Bank of New York Mellon Corp lessened its holdings in Public Service Enterprise Group Inc. (NYSE:PEG) by 18.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,530,509 shares of the utilities provider’s stock after selling 1,032,634 shares during the quarter. Bank of New York Mellon Corp owned 0.90% of Public Service Enterprise Group worth $239,166,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Psagot Investment House Ltd. bought a new stake in Public Service Enterprise Group in the 3rd quarter valued at $129,000. Reilly Financial Advisors LLC increased its holdings in Public Service Enterprise Group by 49.2% in the 3rd quarter. Reilly Financial Advisors LLC now owns 3,031 shares of the utilities provider’s stock valued at $160,000 after buying an additional 1,000 shares during the period. Centaurus Financial Inc. bought a new stake in Public Service Enterprise Group in the 2nd quarter valued at $161,000. Point72 Hong Kong Ltd bought a new stake in Public Service Enterprise Group in the 2nd quarter valued at $182,000. Finally, Cerebellum GP LLC bought a new stake in Public Service Enterprise Group in the 3rd quarter valued at $182,000. 67.82% of the stock is currently owned by hedge funds and other institutional investors.
NYSE PEG traded down $0.12 on Friday, hitting $51.88. 3,800,500 shares of the company were exchanged, compared to its average volume of 3,379,912. The company has a market cap of $25.92 billion, a price-to-earnings ratio of 17.73, a price-to-earnings-growth ratio of 2.35 and a beta of 0.39. The company has a quick ratio of 0.51, a current ratio of 0.72 and a debt-to-equity ratio of 0.90. Public Service Enterprise Group Inc. has a 1-year low of $46.19 and a 1-year high of $56.68.
Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Tuesday, October 30th. The utilities provider reported $0.95 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.04. Public Service Enterprise Group had a net margin of 23.54% and a return on equity of 11.24%. The business had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.62 billion. During the same quarter in the prior year, the company earned $0.82 EPS. On average, equities analysts expect that Public Service Enterprise Group Inc. will post 3.09 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, December 31st. Shareholders of record on Friday, December 7th were given a dividend of $0.45 per share. The ex-dividend date of this dividend was Thursday, December 6th. This represents a $1.80 dividend on an annualized basis and a yield of 3.47%. Public Service Enterprise Group’s payout ratio is presently 61.43%.
In other Public Service Enterprise Group news, Chairman Ralph Izzo sold 52,406 shares of the company’s stock in a transaction dated Wednesday, January 2nd. The shares were sold at an average price of $50.87, for a total transaction of $2,665,893.22. Following the transaction, the chairman now directly owns 462,726 shares in the company, valued at approximately $23,538,871.62. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Ralph A. Larossa sold 25,046 shares of the company’s stock in a transaction dated Friday, November 30th. The shares were sold at an average price of $55.57, for a total transaction of $1,391,806.22. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 184,565 shares of company stock worth $9,857,367. Corporate insiders own 0.58% of the company’s stock.
Several equities research analysts have issued reports on PEG shares. Argus boosted their price target on shares of Public Service Enterprise Group from $60.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, October 17th. ValuEngine raised shares of Public Service Enterprise Group from a “hold” rating to a “buy” rating in a report on Thursday, October 11th. Morgan Stanley set a $59.00 target price on shares of Public Service Enterprise Group and gave the stock a “buy” rating in a report on Thursday, October 11th. Deutsche Bank lowered their target price on shares of Public Service Enterprise Group from $58.00 to $57.00 and set a “hold” rating on the stock in a report on Wednesday, October 31st. Finally, Citigroup raised shares of Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $60.00 target price on the stock in a report on Tuesday, October 9th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $56.46.
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Public Service Enterprise Group Company Profile
Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in the Northeastern and Mid- Atlantic United States. It operates through two segments, PSE&G and Power. The PSE&G segment transmits electricity; and distributes electricity and gas to residential, commercial, and industrial customers, as well as invests in solar generation projects, and energy efficiency and related programs; and offers appliance services and repairs to customers.
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