Legal & General Group Plc Has $549.51 Million Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Legal & General Group Plc lessened its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 8.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,503,822 shares of the utilities provider’s stock after selling 631,885 shares during the period. Legal & General Group Plc’s holdings in Public Service Enterprise Group were worth $549,508,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Wingate Wealth Advisors Inc. bought a new stake in Public Service Enterprise Group in the fourth quarter valued at approximately $35,000. OFI Invest Asset Management acquired a new position in shares of Public Service Enterprise Group in the 4th quarter worth approximately $39,000. Nemes Rush Group LLC acquired a new position in shares of Public Service Enterprise Group in the 4th quarter worth approximately $53,000. Stonebridge Financial Group LLC bought a new stake in shares of Public Service Enterprise Group in the 4th quarter valued at $54,000. Finally, Millstone Evans Group LLC acquired a new stake in shares of Public Service Enterprise Group during the fourth quarter worth $56,000. Institutional investors and hedge funds own 73.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PEG. Barclays lowered shares of Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $88.00 to $84.00 in a report on Monday, January 27th. Scotiabank boosted their price objective on Public Service Enterprise Group from $73.00 to $86.00 and gave the company a “sector perform” rating in a research note on Thursday, December 12th. Wells Fargo & Company decreased their target price on Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. BMO Capital Markets boosted their price target on Public Service Enterprise Group from $85.00 to $86.00 and gave the company a “market perform” rating in a research note on Wednesday, February 26th. Finally, Morgan Stanley raised their price objective on shares of Public Service Enterprise Group from $96.00 to $100.00 and gave the stock an “overweight” rating in a research report on Thursday, March 20th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.65.

Public Service Enterprise Group Stock Down 0.9 %

Shares of NYSE PEG opened at $77.03 on Tuesday. The company has a market cap of $38.40 billion, a price-to-earnings ratio of 18.93, a PEG ratio of 2.78 and a beta of 0.52. The firm’s fifty day moving average is $82.24 and its 200 day moving average is $85.99. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18. Public Service Enterprise Group Incorporated has a 52 week low of $64.03 and a 52 week high of $95.22.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings results on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.01. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The business had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same quarter in the previous year, the business posted $0.54 earnings per share. The firm’s revenue for the quarter was down 5.4% compared to the same quarter last year. On average, equities research analysts expect that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 10th were paid a $0.63 dividend. This is a boost from Public Service Enterprise Group’s previous quarterly dividend of $0.60. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date was Monday, March 10th. Public Service Enterprise Group’s dividend payout ratio is currently 71.19%.

Insider Buying and Selling at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $82.88, for a total value of $114,208.64. Following the completion of the sale, the chief executive officer now directly owns 221,670 shares in the company, valued at $18,372,009.60. The trade was a 0.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.19% of the stock is owned by company insiders.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates in electric and gas utility business in the United States. It operates through PSE&G and PSEG Power segments. The PSE&G segment transmits electricity; distributes electricity and natural gas to residential, commercial, and industrial customers; and appliance services and repairs to customers through its service territory, as well as invests in solar generation projects, and energy efficiency and related programs.