Sumitomo Life Insurance Co. Sells 8,562 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Sumitomo Life Insurance Co. lessened its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 56.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,590 shares of the utilities provider’s stock after selling 8,562 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Public Service Enterprise Group were worth $557,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of PEG. Foundations Investment Advisors LLC boosted its holdings in Public Service Enterprise Group by 27.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 87,621 shares of the utilities provider’s stock worth $7,403,000 after buying an additional 18,627 shares during the period. Heritage Wealth Management Inc. purchased a new position in shares of Public Service Enterprise Group in the second quarter valued at $422,000. DRW Securities LLC bought a new stake in shares of Public Service Enterprise Group during the 3rd quarter valued at $8,244,000. Cullen Investment Group LTD. lifted its holdings in Public Service Enterprise Group by 65.3% during the 4th quarter. Cullen Investment Group LTD. now owns 26,867 shares of the utilities provider’s stock worth $2,270,000 after purchasing an additional 10,610 shares in the last quarter. Finally, Arvest Bank Trust Division bought a new position in Public Service Enterprise Group in the 3rd quarter worth about $2,860,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Insiders Place Their Bets

In other Public Service Enterprise Group news, COO Kim C. Hanemann sold 956 shares of the firm’s stock in a transaction 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 sale, the chief operating officer now owns 70,011 shares of the company’s stock, valued at $6,307,290.99. This trade represents a 1.35 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Richard T. Thigpen sold 5,900 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $87.95, for a total transaction of $518,905.00. Following the transaction, the senior vice president now directly owns 25,829 shares of the company’s stock, valued at approximately $2,271,660.55. This trade represents a 18.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 8,234 shares of company stock valued at $722,037 in the last ninety days. Company insiders own 0.57% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on PEG shares. Wells Fargo & Company increased their price target on shares of Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Barclays downgraded shares of Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $88.00 to $84.00 in a report on Monday. Evercore ISI increased their price objective 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. Scotiabank boosted their target price on Public Service Enterprise Group from $73.00 to $86.00 and gave the stock a “sector perform” rating in a research report on Thursday, December 12th. Finally, UBS Group raised their price target on Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $88.83.

Public Service Enterprise Group Stock Up 2.6 %

Shares of NYSE PEG opened at $83.82 on Friday. The stock has a market capitalization of $41.76 billion, a P/E ratio of 20.60, a PEG ratio of 2.82 and a beta of 0.65. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.68 and a quick ratio of 0.48. Public Service Enterprise Group Incorporated has a one year low of $57.24 and a one year high of $95.22. The firm’s 50 day simple moving average is $87.32 and its two-hundred day simple moving average is $85.04.

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

Public Service Enterprise Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 10th were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Tuesday, December 10th. This represents a $2.40 annualized dividend and a yield of 2.86%. Public Service Enterprise Group’s payout ratio is 58.97%.

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.