Cornercap Investment Counsel Inc. Reduces Position in PG&E Co. (NYSE:PCG)

Cornercap Investment Counsel Inc. reduced its position in shares of PG&E Co. (NYSE:PCG - Free Report) by 33.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 82,015 shares of the utilities provider's stock after selling 42,043 shares during the period. Cornercap Investment Counsel Inc.'s holdings in PG&E were worth $1,621,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PCG. Envestnet Portfolio Solutions Inc. increased its holdings in PG&E by 22.6% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 16,165 shares of the utilities provider's stock worth $271,000 after buying an additional 2,982 shares during the last quarter. Empowered Funds LLC grew its position in shares of PG&E by 8.4% in the first quarter. Empowered Funds LLC now owns 27,994 shares of the utilities provider's stock valued at $469,000 after purchasing an additional 2,170 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new stake in PG&E during the 1st quarter worth about $2,153,000. JPMorgan Chase & Co. boosted its stake in PG&E by 1.8% in the 1st quarter. JPMorgan Chase & Co. now owns 126,126,581 shares of the utilities provider's stock worth $2,113,882,000 after purchasing an additional 2,176,931 shares during the period. Finally, Cornerstone Advisors LLC bought a new stake in shares of PG&E during the first quarter valued at about $391,000. 78.56% of the stock is currently owned by hedge funds and other institutional investors.

PG&E Trading Up 0.2 %

Shares of PCG stock traded up $0.05 during mid-day trading on Friday, reaching $21.04. The stock had a trading volume of 21,766,357 shares, compared to its average volume of 13,812,782. The company has a current ratio of 1.04, a quick ratio of 0.99 and a debt-to-equity ratio of 2.02. The stock's 50-day moving average price is $20.11 and its two-hundred day moving average price is $18.85. The firm has a market capitalization of $55.03 billion, a PE ratio of 16.44, a price-to-earnings-growth ratio of 1.63 and a beta of 1.03. PG&E Co. has a 52-week low of $15.94 and a 52-week high of $21.51.

PG&E (NYSE:PCG - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The utilities provider reported $0.37 EPS for the quarter, topping the consensus estimate of $0.32 by $0.05. PG&E had a net margin of 11.11% and a return on equity of 12.51%. The business had revenue of $5.94 billion during the quarter, compared to analyst estimates of $6.58 billion. During the same period in the prior year, the business earned $0.24 EPS. The company's revenue for the quarter was up .9% on a year-over-year basis. Equities analysts expect that PG&E Co. will post 1.36 earnings per share for the current fiscal year.

PG&E Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.01 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.04 annualized dividend and a dividend yield of 0.19%. PG&E's payout ratio is currently 3.13%.

Wall Street Analyst Weigh In

PCG has been the subject of several recent analyst reports. Jefferies Financial Group assumed coverage on shares of PG&E in a research note on Monday, October 14th. They set a "buy" rating and a $24.00 price objective for the company. Wells Fargo & Company lifted their price objective on PG&E from $21.00 to $22.00 and gave the company an "overweight" rating in a research note on Friday, July 26th. Bank of America initiated coverage on PG&E in a report on Thursday, September 12th. They set a "buy" rating and a $24.00 price objective for the company. Barclays lifted their target price on shares of PG&E from $24.00 to $25.00 and gave the company an "overweight" rating in a research report on Monday, October 21st. Finally, UBS Group raised their price objective on shares of PG&E from $24.00 to $26.00 and gave the company a "buy" rating in a research report on Tuesday, September 3rd. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $22.80.

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.