NorthCrest Asset Manangement LLC Buys New Position in PG&E Co. (NYSE:PCG)

NorthCrest Asset Manangement LLC purchased a new position in shares of PG&E Co. (NYSE:PCG) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 11,259 shares of the utilities provider’s stock, valued at approximately $193,000.

A number of other hedge funds and other institutional investors have also modified their holdings of PCG. True Wealth Design LLC lifted its position in PG&E by 1,233.6% during the fourth quarter. True Wealth Design LLC now owns 1,827 shares of the utilities provider’s stock worth $37,000 after buying an additional 1,690 shares during the period. Colonial Trust Co SC increased its stake in shares of PG&E by 563.0% during the 4th quarter. Colonial Trust Co SC now owns 1,916 shares of the utilities provider’s stock valued at $39,000 after acquiring an additional 1,627 shares during the last quarter. Versant Capital Management Inc lifted its holdings in shares of PG&E by 124.9% during the 1st quarter. Versant Capital Management Inc now owns 3,470 shares of the utilities provider’s stock worth $60,000 after acquiring an additional 1,927 shares during the period. Optiver Holding B.V. boosted its position in shares of PG&E by 23.9% in the fourth quarter. Optiver Holding B.V. now owns 4,271 shares of the utilities provider’s stock worth $86,000 after acquiring an additional 825 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in PG&E by 30.2% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 5,183 shares of the utilities provider’s stock valued at $89,000 after purchasing an additional 1,203 shares during the period. 78.56% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Carla J. Peterman sold 32,519 shares of the firm’s stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $17.30, for a total transaction of $562,578.70. Following the completion of the sale, the executive vice president now owns 151,116 shares of the company’s stock, valued at approximately $2,614,306.80. This trade represents a 17.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.14% of the company’s stock.

PG&E Stock Down 0.5%

Shares of NYSE:PCG opened at $13.57 on Tuesday. The company has a quick ratio of 1.00, a current ratio of 1.05 and a debt-to-equity ratio of 1.86. PG&E Co. has a 52-week low of $13.49 and a 52-week high of $21.72. The company has a 50 day moving average of $16.68 and a two-hundred day moving average of $17.19. The company has a market capitalization of $36.30 billion, a price-to-earnings ratio of 11.80, a price-to-earnings-growth ratio of 1.09 and a beta of 0.60.

PG&E (NYSE:PCG) last announced its earnings results on Thursday, April 24th. The utilities provider reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.02). PG&E had a net margin of 10.27% and a return on equity of 10.94%. The firm had revenue of $5.98 billion during the quarter, compared to analysts’ expectations of $6.23 billion. During the same quarter last year, the company posted $0.37 earnings per share. PG&E’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, analysts forecast that PG&E Co. will post 1.49 earnings per share for the current fiscal year.

PG&E Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.74%. The ex-dividend date of this dividend is Monday, June 30th. PG&E’s payout ratio is 9.17%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Guggenheim lifted their price target on shares of PG&E from $16.00 to $17.00 and gave the company a “neutral” rating in a report on Friday, April 25th. Wells Fargo & Company reissued an “overweight” rating and set a $24.00 price target on shares of PG&E in a research report on Friday, April 25th. UBS Group lowered PG&E from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $22.00 to $19.00 in a research note on Wednesday, March 19th. Mizuho lifted their price objective on PG&E from $20.00 to $21.00 and gave the company an “outperform” rating in a research note on Monday, May 19th. Finally, Barclays decreased their target price on PG&E from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Wednesday, April 9th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, PG&E presently has an average rating of “Moderate Buy” and an average price target of $20.73.

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.