Victory Capital Management Inc. Purchases 24,973 Shares of PG&E Co. (NYSE:PCG)

Victory Capital Management Inc. boosted its position in PG&E Co. (NYSE:PCG) by 3.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 803,682 shares of the utilities provider’s stock after buying an additional 24,973 shares during the period. Victory Capital Management Inc.’s holdings in PG&E were worth $15,889,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PCG. Capital International Investors increased its holdings in PG&E by 4.4% during the 1st quarter. Capital International Investors now owns 121,159,974 shares of the utilities provider’s stock worth $2,030,641,000 after purchasing an additional 5,066,183 shares in the last quarter. King Street Capital Management L.P. bought a new stake in PG&E during the 2nd quarter worth approximately $1,964,250,000. Massachusetts Financial Services Co. MA increased its holdings in PG&E by 17.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 101,910,190 shares of the utilities provider’s stock worth $1,779,352,000 after purchasing an additional 14,998,472 shares in the last quarter. Bank of Montreal Can increased its holdings in PG&E by 4.1% during the 2nd quarter. Bank of Montreal Can now owns 13,320,166 shares of the utilities provider’s stock worth $234,701,000 after purchasing an additional 526,645 shares in the last quarter. Finally, BROOKFIELD Corp ON increased its holdings in PG&E by 3.8% during the 1st quarter. BROOKFIELD Corp ON now owns 8,761,490 shares of the utilities provider’s stock worth $146,843,000 after purchasing an additional 317,040 shares in the last quarter. 78.56% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PCG has been the topic of a number of research analyst reports. Barclays boosted their target price on PG&E from $24.00 to $25.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. Bank of America initiated coverage on PG&E in a research note on Thursday, September 12th. They issued a “buy” rating and a $24.00 target price on the stock. Wells Fargo & Company boosted their target price on PG&E from $21.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. UBS Group boosted their target price on PG&E from $24.00 to $26.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Finally, Morgan Stanley boosted their target price on PG&E from $19.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, PG&E currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.80.

PG&E Stock Performance

NYSE PCG opened at $20.99 on Wednesday. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 2.02. The company has a 50-day simple moving average of $20.15 and a two-hundred day simple moving average of $18.92. The firm has a market cap of $54.89 billion, a price-to-earnings ratio of 16.41, a PEG ratio of 1.62 and a beta of 1.03. PG&E Co. has a 12-month low of $15.94 and a 12-month high of $21.51.

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

PG&E Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.19%. The ex-dividend date was Monday, September 30th. PG&E’s dividend payout ratio is 3.13%.

PG&E Company 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.