Bank of New York Mellon Corp Decreases Holdings in Pacific Gas & Electric Co. $PCG

Key Points

• Bank of New York Mellon trimmed its Pacific Gas & Electric stake by 1.0% in the first quarter, leaving it with 11.2 million shares valued at about $197 million.
• PG&E insiders and institutions were active: EVP Jason M. Glickman sold 47,264 shares, while institutional investors still own a large majority of the company at 78.56%.
• Analysts remain cautiously positive, with a consensus rating of “Moderate Buy” and an average price target of $22.10, even as some firms lowered their targets slightly. The company also topped earnings estimates last quarter and reaffirmed FY2026 EPS guidance of $1.64 to $1.66.

Bank of New York Mellon Corp cut its stake in Pacific Gas & Electric Co. (NYSE:PCG - Free Report) by 1.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,211,025 shares of the utilities provider's stock after selling 108,536 shares during the quarter. Bank of New York Mellon Corp owned about 0.42% of Pacific Gas & Electric worth $196,978,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Tobam purchased a new stake in shares of Pacific Gas & Electric during the fourth quarter valued at approximately $30,000. Torren Management LLC purchased a new stake in shares of Pacific Gas & Electric during the fourth quarter worth about $33,000. Modus Advisors LLC acquired a new position in shares of Pacific Gas & Electric in the fourth quarter worth about $36,000. Brown Brothers Harriman & Co. lifted its stake in shares of Pacific Gas & Electric by 908.8% in the third quarter. Brown Brothers Harriman & Co. now owns 6,618 shares of the utilities provider's stock worth $100,000 after acquiring an additional 5,962 shares in the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt boosted its holdings in Pacific Gas & Electric by 350.0% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 9,900 shares of the utilities provider's stock valued at $149,000 after purchasing an additional 7,700 shares during the last quarter. Institutional investors and hedge funds own 78.56% of the company's stock.

Insider Buying and Selling at Pacific Gas & Electric

In related news, EVP Jason M. Glickman sold 47,264 shares of Pacific Gas & Electric stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $16.35, for a total value of $772,766.40. Following the sale, the executive vice president directly owned 136,433 shares in the company, valued at $2,230,679.55. This trade represents a 25.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.22% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PCG. JPMorgan Chase & Co. cut their price target on shares of Pacific Gas & Electric from $24.00 to $23.00 and set an "overweight" rating on the stock in a report on Friday, May 15th. Weiss Ratings lowered shares of Pacific Gas & Electric from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, June 4th. Jefferies Financial Group reissued a "hold" rating and issued a $19.00 target price (down from $20.00) on shares of Pacific Gas & Electric in a research report on Monday, March 23rd. Truist Financial cut their target price on shares of Pacific Gas & Electric from $23.00 to $22.00 and set a "buy" rating on the stock in a research note on Monday, May 18th. Finally, Morgan Stanley set a $22.00 price target on shares of Pacific Gas & Electric in a research report on Thursday, May 21st. Seven equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $22.10.

Pacific Gas & Electric Trading Down 1.2%

Shares of NYSE PCG opened at $17.32 on Friday. The company has a market cap of $46.40 billion, a price-to-earnings ratio of 13.42, a price-to-earnings-growth ratio of 1.13 and a beta of 0.27. Pacific Gas & Electric Co. has a 12-month low of $13.30 and a 12-month high of $19.16. The company has a current ratio of 1.20, a quick ratio of 1.13 and a debt-to-equity ratio of 1.88. The stock's 50 day simple moving average is $16.76 and its 200 day simple moving average is $16.92.

Pacific Gas & Electric (NYSE:PCG - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The utilities provider reported $0.43 EPS for the quarter, topping analysts' consensus estimates of $0.39 by $0.04. Pacific Gas & Electric had a return on equity of 11.95% and a net margin of 11.44%.The firm had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.20 billion. During the same period in the prior year, the business earned $0.33 EPS. The firm's revenue was up 15.0% on a year-over-year basis. Pacific Gas & Electric has set its FY 2026 guidance at 1.640-1.660 EPS. Equities research analysts expect that Pacific Gas & Electric Co. will post 1.65 EPS for the current year.

Pacific Gas & Electric Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Tuesday, June 30th. Pacific Gas & Electric's dividend payout ratio (DPR) is 15.50%.

Pacific Gas & Electric Company Profile

Pacific Gas & Electric NYSE: PCG is an investor-owned utility holding company whose principal operating subsidiary, Pacific Gas and Electric Company, provides electricity and natural gas service in northern and central California. The company's core activities include the generation, procurement, transmission and distribution of electric power, as well as the transmission and distribution of natural gas. PG&E serves a broad mix of residential, commercial, and industrial customers across urban and rural communities within its California service territory.

PG&E's operations encompass utility infrastructure planning and construction, grid operations, customer service and energy procurement.

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