Sumitomo Mitsui Trust Group Inc. Buys 111,125 Shares of Pacific Gas & Electric Co. $PCG

Sumitomo Mitsui Trust Group Inc. grew its position in Pacific Gas & Electric Co. (NYSE:PCG) by 2.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,799,953 shares of the utilities provider’s stock after acquiring an additional 111,125 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Pacific Gas & Electric were worth $80,851,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. Costello Asset Management INC bought a new position in Pacific Gas & Electric in the first quarter worth $31,000. Deseret Mutual Benefit Administrators lifted its holdings in shares of Pacific Gas & Electric by 45.0% during the 1st quarter. Deseret Mutual Benefit Administrators now owns 2,173 shares of the utilities provider’s stock worth $37,000 after acquiring an additional 674 shares during the period. Safe Harbor Fiduciary LLC acquired a new stake in shares of Pacific Gas & Electric during the 1st quarter valued at about $39,000. Larson Financial Group LLC boosted its position in shares of Pacific Gas & Electric by 198.1% during the 1st quarter. Larson Financial Group LLC now owns 3,050 shares of the utilities provider’s stock valued at $52,000 after acquiring an additional 2,027 shares in the last quarter. Finally, Financial Network Wealth Advisors LLC boosted its position in shares of Pacific Gas & Electric by 57.7% during the 1st quarter. Financial Network Wealth Advisors LLC now owns 3,445 shares of the utilities provider’s stock valued at $59,000 after acquiring an additional 1,260 shares in the last quarter. Institutional investors own 78.56% of the company’s stock.

Wall Street Analysts Forecast Growth

PCG has been the subject of a number of analyst reports. Weiss Ratings restated a “hold (c-)” rating on shares of Pacific Gas & Electric in a research note on Saturday. Barclays raised their target price on Pacific Gas & Electric from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 1st. BMO Capital Markets raised their target price on Pacific Gas & Electric from $23.00 to $25.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 14th. Jefferies Financial Group lifted their price objective on Pacific Gas & Electric from $20.00 to $21.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Cowen assumed coverage on Pacific Gas & Electric in a report on Wednesday, October 15th. They set a “buy” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $20.73.

Pacific Gas & Electric Trading Up 0.5%

Shares of NYSE PCG opened at $16.39 on Monday. Pacific Gas & Electric Co. has a 1-year low of $12.97 and a 1-year high of $21.72. The company has a market cap of $43.84 billion, a PE ratio of 13.77, a P/E/G ratio of 0.69 and a beta of 0.58. The company has a current ratio of 0.94, a quick ratio of 0.89 and a debt-to-equity ratio of 1.81. The company has a 50-day moving average of $15.51 and a two-hundred day moving average of $15.47.

Pacific Gas & Electric (NYSE:PCG) last posted its quarterly earnings data on Monday, May 15th. The utilities provider reported $0.30 earnings per share for the quarter. Pacific Gas & Electric had a net margin of 10.93% and a return on equity of 11.10%. The firm had revenue of $5.80 billion during the quarter. As a group, equities analysts expect that Pacific Gas & Electric Co. will post 1.49 earnings per share for the current fiscal year.

Pacific Gas & Electric Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were given a dividend of $0.025 per share. The ex-dividend date was Tuesday, September 30th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.6%. Pacific Gas & Electric’s payout ratio is presently 8.40%.

About Pacific Gas & Electric

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.