Public Service Enterprise Group Incorporated (NYSE:PEG) Stake Lessened by Cadence Bank

Cadence Bank decreased its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 0.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,732 shares of the utilities provider’s stock after selling 200 shares during the period. Cadence Bank’s holdings in Public Service Enterprise Group were worth $2,474,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PEG. Family Firm Inc. bought a new stake in shares of Public Service Enterprise Group in the 2nd quarter worth $33,000. OFI Invest Asset Management bought a new stake in Public Service Enterprise Group in the second quarter worth about $35,000. Ashton Thomas Securities LLC acquired a new stake in Public Service Enterprise Group in the 3rd quarter valued at about $35,000. Northwest Investment Counselors LLC bought a new position in shares of Public Service Enterprise Group during the 3rd quarter valued at about $48,000. Finally, Country Trust Bank bought a new position in shares of Public Service Enterprise Group during the 2nd quarter valued at about $52,000. Institutional investors own 73.34% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on PEG. Jefferies Financial Group started coverage on shares of Public Service Enterprise Group in a research note on Friday, September 13th. They set a “hold” rating and a $85.00 target price for the company. Morgan Stanley increased their price objective on Public Service Enterprise Group from $83.00 to $95.00 and gave the company an “overweight” rating in a research report on Monday, September 23rd. Wells Fargo & Company boosted their target price on Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Evercore ISI upped their target price on Public Service Enterprise Group from $92.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Finally, Scotiabank boosted their price objective on Public Service Enterprise Group from $62.00 to $73.00 and gave the stock a “sector perform” rating in a report on Tuesday, August 20th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $86.69.

Insider Activity

In other news, COO Kim C. Hanemann sold 956 shares of Public Service Enterprise Group stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.09, for a total transaction of $86,126.04. Following the sale, the chief operating officer now owns 70,011 shares of the company’s stock, valued at approximately $6,307,290.99. This trade represents a 1.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total value of $111,190.82. Following the sale, the chief executive officer now owns 148,892 shares in the company, valued at approximately $12,014,095.48. This represents a 0.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,739 shares of company stock valued at $2,467,753. 0.18% of the stock is owned by insiders.

Public Service Enterprise Group Trading Up 1.6 %

NYSE PEG opened at $94.51 on Wednesday. The firm’s fifty day simple moving average is $88.74 and its 200-day simple moving average is $81.01. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18. Public Service Enterprise Group Incorporated has a 1-year low of $56.85 and a 1-year high of $94.67. The company has a market capitalization of $47.09 billion, a PE ratio of 23.22, a price-to-earnings-growth ratio of 3.41 and a beta of 0.61.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.03. The business had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.44 billion. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. Public Service Enterprise Group’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.85 EPS. As a group, sell-side analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 10th will be paid a $0.60 dividend. The ex-dividend date is Tuesday, December 10th. This represents a $2.40 dividend on an annualized basis and a yield of 2.54%. Public Service Enterprise Group’s payout ratio is presently 58.97%.

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.