Bank of America Corp DE has decreased its holding in PG&E Co. (NYSE:PCG) by 13.8% in the fourth quarter, according to the company’s most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned over 5 million shares of the utilities provider’s stock after selling more than 824,000 shares during the quarter. At the end of the most recent trading period, Bank of America Corp DE owned approximately 0.21% of PG&E, worth $83,385,000.
On Friday, May 5th, PG&E released its quarterly earnings report that revealed a net margin of 8.64% and a return on equity of 10.21%. The utilities provider met analysts’ consensus EPS estimates with $0.29 and achieved revenue of $6.21 billion for the quarter, compared to the consensus estimate of $6.19 billion in revenue.
Sell-side analysts expect that PG&E Co. will post earnings per share (EPS) of approximately $1.21 for this fiscal year.
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PG&E is one of California’s primary utility providers that invests over $2 billion annually into maintaining and expanding operations across Central and Northern California regions.”
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Institutional Investors Show Interest in PG&E as Company Invests in Sustainable Energy for Long-Term Growth
PG&E (Pacific Gas and Electric Company) has recently experienced increased stake purchases by various institutional investors. For instance, Vanguard Group Inc. raised its stake in PG&E by 15.7% to now own 219,490,888 shares of the utilities provider’s stock valued at $2,743,636,000. State Street Corp grew its position in PG&E’s stock by 121.3% while Price T Rowe Associates Inc. MD increased its stake by 4.7%. Capital International Investors and Massachusetts Financial Services Co. MA also lifted their stakes with gains of 13.3% and 1.6% respectively during the last quarter to yield market returns for investors.
Shares of NYSE PCG opened at $16.65 on Monday and traded below their year-high of $17.68 despite having one of the most considerable market capitalizations in the industry currently standing at approximately $41.18 billion supported by a P/E ratio of 18.71 and beta of 1.14.
Morgan Stanley raised their price target on PG&E from $13.00 to $15.00 while Credit Suisse Group increased their price objective on PG&E shares from $18.00 to $19 with an “outperform” rating assigned to the stocks; Royal Bank of Canada also offered support for this company based on identification of market potentials through boosting targets from $20 to $$21 for PG&E’s shares value.
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PG&E Corp.’s specialty includes energy, utility power gas electricity solar sustainability which is North America’s biggest combined natural gas and electric company that serves over sixteen million people residing in California homes giving them access to safe thermal plants, hydroelectric plants and natural gas storage for better control of an ecofriendly planet. Founded in 1995 and based in Oakland, California, PG&E has remained a good investment option for diversified investors seeking sustainability in energy with significant prospects for long-term growth due to plans by the Biden administration to create a clean energy-driven economy.