Sumitomo Mitsui Trust Group Inc. trimmed its stake in shares of Pacific Gas & Electric Co. (NYSE:PCG – Free Report) by 4.4% during the third quarter, Holdings Channel reports. The firm owned 4,976,438 shares of the utilities provider’s stock after selling 226,841 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Pacific Gas & Electric were worth $60,961,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the stock. Sterling Capital Management LLC raised its holdings in shares of Pacific Gas & Electric by 23.6% in the 3rd quarter. Sterling Capital Management LLC now owns 81,861 shares of the utilities provider’s stock worth $1,003,000 after buying an additional 15,622 shares in the last quarter. Fox Hill Wealth Management acquired a new stake in Pacific Gas & Electric in the 2nd quarter valued at $1,818,000. Rakuten Investment Management Inc. acquired a new stake in Pacific Gas & Electric in the 2nd quarter valued at $6,210,000. Glenview Trust Co acquired a new stake in Pacific Gas & Electric in the 2nd quarter valued at $208,000. Finally, Empowered Funds LLC acquired a new stake in Pacific Gas & Electric in the 2nd quarter valued at $8,566,000. 78.56% of the stock is currently owned by institutional investors.
Pacific Gas & Electric Stock Down 0.2%
NYSE PCG opened at $13.26 on Wednesday. The stock’s 50 day simple moving average is $13.46 and its 200 day simple moving average is $16.21. Pacific Gas & Electric Co. has a one year low of $11.77 and a one year high of $19.16. The firm has a market cap of $35.53 billion, a PE ratio of 8.30, a price-to-earnings-growth ratio of 1.06 and a beta of 0.17. The company has a debt-to-equity ratio of 1.85, a current ratio of 1.03 and a quick ratio of 0.97.
Pacific Gas & Electric (NYSE:PCG – Get Free Report) last issued its quarterly earnings data on Thursday, October 22nd. The utilities provider reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.01). Pacific Gas & Electric had a net margin of 12.00% and a return on equity of 11.49%. The business had revenue of $6.19 billion during the quarter, compared to the consensus estimate of $6.82 billion. During the same quarter in the previous year, the firm posted $0.50 EPS. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Pacific Gas & Electric Co. will post 1.65 earnings per share for the current fiscal year.
Pacific Gas & Electric Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Wednesday, September 30th. Pacific Gas & Electric’s dividend payout ratio is presently 14.81%.
Wall Street Analyst Weigh In
A number of analysts have weighed in on PCG shares. Jefferies Financial Group lowered their price target on Pacific Gas & Electric from $19.00 to $14.00 in a research report on Wednesday, October 21st. Mizuho cut their price objective on Pacific Gas & Electric from $16.00 to $14.00 and set a “neutral” rating for the company in a report on Thursday, September 3rd. Barclays reduced their target price on shares of Pacific Gas & Electric from $18.00 to $17.00 and set an “overweight” rating on the stock in a research note on Monday, October 12th. BMO Capital Markets boosted their target price on shares of Pacific Gas & Electric from $21.00 to $22.00 and gave the company a “market perform” rating in a research note on Monday, October 26th. Finally, Truist Financial lowered shares of Pacific Gas & Electric from a “buy” rating to a “hold” rating and lowered their target price for the stock from $21.00 to $17.00 in a report on Thursday, September 3rd. Seven investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $17.21.
View Our Latest Analysis on Pacific Gas & Electric
Insiders Place Their Bets
In other Pacific Gas & Electric news, Director John Larsen bought 7,500 shares of the stock in a transaction dated Wednesday, September 30th. The stock was bought at an average cost of $12.20 per share, for a total transaction of $91,500.00. Following the completion of the purchase, the director owned 36,685 shares in the company, valued at $447,557. This represents a 25.70% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William Fugate sold 6,500 shares of Pacific Gas & Electric stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $13.76, for a total value of $89,440.00. Following the completion of the transaction, the director directly owned 73,530 shares of the company’s stock, valued at $1,011,772.80. This represents a 8.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.22% of the company’s stock.
About Pacific Gas & Electric
PG&E Corporation (NYSE: PCG) is the holding company for Pacific Gas and Electric Company, a regulated utility that provides electricity and natural gas delivery services in Northern and Central California. Its operations include maintaining and operating electric transmission and distribution networks, natural gas pipelines, substations, and other infrastructure used to serve residential, commercial, industrial, and agricultural customers.
Pacific Gas and Electric Company serves a broad portion of California, including the San Francisco Bay Area, the Central Valley, and parts of the northern and central regions of the state.
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