State Street Corp Lowers Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

State Street Corp trimmed its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 1.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,572,692 shares of the utilities provider’s stock after selling 435,912 shares during the period. State Street Corp owned about 0.05% of Public Service Enterprise Group worth $2,370,550,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in PEG. Family Firm Inc. purchased a new stake in shares of Public Service Enterprise Group in the second quarter worth about $33,000. OFI Invest Asset Management purchased a new stake in shares of Public Service Enterprise Group in the second quarter worth about $35,000. Ashton Thomas Securities LLC purchased a new stake in shares of Public Service Enterprise Group in the third quarter worth about $35,000. Northwest Investment Counselors LLC purchased a new stake in shares of Public Service Enterprise Group in the third quarter worth about $48,000. Finally, Friedenthal Financial purchased a new stake in shares of Public Service Enterprise Group in the second quarter worth about $52,000. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Public Service Enterprise Group Trading Down 0.3 %

PEG opened at $91.54 on Friday. The stock has a market cap of $45.61 billion, a price-to-earnings ratio of 22.49, a P/E/G ratio of 3.34 and a beta of 0.62. The stock’s 50 day moving average price is $89.62 and its 200-day moving average price is $81.82. Public Service Enterprise Group Incorporated has a one year low of $56.85 and a one year high of $95.22. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68.

Public Service Enterprise Group (NYSE:PEG) last released its earnings results on Monday, November 4th. The utilities provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03. The firm had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.44 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 up 7.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.85 earnings per share. On average, equities analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 10th will be paid a dividend of $0.60 per share. The ex-dividend date is Tuesday, December 10th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.62%. Public Service Enterprise Group’s dividend payout ratio is 58.97%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PEG. Morgan Stanley boosted their target price on Public Service Enterprise Group from $83.00 to $95.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Barclays decreased their target price on Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Evercore ISI boosted their target price on Public Service Enterprise Group from $92.00 to $95.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. BMO Capital Markets boosted their price objective on Public Service Enterprise Group from $86.00 to $89.00 and gave the stock a “market perform” rating in a research note on Monday, October 21st. Finally, UBS Group boosted their price objective on Public Service Enterprise Group from $94.00 to $98.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $88.08.

Insider Activity

In related news, EVP Tamara Louise Linde sold 9,564 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $90.61, for a total value of $866,594.04. Following the completion of the sale, the executive vice president now owns 48,397 shares in the company, valued at approximately $4,385,252.17. The trade was a 16.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Kim C. Hanemann sold 956 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.09, for a total value of $86,126.04. Following the completion of the sale, the chief operating officer now owns 70,011 shares of the company’s stock, valued at $6,307,290.99. The trade was a 1.35 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,361 shares of company stock valued at $2,356,562. 0.57% of the stock is currently owned by 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.