Peapack Gladstone Financial Corp Reduces Holdings in PG&E Co. (NYSE:PCG)

Peapack Gladstone Financial Corp reduced its stake in shares of PG&E Co. (NYSE:PCG) by 9.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 89,121 shares of the utilities provider’s stock after selling 9,525 shares during the period. Peapack Gladstone Financial Corp’s holdings in PG&E were worth $1,761,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Tidal Investments LLC raised its holdings in shares of PG&E by 4.7% in the third quarter. Tidal Investments LLC now owns 55,938 shares of the utilities provider’s stock worth $1,106,000 after acquiring an additional 2,527 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in PG&E in the 3rd quarter valued at about $349,000. Sanctuary Advisors LLC lifted its holdings in PG&E by 21.7% in the 3rd quarter. Sanctuary Advisors LLC now owns 87,919 shares of the utilities provider’s stock valued at $1,879,000 after purchasing an additional 15,648 shares in the last quarter. TD Private Client Wealth LLC boosted its stake in shares of PG&E by 34.5% during the 3rd quarter. TD Private Client Wealth LLC now owns 35,255 shares of the utilities provider’s stock worth $697,000 after purchasing an additional 9,043 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its holdings in shares of PG&E by 2.7% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 525,447 shares of the utilities provider’s stock worth $10,388,000 after buying an additional 13,817 shares in the last quarter. Institutional investors and hedge funds own 78.56% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on PCG shares. Mizuho upped their price objective on shares of PG&E from $24.00 to $26.00 and gave the company an “outperform” rating in a research note on Wednesday, November 27th. UBS Group raised their price objective on PG&E from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Barclays upped their target price 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 began 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. 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 objective for the company. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, PG&E presently has an average rating of “Moderate Buy” and a consensus price target of $23.10.

Insider Buying and Selling at PG&E

In other news, CEO Patricia K. Poppe sold 55,555 shares of the stock in a transaction dated 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 sale, the chief executive officer now owns 1,460,222 shares in the company, valued at approximately $30,168,186.52. This trade represents a 3.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.15% of the stock is currently owned by corporate insiders.

PG&E Stock Performance

NYSE PCG opened at $19.75 on Friday. The business’s 50-day simple moving average is $20.52 and its 200-day simple moving average is $19.26. The firm has a market capitalization of $51.65 billion, a P/E ratio of 15.43, a P/E/G ratio of 1.51 and a beta of 1.01. PG&E Co. has a 1-year low of $15.94 and a 1-year high of $21.72. The company has a debt-to-equity ratio of 2.02, a current ratio of 1.04 and a quick ratio of 0.99.

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

PG&E Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $0.025 dividend. This is an increase from PG&E’s previous quarterly dividend of $0.01. This represents a $0.10 annualized dividend and a yield of 0.51%. The ex-dividend date is Tuesday, December 31st. PG&E’s dividend payout ratio is currently 7.81%.

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.