Wilmington Savings Fund Society FSB Purchases New Holdings in PG&E Co. (NYSE:PCG)

Wilmington Savings Fund Society FSB purchased a new stake in PG&E Co. (NYSE:PCG) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 17,655 shares of the utilities provider’s stock, valued at approximately $349,000.

Other hedge funds also recently modified their holdings of the company. State Street Corp raised its stake in shares of PG&E by 5.0% in the third quarter. State Street Corp now owns 108,953,808 shares of the utilities provider’s stock valued at $2,155,093,000 after purchasing an additional 5,191,463 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. raised its stake in shares of PG&E by 259.6% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 61,850 shares of the utilities provider’s stock valued at $1,223,000 after buying an additional 44,650 shares in the last quarter. Scientech Research LLC bought a new position in shares of PG&E during the 2nd quarter worth about $1,122,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of PG&E by 808.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,243,020 shares of the utilities provider’s stock worth $21,703,000 after acquiring an additional 1,106,200 shares during the period. Finally, Van ECK Associates Corp boosted its position in shares of PG&E by 23.7% during the 2nd quarter. Van ECK Associates Corp now owns 1,387,786 shares of the utilities provider’s stock valued at $24,230,000 after acquiring an additional 265,694 shares in the last quarter. Institutional investors own 78.56% of the company’s stock.

PG&E Price Performance

PCG opened at $19.60 on Tuesday. The stock has a market cap of $51.26 billion, a P/E ratio of 15.31, a P/E/G ratio of 1.51 and a beta of 1.01. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 2.02. The company has a fifty day simple moving average of $20.52 and a 200 day simple moving average of $19.26. PG&E Co. has a 12 month low of $15.94 and a 12 month high of $21.72.

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

PG&E Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a $0.025 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.10 dividend on an annualized basis and a yield of 0.51%. This is an increase from PG&E’s previous quarterly dividend of $0.01. PG&E’s dividend payout ratio (DPR) is 3.13%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PCG. Bank of America started coverage on shares of PG&E in a research report on Thursday, September 12th. They issued a “buy” rating and a $24.00 price target for the company. Jefferies Financial Group assumed coverage on PG&E in a research note on Monday, October 14th. They issued a “buy” rating and a $24.00 price target on the stock. Morgan Stanley boosted their target price on shares of PG&E from $19.00 to $20.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Barclays lifted their target price on shares of PG&E from $24.00 to $25.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. Finally, Mizuho raised their target price on PG&E from $24.00 to $26.00 and gave the company an “outperform” rating in a research note on Wednesday, November 27th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $23.10.

Insider Buying and Selling at PG&E

In other PG&E news, CEO Patricia K. Poppe sold 55,555 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $20.66, for a total value of $1,147,766.30. Following the completion of the transaction, the chief executive officer now directly owns 1,460,222 shares in the company, valued at $30,168,186.52. This trade represents a 3.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company 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.