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

Key Points

• Bank of New York Mellon cut its Pacific Gas & Electric stake by 13.6% in the fourth quarter, selling 1.78 million shares and ending with 11.32 million shares valued at about $181.9 million.
• PG&E reported better-than-expected quarterly results, posting EPS of $0.43 versus the $0.39 estimate and revenue of $6.88 billion versus $6.20 billion expected. The company also raised FY 2026 guidance to 1.640-1.660 EPS.
• Wall Street remains cautiously positive on the stock, with analysts assigning an average Moderate Buy rating and a consensus price target of $22.10, while the shares recently traded around $17.10.

Bank of New York Mellon Corp reduced its position in Pacific Gas & Electric Co. (NYSE:PCG - Free Report) by 13.6% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 11,319,561 shares of the utilities provider's stock after selling 1,784,404 shares during the period. Bank of New York Mellon Corp owned about 0.52% of Pacific Gas & Electric worth $181,905,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PCG. Torren Management LLC purchased a new stake in shares of Pacific Gas & Electric during the 4th quarter valued at $33,000. Cornerstone Planning Group LLC lifted its holdings in shares of Pacific Gas & Electric by 3,240.8% during the 3rd quarter. Cornerstone Planning Group LLC now owns 2,372 shares of the utilities provider's stock valued at $36,000 after acquiring an additional 2,301 shares in the last quarter. Brown Brothers Harriman & Co. lifted its holdings in shares of Pacific Gas & Electric by 908.8% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 6,618 shares of the utilities provider's stock valued at $100,000 after acquiring an additional 5,962 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt lifted its holdings in shares of Pacific Gas & Electric by 350.0% during the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 9,900 shares of the utilities provider's stock valued at $149,000 after acquiring an additional 7,700 shares in the last quarter. Finally, Waterloo Capital L.P. acquired a new position in shares of Pacific Gas & Electric during the 4th quarter valued at $184,000. 78.56% of the stock is owned by hedge funds and other institutional investors.

Pacific Gas & Electric Price Performance

NYSE PCG opened at $17.10 on Friday. Pacific Gas & Electric Co. has a 52 week low of $12.97 and a 52 week 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 has a market cap of $45.84 billion, a price-to-earnings ratio of 13.26, a price-to-earnings-growth ratio of 0.64 and a beta of 0.27. The company has a 50-day moving average price of $16.92 and a two-hundred day moving average price of $16.65.

Pacific Gas & Electric (NYSE:PCG - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The utilities provider reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.04. Pacific Gas & Electric had a net margin of 11.44% and a return on equity of 11.95%. The business had revenue of $6.88 billion during the quarter, compared to analysts' expectations of $6.20 billion. During the same period last year, the firm posted $0.33 earnings per share. The business'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. Analysts forecast that Pacific Gas & Electric Co. will post 1.65 EPS for the current year.

Pacific Gas & Electric Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $0.20 annualized dividend and a yield of 1.2%. Pacific Gas & Electric's dividend payout ratio is currently 15.50%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PCG. Truist Financial reduced 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 report on Monday, May 18th. JPMorgan Chase & Co. reduced their target price 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. Jefferies Financial Group restated a "hold" rating and set a $19.00 target price (down from $20.00) on shares of Pacific Gas & Electric in a report on Monday, March 23rd. Barclays lifted their target price on shares of Pacific Gas & Electric from $21.00 to $23.00 and gave the company an "overweight" rating in a report on Wednesday, February 18th. Finally, Morgan Stanley set a $22.00 target price on shares of Pacific Gas & Electric in a report on Thursday, May 21st. Seven equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Pacific Gas & Electric currently has an average rating of "Moderate Buy" and an average target price of $22.10.

Insider Activity at Pacific Gas & Electric

In related news, EVP Jason M. Glickman sold 47,264 shares of the stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $16.35, for a total transaction of $772,766.40. Following the completion of the sale, the executive vice president directly owned 136,433 shares of the company's stock, valued at $2,230,679.55. This represents a 25.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Carla J. Peterman sold 31,786 shares of the stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $18.31, for a total transaction of $582,001.66. Following the sale, the executive vice president directly owned 195,091 shares of the company's stock, valued at approximately $3,572,116.21. This represents a 14.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 81,550 shares of company stock valued at $1,401,468 over the last ninety days. Insiders own 0.22% of the company's stock.

About Pacific Gas & Electric

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.

Want to see what other hedge funds are holding PCG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pacific Gas & Electric Co. (NYSE:PCG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.