Ingalls & Snyder LLC Trims Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Ingalls & Snyder LLC lessened its holdings in Public Service Enterprise Group Incorporated (NYSE:PEGFree Report) by 4.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,273 shares of the utilities provider’s stock after selling 200 shares during the period. Ingalls & Snyder LLC’s holdings in Public Service Enterprise Group were worth $261,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of PEG. Vanguard Group Inc. raised its position in shares of Public Service Enterprise Group by 13.0% in the third quarter. Vanguard Group Inc. now owns 61,673,935 shares of the utilities provider’s stock valued at $3,509,864,000 after buying an additional 7,103,657 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its position in shares of Public Service Enterprise Group by 259.8% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,504,200 shares of the utilities provider’s stock valued at $275,973,000 after buying an additional 3,252,500 shares during the last quarter. Norges Bank acquired a new position in shares of Public Service Enterprise Group in the fourth quarter valued at approximately $141,476,000. Prudential Financial Inc. raised its position in shares of Public Service Enterprise Group by 196.2% in the first quarter. Prudential Financial Inc. now owns 1,892,166 shares of the utilities provider’s stock valued at $132,451,000 after buying an additional 1,253,283 shares during the last quarter. Finally, Balyasny Asset Management L.P. acquired a new position in shares of Public Service Enterprise Group in the first quarter valued at approximately $74,050,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PEG. Morgan Stanley reissued an “overweight” rating and issued a $70.00 price objective (up previously from $61.00) on shares of Public Service Enterprise Group in a research report on Monday, March 25th. Royal Bank of Canada boosted their price objective on shares of Public Service Enterprise Group from $70.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, March 7th. Wells Fargo & Company upped their price target on shares of Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 19th. BMO Capital Markets dropped their price target on shares of Public Service Enterprise Group from $64.00 to $63.00 and set a “market perform” rating for the company in a research report on Tuesday, February 27th. Finally, Evercore ISI upped their price target on shares of Public Service Enterprise Group from $67.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $67.33.

View Our Latest Analysis on PEG

Insider Activity

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction on Monday, March 4th. The shares were sold at an average price of $63.00, for a total transaction of $86,562.00. Following the transaction, the chief executive officer now directly owns 153,721 shares in the company, valued at approximately $9,684,423. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction on Monday, March 4th. The shares were sold at an average price of $63.00, for a total transaction of $86,562.00. Following the transaction, the chief executive officer now directly owns 153,721 shares in the company, valued at approximately $9,684,423. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Richard T. Thigpen sold 4,800 shares of the stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $64.18, for a total transaction of $308,064.00. Following the sale, the senior vice president now directly owns 31,122 shares in the company, valued at $1,997,409.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 7,948 shares of company stock worth $510,300. 0.18% of the stock is currently owned by company insiders.

Public Service Enterprise Group Price Performance

Public Service Enterprise Group stock opened at $65.87 on Monday. Public Service Enterprise Group Incorporated has a 52-week low of $53.71 and a 52-week high of $67.51. The firm has a fifty day moving average of $63.19 and a 200-day moving average of $61.69. The firm has a market capitalization of $32.84 billion, a P/E ratio of 12.84, a PEG ratio of 2.88 and a beta of 0.58. The company has a quick ratio of 0.46, a current ratio of 0.67 and a debt-to-equity ratio of 1.15.

Public Service Enterprise Group (NYSE:PEGGet Free Report) last released its quarterly earnings data on Monday, February 26th. The utilities provider reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.02. The company had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.45 billion. Public Service Enterprise Group had a net margin of 22.81% and a return on equity of 11.53%. The business’s quarterly revenue was down 17.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.64 earnings per share. As a group, analysts predict that Public Service Enterprise Group Incorporated will post 3.66 EPS for the current year.

Public Service Enterprise Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were paid a $0.60 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This is an increase from Public Service Enterprise Group’s previous quarterly dividend of $0.57. This represents a $2.40 annualized dividend and a dividend yield of 3.64%. Public Service Enterprise Group’s dividend payout ratio is 46.78%.

Public Service Enterprise Group Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Public Service Enterprise Group (NYSE:PEG)

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