Truist Financial Corp Decreases Stock Holdings in PG&E Co. (NYSE:PCG)

Truist Financial Corp lessened its position in shares of PG&E Co. (NYSE:PCG) by 18.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,043 shares of the utilities provider’s stock after selling 8,488 shares during the quarter. Truist Financial Corp’s holdings in PG&E were worth $664,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in PCG. Rothschild Investment LLC purchased a new stake in shares of PG&E during the second quarter worth about $30,000. UMB Bank n.a. lifted its holdings in shares of PG&E by 84.7% during the second quarter. UMB Bank n.a. now owns 2,204 shares of the utilities provider’s stock worth $38,000 after purchasing an additional 1,011 shares during the period. Blue Trust Inc. raised its position in PG&E by 77.0% during the 2nd 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 last quarter. Plato Investment Management Ltd acquired a new stake in shares of PG&E in the second quarter worth $44,000. Finally, Massmutual Trust Co. FSB ADV boosted its holdings in PG&E by 48.8% in the second quarter. Massmutual Trust Co. FSB ADV now owns 3,596 shares of the utilities provider’s stock valued at $63,000 after purchasing an additional 1,179 shares during the last quarter. 78.56% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at PG&E

In other PG&E news, VP Stephanie N. Williams sold 38,601 shares of PG&E stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $18.32, for a total value of $707,170.32. Following the completion of the transaction, the vice president now directly owns 19,114 shares of the company’s stock, valued at $350,168.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PCG. UBS Group boosted their price target on PG&E from $24.00 to $26.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Wells Fargo & Company boosted their price objective on PG&E from $21.00 to $22.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Jefferies Financial Group initiated coverage on shares of PG&E in a report on Monday. They set a “buy” rating and a $24.00 price objective on the stock. Morgan Stanley boosted their price objective on 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 initiated coverage on PG&E in a report on Thursday, September 12th. They issued a “buy” rating and a $24.00 price objective on the stock. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $22.00.

PG&E Stock Up 0.9 %

Shares of NYSE PCG opened at $20.42 on Wednesday. The company has a market capitalization of $58.79 billion, a P/E ratio of 18.23, a P/E/G ratio of 1.50 and a beta of 1.01. PG&E Co. has a 1 year low of $15.59 and a 1 year high of $20.65. The company has a debt-to-equity ratio of 1.99, a current ratio of 0.90 and a quick ratio of 0.86. The company has a 50 day simple moving average of $19.41 and a 200-day simple moving average of $18.29.

PG&E (NYSE:PCG) last announced its quarterly earnings results on Thursday, July 25th. The utilities provider reported $0.31 EPS for the quarter, beating the consensus estimate of $0.30 by $0.01. The business had revenue of $5.99 billion for the quarter, compared to analyst estimates of $5.86 billion. PG&E had a return on equity of 11.76% and a net margin of 10.22%. The company’s quarterly revenue was up 13.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.23 EPS. On average, equities research analysts predict that PG&E Co. will post 1.36 earnings per share for the current year.

PG&E Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.20%. The ex-dividend date of this dividend was Monday, September 30th. PG&E’s payout ratio is 3.57%.

About PG&E

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.