Zions Bancorporation N.A. Sells 613 Shares of PG&E Co. (NYSE:PCG)

Zions Bancorporation N.A. reduced its holdings in PG&E Co. (NYSE:PCG) by 4.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 12,804 shares of the utilities provider’s stock after selling 613 shares during the period. Zions Bancorporation N.A.’s holdings in PG&E were worth $253,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Rothschild Investment LLC acquired a new position in PG&E during the second quarter valued at approximately $30,000. UMB Bank n.a. raised its stake in shares of PG&E by 84.7% during the 2nd 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 in the last quarter. Blue Trust Inc. boosted its holdings in shares of PG&E by 77.0% in the 2nd quarter. Blue Trust Inc. now owns 2,361 shares of the utilities provider’s stock valued at $40,000 after buying an additional 1,027 shares during the last quarter. Plato Investment Management Ltd bought a new position in shares of PG&E in the second quarter valued at $44,000. Finally, Massmutual Trust Co. FSB ADV increased its holdings in PG&E by 48.8% during the second quarter. Massmutual Trust Co. FSB ADV now owns 3,596 shares of the utilities provider’s stock worth $63,000 after buying an additional 1,179 shares during the last quarter. 78.56% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PCG has been the subject of a number of recent analyst reports. Morgan Stanley increased their price target 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. UBS Group raised their target price on shares of PG&E from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Barclays boosted their price target on PG&E from $24.00 to $25.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st. Bank of America initiated coverage on PG&E in a research report on Thursday, September 12th. They issued a “buy” rating and a $24.00 price objective for the company. Finally, Jefferies Financial Group started coverage on PG&E in a report on Monday, October 14th. They set a “buy” rating and a $24.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, PG&E presently has an average rating of “Moderate Buy” and an average price target of $22.80.

PG&E Price Performance

NYSE:PCG opened at $21.04 on Friday. PG&E Co. has a 52 week low of $15.94 and a 52 week high of $21.51. 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 firm’s 50-day simple moving average is $20.11 and its 200 day simple moving average is $18.85. The firm has a market cap of $55.03 billion, a price-to-earnings ratio of 16.44, a P/E/G ratio of 1.63 and a beta of 1.03.

PG&E (NYSE:PCG) last announced its earnings results on Thursday, November 7th. The utilities provider reported $0.37 EPS for the quarter, topping the consensus estimate of $0.32 by $0.05. The company had revenue of $5.94 billion for 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 revenue for the quarter was up .9% on a year-over-year basis. During the same period last year, the firm earned $0.24 earnings per share. As a group, sell-side analysts predict that PG&E Co. will post 1.36 earnings per share for the current year.

PG&E Announces Dividend

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

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.