Sumitomo Life Insurance Co. Reduces Stock Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Sumitomo Life Insurance Co. decreased its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 4.6% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 17,323 shares of the utilities provider’s stock after selling 834 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Public Service Enterprise Group were worth $1,059,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Modera Wealth Management LLC boosted its holdings in shares of Public Service Enterprise Group by 2.6% in the 3rd quarter. Modera Wealth Management LLC now owns 6,647 shares of the utilities provider’s stock worth $378,000 after purchasing an additional 170 shares during the period. IFP Advisors Inc boosted its holdings in Public Service Enterprise Group by 14.2% during the 2nd quarter. IFP Advisors Inc now owns 1,418 shares of the utilities provider’s stock valued at $89,000 after acquiring an additional 176 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in Public Service Enterprise Group by 0.3% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 62,686 shares of the utilities provider’s stock valued at $3,567,000 after acquiring an additional 177 shares during the period. Strategic Investment Advisors MI boosted its holdings in Public Service Enterprise Group by 1.0% during the 4th quarter. Strategic Investment Advisors MI now owns 17,511 shares of the utilities provider’s stock valued at $1,071,000 after acquiring an additional 179 shares during the period. Finally, Lido Advisors LLC boosted its holdings in Public Service Enterprise Group by 4.1% during the 3rd quarter. Lido Advisors LLC now owns 4,622 shares of the utilities provider’s stock valued at $263,000 after acquiring an additional 183 shares during the period. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Insider Activity at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,374 shares of the company’s stock in a transaction dated Monday, March 4th. The stock was 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 of the company’s stock, valued at approximately $9,684,423. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, SVP Richard T. Thigpen sold 4,800 shares of the company’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $64.18, for a total transaction of $308,064.00. Following the transaction, the senior vice president now directly owns 31,122 shares of the company’s stock, valued at approximately $1,997,409.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Ralph A. Larossa sold 1,374 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $63.00, for a total value of $86,562.00. Following the transaction, the chief executive officer now directly owns 153,721 shares in the company, valued at $9,684,423. The disclosure for this sale can be found here. Insiders have sold 7,948 shares of company stock valued at $510,300 in the last ninety days. Corporate insiders own 0.18% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Barclays boosted their price objective on Public Service Enterprise Group from $68.00 to $71.00 and gave the company an “overweight” rating in a report on Monday. Morgan Stanley restated an “overweight” rating and set a $70.00 price objective (up previously from $61.00) on shares of Public Service Enterprise Group in a report on Monday, March 25th. Evercore ISI lifted their target price on Public Service Enterprise Group from $67.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Guggenheim lowered Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $61.00 target price for the company. in a research report on Monday, January 22nd. Finally, BMO Capital Markets decreased their target price on 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. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Public Service Enterprise Group presently has an average rating of “Moderate Buy” and a consensus price target of $67.58.

Public Service Enterprise Group Trading Down 1.0 %

PEG opened at $65.20 on Tuesday. The firm has a market cap of $32.51 billion, a price-to-earnings ratio of 12.71, a PEG ratio of 2.88 and a beta of 0.58. The company has a current ratio of 0.67, a quick ratio of 0.46 and a debt-to-equity ratio of 1.15. Public Service Enterprise Group Incorporated has a 12 month low of $53.71 and a 12 month high of $67.51. The stock has a fifty day moving average price of $63.33 and a 200-day moving average price of $61.75.

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

Public Service Enterprise Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were given a dividend of $0.60 per share. This is a positive change from Public Service Enterprise Group’s previous quarterly dividend of $0.57. This represents a $2.40 annualized dividend and a yield of 3.68%. The ex-dividend date of this dividend was Thursday, March 7th. Public Service Enterprise Group’s dividend payout ratio is currently 46.78%.

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.