M&T Bank Corp Purchases 4,085 Shares of PG&E Co. (NYSE:PCG)

M&T Bank Corp increased its position in PG&E Co. (NYSE:PCG) by 5.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 82,796 shares of the utilities provider’s stock after buying an additional 4,085 shares during the quarter. M&T Bank Corp’s holdings in PG&E were worth $1,637,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the business. State Street Corp raised its stake in PG&E by 5.0% during 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. Tokio Marine Asset Management Co. Ltd. lifted its stake in PG&E by 259.6% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 61,850 shares of the utilities provider’s stock worth $1,223,000 after purchasing an additional 44,650 shares in the last quarter. Scientech Research LLC bought a new stake in shares of PG&E in the second quarter worth about $1,122,000. Allspring Global Investments Holdings LLC lifted its position in shares of PG&E by 808.5% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,243,020 shares of the utilities provider’s stock worth $21,703,000 after buying an additional 1,106,200 shares in the last quarter. Finally, Van ECK Associates Corp boosted its stake in PG&E by 23.7% during the second quarter. Van ECK Associates Corp now owns 1,387,786 shares of the utilities provider’s stock valued at $24,230,000 after buying an additional 265,694 shares during the last quarter. Hedge funds and other institutional investors own 78.56% of the company’s stock.

Insider Transactions at PG&E

In related news, CEO Patricia K. Poppe sold 55,555 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $20.66, for a total value of $1,147,766.30. Following the transaction, the chief executive officer now owns 1,460,222 shares of the company’s stock, valued at $30,168,186.52. This represents a 3.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on PCG shares. Mizuho increased 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. Morgan Stanley increased their price objective on shares of PG&E from $19.00 to $20.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. Barclays boosted their target price on shares of PG&E from $24.00 to $25.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. Bank of America started coverage on shares of PG&E in a report on Thursday, September 12th. They issued a “buy” rating and a $24.00 price target for the company. Finally, Jefferies Financial Group started coverage on PG&E in a research note on Monday, October 14th. They set a “buy” rating and a $24.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, PG&E presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.10.

PG&E Trading Down 0.9 %

Shares of NYSE PCG opened at $19.75 on Friday. The business’s 50 day moving average price is $20.52 and its 200-day moving average price is $19.26. PG&E Co. has a fifty-two week low of $15.94 and a fifty-two week high of $21.72. The company has a debt-to-equity ratio of 2.02, a quick ratio of 0.99 and a current ratio of 1.04. The company has a market cap of $51.65 billion, a price-to-earnings ratio of 15.43, a PEG ratio of 1.51 and a beta of 1.01.

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

PG&E Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.025 dividend. This is an increase from PG&E’s previous quarterly dividend of $0.01. This represents a $0.10 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date is Tuesday, December 31st. PG&E’s dividend payout ratio is currently 7.81%.

PG&E 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.