. Bank of Montreal Can now owns 13,320,166 shares of the utilities provider’s stock valued at $234,701,000 after purchasing an additional 526,645 shares during the period. Artemis Investment Management LLP raised its holdings in shares of PG&E by 3.4% in the second quarter. Artemis Investment Management LLP now owns 6,873,401 shares of the utilities provider’s stock valued at $120,010,000 after buying an additional 223,942 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of PG&E by 5.3% during the second quarter. Dimensional Fund Advisors LP now owns 6,651,723 shares of the utilities provider’s stock worth $116,141,000 after buying an additional 335,306 shares during the period. Institutional investors and hedge funds own 78.56% of the company’s stock.

Analysts Set New Price Targets

PCG has been the subject of several analyst reports. Barclays upped their price objective on PG&E from $24.00 to $25.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. Jefferies Financial Group initiated coverage on PG&E in a report on Monday, October 14th. They set a “buy” rating and a $24.00 price target for the company. UBS Group lifted their price objective on shares of PG&E from $24.00 to $26.00 and gave the company a “buy” rating in a research report 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 note on Wednesday, September 25th. Finally, Bank of America started coverage on shares of PG&E in a research note on Thursday, September 12th. They set a “buy” rating and a $24.00 price target on the stock. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.80.

PG&E Stock Up 1.5 %

PCG opened at $21.51 on Wednesday. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.99 and a current ratio of 1.04. The company has a market cap of $56.25 billion, a price-to-earnings ratio of 16.80, a PEG ratio of 1.64 and a beta of 1.03. PG&E Co. has a one year low of $15.94 and a one year high of $21.56. The business’s fifty day moving average is $20.29 and its two-hundred day moving average is $19.04.

PG&E (NYSE:PCG) last released its quarterly earnings results on Thursday, November 7th. The utilities provider reported $0.37 EPS for the quarter, beating 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 business had revenue of $5.94 billion for the quarter, compared to analyst estimates of $6.58 billion. During the same period in the prior year, the business earned $0.24 earnings per share. The company’s quarterly revenue was up .9% on a year-over-year basis. Analysts anticipate that PG&E Co. will post 1.36 EPS for the current fiscal year.

PG&E Dividend Announcement

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

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.