State of Michigan Retirement System Has $12.50 Million Stock Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

State of Michigan Retirement System decreased its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 4.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 147,966 shares of the utilities provider’s stock after selling 7,000 shares during the period. State of Michigan Retirement System’s holdings in Public Service Enterprise Group were worth $12,502,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC bought a new position in shares of Public Service Enterprise Group during the 3rd quarter worth approximately $35,000. Wingate Wealth Advisors Inc. bought a new stake in Public Service Enterprise Group in the fourth quarter valued at $35,000. Stonebridge Financial Group LLC acquired a new position in Public Service Enterprise Group during the fourth quarter worth $54,000. Financial Life Planners bought a new position in shares of Public Service Enterprise Group during the fourth quarter valued at $56,000. Finally, Brown Lisle Cummings Inc. acquired a new stake in shares of Public Service Enterprise Group in the 4th quarter valued at $57,000. 73.34% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Ralph A. Larossa sold 1,378 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $83.10, for a total value of $114,511.80. Following the transaction, the chief executive officer now directly owns 126,791 shares in the company, valued at $10,536,332.10. This trade represents a 1.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.57% of the company’s stock.

Public Service Enterprise Group Trading Up 0.3 %

PEG stock opened at $81.68 on Thursday. The business has a fifty day moving average of $84.54 and a 200-day moving average of $86.06. The company has a market cap of $40.70 billion, a P/E ratio of 20.07, a PEG ratio of 2.78 and a beta of 0.64. Public Service Enterprise Group Incorporated has a twelve month low of $63.31 and a twelve month high of $95.22. 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 (NYSE:PEG) last announced its quarterly earnings data on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.01. The firm had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.03 billion. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The company’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.54 EPS. As a group, equities research analysts expect that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be paid a $0.63 dividend. The ex-dividend date is Monday, March 10th. 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 yield of 3.09%. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 71.19%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on PEG shares. Guggenheim reiterated a “buy” rating and set a $98.00 target price on shares of Public Service Enterprise Group in a research report on Wednesday, February 26th. Barclays lowered shares of Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $88.00 to $84.00 in a report on Monday, January 27th. StockNews.com raised Public Service Enterprise Group from a “sell” rating to a “hold” rating in a report on Wednesday. Scotiabank raised their price target on Public Service Enterprise Group from $73.00 to $86.00 and gave the company a “sector perform” rating in a report on Thursday, December 12th. Finally, Bank of America cut their price objective on Public Service Enterprise Group from $95.00 to $92.00 and set a “buy” rating for the company in a research report on Monday. Six equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Public Service Enterprise Group has a consensus rating of “Moderate Buy” and an average target price of $89.83.

Public Service Enterprise Group 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.