CANADA LIFE ASSURANCE Co Grows Holdings in PG&E Co. (NYSE:PCG)

CANADA LIFE ASSURANCE Co lifted its stake in PG&E Co. (NYSE:PCG) by 6.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 2,838,322 shares of the utilities provider’s stock after acquiring an additional 174,707 shares during the quarter. CANADA LIFE ASSURANCE Co owned 0.11% of PG&E worth $57,299,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in PCG. Norges Bank acquired a new stake in shares of PG&E in the fourth quarter valued at $591,625,000. Vanguard Group Inc. increased its stake in PG&E by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 254,358,968 shares of the utilities provider’s stock worth $5,132,964,000 after purchasing an additional 6,151,233 shares during the period. Mitsubishi UFJ Trust & Banking Corp lifted its position in shares of PG&E by 244.5% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 4,706,647 shares of the utilities provider’s stock worth $95,066,000 after purchasing an additional 3,340,599 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of PG&E by 4.3% in the fourth quarter. Geode Capital Management LLC now owns 51,988,553 shares of the utilities provider’s stock valued at $1,046,462,000 after purchasing an additional 2,151,494 shares during the period. Finally, Cbre Investment Management Listed Real Assets LLC increased its stake in PG&E by 40.0% during the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 6,290,147 shares of the utilities provider’s stock worth $126,935,000 after buying an additional 1,795,789 shares during the period. Hedge funds and other institutional investors own 78.56% of the company’s stock.

PG&E Stock Performance

NYSE PCG opened at $17.23 on Friday. The company has a fifty day moving average of $16.48 and a two-hundred day moving average of $18.36. The company has a market capitalization of $46.02 billion, a PE ratio of 14.98, a P/E/G ratio of 1.09 and a beta of 0.70. PG&E Co. has a 1 year low of $14.99 and a 1 year high of $21.72. The company has a debt-to-equity ratio of 1.86, a current ratio of 1.05 and a quick ratio of 1.00.

PG&E (NYSE:PCG) last announced its earnings results on Thursday, February 13th. The utilities provider reported $0.31 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.31. The firm 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 period in the prior year, the firm earned $0.47 EPS. As a group, analysts expect that PG&E Co. will post 1.49 earnings per share for the current year.

PG&E Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a $0.025 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.58%. PG&E’s payout ratio is 8.70%.

Wall Street Analysts Forecast Growth

PCG has been the subject of several recent research reports. Morgan Stanley raised their price target on shares of PG&E from $16.50 to $17.50 and gave the company an “underweight” rating in a research report on Thursday, March 20th. UBS Group downgraded PG&E from a “buy” rating to a “neutral” rating and cut their price target for the stock from $22.00 to $19.00 in a report on Wednesday, March 19th. Guggenheim cut PG&E from a “buy” rating to a “neutral” rating in a research note on Tuesday, February 18th. BMO Capital Markets cut their target price on shares of PG&E from $23.00 to $22.00 and set an “outperform” rating on the stock in a research note on Monday. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $22.00 price target on shares of PG&E in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat, PG&E has an average rating of “Moderate Buy” and a consensus price target of $21.95.

Insider Activity

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

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.