Daiwa Securities Group Inc. Sells 59,317 Shares of PG&E Co. (NYSE:PCG)

Daiwa Securities Group Inc. reduced its holdings in shares of PG&E Co. (NYSE:PCG) by 16.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 311,994 shares of the utilities provider’s stock after selling 59,317 shares during the period. Daiwa Securities Group Inc.’s holdings in PG&E were worth $6,296,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in PCG. FMR LLC grew its stake in PG&E by 5.1% during the third quarter. FMR LLC now owns 176,839,426 shares of the utilities provider’s stock worth $3,496,115,000 after purchasing an additional 8,604,396 shares during the period. State Street Corp grew its position in shares of PG&E by 5.0% during the 3rd quarter. State Street Corp now owns 108,953,808 shares of the utilities provider’s stock worth $2,155,093,000 after buying an additional 5,191,463 shares during the period. Brookfield Corp ON increased its stake in shares of PG&E by 45.6% in the 3rd quarter. Brookfield Corp ON now owns 12,643,085 shares of the utilities provider’s stock valued at $249,954,000 after acquiring an additional 3,958,495 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of PG&E by 2.9% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 104,846,953 shares of the utilities provider’s stock valued at $2,072,824,000 after acquiring an additional 2,936,763 shares during the period. Finally, Duff & Phelps Investment Management Co. boosted its stake in PG&E by 91.2% during the third quarter. Duff & Phelps Investment Management Co. now owns 4,027,434 shares of the utilities provider’s stock worth $79,622,000 after acquiring an additional 1,920,734 shares in the last quarter. 78.56% of the stock is owned by institutional investors.

Insider Activity at PG&E

In other news, Director Arno Lockheart Harris acquired 6,389 shares of PG&E stock in a transaction on Thursday, February 20th. The stock was acquired at an average cost of $15.66 per share, with a total value of $100,051.74. Following the completion of the acquisition, the director now owns 14,864 shares in the company, valued at approximately $232,770.24. This trade represents a 75.39 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Carla J. Peterman sold 32,521 shares of the business’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $16.37, for a total value of $532,368.77. Following the completion of the sale, the executive vice president now owns 183,635 shares in the company, valued at approximately $3,006,104.95. The trade was a 15.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.15% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. UBS Group decreased their price target on shares of PG&E from $24.00 to $22.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. Mizuho boosted their target price on PG&E from $24.00 to $26.00 and gave the company an “outperform” rating in a research report on Wednesday, November 27th. Barclays cut their price target on PG&E from $24.00 to $23.00 and set an “overweight” rating on the stock in a report on Monday, January 27th. Guggenheim downgraded PG&E from a “buy” rating to a “neutral” rating in a report on Tuesday, February 18th. Finally, Morgan Stanley cut PG&E from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $20.00 to $16.50 in a report on Friday, February 14th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $22.23.

PG&E Trading Up 0.2 %

NYSE PCG opened at $16.23 on Thursday. The company has a current ratio of 1.05, a quick ratio of 1.00 and a debt-to-equity ratio of 1.86. The firm has a market capitalization of $43.34 billion, a P/E ratio of 14.11, a PEG ratio of 1.09 and a beta of 1.04. The business has a fifty day simple moving average of $16.51 and a 200 day simple moving average of $18.90. PG&E Co. has a 12 month low of $14.99 and a 12 month high of $21.72.

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

PG&E Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $0.025 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.10 annualized dividend and a yield of 0.62%. PG&E’s dividend payout ratio is currently 8.70%.

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.