Legal & General Group Plc Cuts Stake in PG&E Co. (NYSE:PCG)

Legal & General Group Plc cut its holdings in PG&E Co. (NYSE:PCG - Free Report) by 11.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,622,642 shares of the utilities provider's stock after selling 2,613,551 shares during the period. Legal & General Group Plc owned about 0.75% of PG&E worth $395,985,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Versant Capital Management Inc raised its stake in shares of PG&E by 68.3% during the fourth 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. Baker Tilly Wealth Management LLC raised its position in 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 worth $330,000 after purchasing an additional 715 shares during the period. Continuum Advisory LLC lifted its stake in PG&E by 11.4% in the third quarter. Continuum Advisory LLC now owns 7,501 shares of the utilities provider's stock worth $157,000 after purchasing an additional 769 shares during the last quarter. Level Four Advisory Services LLC boosted its position in PG&E by 7.5% during the fourth quarter. Level Four Advisory Services LLC now owns 11,066 shares of the utilities provider's stock valued at $223,000 after buying an additional 772 shares during the period. Finally, iA Global Asset Management Inc. boosted its position in PG&E by 2.6% during the third quarter. iA Global Asset Management Inc. now owns 31,545 shares of the utilities provider's stock valued at $624,000 after buying an additional 812 shares during the period. 78.56% of the stock is owned by hedge funds and other institutional investors.

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Analyst Ratings Changes

A number of brokerages have issued reports on PCG. Barclays cut their price target on shares of PG&E from $23.00 to $22.00 and set an "overweight" rating on the stock in a report on Wednesday. UBS Group cut PG&E from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $22.00 to $19.00 in a report on Wednesday, March 19th. Morgan Stanley boosted their target price on PG&E from $16.50 to $17.50 and gave the company an "underweight" rating in a research note on Thursday, March 20th. Guggenheim lowered PG&E from a "buy" rating to a "neutral" rating in a research note on Tuesday, February 18th. Finally, BMO Capital Markets upped their price objective on shares of PG&E from $21.00 to $23.00 and gave the stock an "outperform" rating in a report on Tuesday, February 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $22.05.

PG&E Stock Up 2.8 %

NYSE:PCG traded up $0.46 during trading hours on Friday, reaching $16.93. 13,590,720 shares of the company traded hands, compared to its average volume of 16,310,099. PG&E Co. has a 1 year low of $14.99 and a 1 year high of $21.72. The stock has a market capitalization of $45.21 billion, a P/E ratio of 14.72, a P/E/G ratio of 1.09 and a beta of 0.70. The business's 50-day moving average price is $16.35 and its two-hundred day moving average price is $18.42. The company has a current ratio of 1.05, a quick ratio of 1.00 and a debt-to-equity ratio of 1.86.

PG&E (NYSE:PCG - Get Free Report) last released its quarterly earnings data on Thursday, February 13th. The utilities provider reported $0.31 earnings per share for the quarter, meeting analysts' consensus estimates of $0.31. The business had revenue of $6.63 billion during the quarter, compared to analyst estimates of $7.29 billion. PG&E had a net margin of 10.27% and a return on equity of 10.94%. During the same period last year, the business earned $0.47 EPS. Analysts predict that PG&E Co. will post 1.49 earnings per share for the current year.

PG&E Dividend Announcement

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 paid a $0.025 dividend. This represents a $0.10 annualized dividend and a dividend yield of 0.59%. The ex-dividend date of this dividend is Monday, March 31st. PG&E's dividend payout ratio is currently 8.70%.

Insider Activity at PG&E

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

PG&E Profile

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.