PG&E Co. (NYSE:PCG) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System decreased its holdings in PG&E Co. (NYSE:PCG) by 0.8% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 643,960 shares of the utilities provider’s stock after selling 5,000 shares during the quarter. State of Michigan Retirement System’s holdings in PG&E were worth $12,995,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Versant Capital Management Inc boosted its stake in shares of PG&E by 68.3% during the 4th quarter. Versant Capital Management Inc now owns 1,543 shares of the utilities provider’s stock worth $31,000 after acquiring an additional 626 shares in the last quarter. Commerce Bank lifted its holdings in shares of PG&E by 1.5% during the third quarter. Commerce Bank now owns 47,051 shares of the utilities provider’s stock valued at $930,000 after purchasing an additional 712 shares during the last quarter. Baker Tilly Wealth Management LLC boosted its position in shares of PG&E by 4.6% in the 4th quarter. Baker Tilly Wealth Management LLC now owns 16,337 shares of the utilities provider’s stock valued at $330,000 after purchasing an additional 715 shares during the period. Continuum Advisory LLC increased its stake in PG&E by 11.4% in the 3rd quarter. Continuum Advisory LLC now owns 7,501 shares of the utilities provider’s stock worth $157,000 after purchasing an additional 769 shares in the last quarter. Finally, iA Global Asset Management Inc. raised its holdings in PG&E by 2.6% during the 3rd quarter. iA Global Asset Management Inc. now owns 31,545 shares of the utilities provider’s stock worth $624,000 after buying an additional 812 shares during the period. Institutional investors own 78.56% of the company’s stock.

Insider Activity at PG&E

In related news, Director Arno Lockheart Harris acquired 6,389 shares of the stock in a transaction dated Thursday, February 20th. The shares were acquired at an average price of $15.66 per share, with a total value of $100,051.74. Following the acquisition, the director now owns 14,864 shares in the company, valued at approximately $232,770.24. The trade was a 75.39 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Carla J. Peterman sold 32,521 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $16.37, for a total value of $532,368.77. Following the completion of the transaction, the executive vice president now directly owns 183,635 shares in the company, valued at $3,006,104.95. The trade was a 15.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.15% of the stock is owned by company insiders.

PG&E Stock Performance

Shares of NYSE PCG opened at $16.15 on Wednesday. PG&E Co. has a one year low of $14.99 and a one year high of $21.72. The business’s 50-day moving average price is $16.99 and its two-hundred day moving average price is $19.01. The company has a debt-to-equity ratio of 1.86, a current ratio of 1.05 and a quick ratio of 1.00. The company has a market capitalization of $43.13 billion, a P/E ratio of 14.04, a price-to-earnings-growth ratio of 1.09 and a beta of 0.99.

PG&E (NYSE:PCG) last announced its quarterly earnings results on Thursday, February 13th. The utilities provider reported $0.31 EPS for the quarter, meeting the consensus estimate of $0.31. The business had revenue of $6.63 billion during the quarter, compared to analysts’ expectations of $7.29 billion. PG&E had a return on equity of 10.94% and a net margin of 10.27%. During the same quarter in the previous year, the business posted $0.47 EPS. Analysts anticipate that PG&E Co. will post 1.49 earnings per share for the current fiscal year.

PG&E Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.025 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.62%. PG&E’s dividend payout ratio is currently 8.70%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. BMO Capital Markets lifted their target price on shares of PG&E from $21.00 to $23.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 18th. Morgan Stanley cut shares of PG&E from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $20.00 to $16.50 in a research report on Friday, February 14th. UBS Group reduced their target price on PG&E from $24.00 to $22.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Mizuho lifted their price target on PG&E from $24.00 to $26.00 and gave the company an “outperform” rating in a report on Wednesday, November 27th. Finally, Guggenheim lowered PG&E from a “buy” rating to a “neutral” rating in a research report on Tuesday, February 18th. One analyst has rated the stock with a sell rating, one has issued a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $22.23.

About PG&E

PG&E Corp. operates as a holding company, which engages in generation, transmission, and distribution of electricity and natural gas to customers. It specializes in energy, utility, power, gas, electricity, solar and sustainability. The company was founded in 1995 and is headquartered in Oakland, CA.