Cornercap Investment Counsel Inc. Sells 2,984 Shares of PG&E Co. (NYSE:PCG)

Cornercap Investment Counsel Inc. trimmed its holdings in shares of PG&E Co. (NYSE:PCG) by 3.6% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 79,031 shares of the utilities provider’s stock after selling 2,984 shares during the period. Cornercap Investment Counsel Inc.’s holdings in PG&E were worth $1,595,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Czech National Bank grew its stake in PG&E by 8.9% in the fourth quarter. Czech National Bank now owns 474,013 shares of the utilities provider’s stock valued at $9,566,000 after purchasing an additional 38,590 shares in the last quarter. New York State Teachers Retirement System grew its position in shares of PG&E by 8.2% in the 4th quarter. New York State Teachers Retirement System now owns 1,974,070 shares of the utilities provider’s stock valued at $39,837,000 after acquiring an additional 148,860 shares during the period. State Street Corp raised its holdings in shares of PG&E by 5.0% in the 3rd quarter. State Street Corp now owns 108,953,808 shares of the utilities provider’s stock valued at $2,155,093,000 after purchasing an additional 5,191,463 shares during the period. McElhenny Sheffield Capital Management LLC acquired a new stake in PG&E in the 4th quarter valued at about $514,000. Finally, Atria Wealth Solutions Inc. bought a new position in PG&E during the fourth quarter worth about $466,000. Institutional investors own 78.56% of the company’s stock.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

PCG has been the subject of a number of recent analyst reports. Barclays cut their price objective on PG&E from $24.00 to $23.00 and set an “overweight” rating for the company in a research report on Monday, January 27th. UBS Group lowered shares of PG&E from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $22.00 to $19.00 in a research report on Wednesday, March 19th. Morgan Stanley upped their price target on shares of PG&E from $16.50 to $17.50 and gave the company an “underweight” rating in a research note on Thursday, March 20th. JPMorgan Chase & Co. restated an “overweight” rating and set a $22.00 price objective on shares of PG&E in a research report on Wednesday, February 12th. Finally, BMO Capital Markets upped their target price on PG&E from $21.00 to $23.00 and gave the company an “outperform” rating in a research report on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $22.05.

PG&E Price Performance

Shares of NYSE:PCG opened at $16.98 on Friday. The firm has a 50 day moving average of $16.21 and a 200-day moving average of $18.68. PG&E Co. has a 12 month low of $14.99 and a 12 month high of $21.72. 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 stock has a market capitalization of $45.35 billion, a PE ratio of 14.76, a PEG ratio of 1.09 and a beta of 1.04.

PG&E (NYSE:PCG) last released 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. PG&E had a return on equity of 10.94% and a net margin of 10.27%. The firm had revenue of $6.63 billion for the quarter, compared to analysts’ expectations of $7.29 billion. During the same quarter in the previous year, the business posted $0.47 earnings per share. On average, equities research 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. Stockholders of record on Monday, March 31st will be paid a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date of this dividend is Monday, March 31st. PG&E’s dividend payout ratio is 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.