Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Sold by Panagora Asset Management Inc.

Panagora Asset Management Inc. trimmed its position in Public Service Enterprise Group Incorporated (NYSE:PEG) by 20.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 43,804 shares of the utilities provider’s stock after selling 11,296 shares during the period. Panagora Asset Management Inc.’s holdings in Public Service Enterprise Group were worth $3,228,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Public Service Enterprise Group in the 4th quarter worth approximately $215,074,000. Raymond James & Associates increased its stake in shares of Public Service Enterprise Group by 315.2% in the second quarter. Raymond James & Associates now owns 2,206,101 shares of the utilities provider’s stock worth $162,590,000 after acquiring an additional 1,674,827 shares during the period. Reaves W H & Co. Inc. lifted its position in Public Service Enterprise Group by 73.9% during the first quarter. Reaves W H & Co. Inc. now owns 1,572,001 shares of the utilities provider’s stock valued at $104,978,000 after purchasing an additional 667,773 shares during the period. Raymond James Financial Services Advisors Inc. boosted its holdings in Public Service Enterprise Group by 381.7% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 800,848 shares of the utilities provider’s stock valued at $59,023,000 after purchasing an additional 634,587 shares during the last quarter. Finally, Cohen & Steers Inc. raised its stake in shares of Public Service Enterprise Group by 23.6% during the 4th quarter. Cohen & Steers Inc. now owns 2,389,722 shares of the utilities provider’s stock valued at $146,132,000 after buying an additional 455,693 shares during the last quarter. Institutional investors and hedge funds own 73.34% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on the company. Royal Bank of Canada raised their target price on Public Service Enterprise Group from $80.00 to $84.00 and gave the stock an “outperform” rating in a report on Monday, July 15th. Barclays lifted their target price on shares of Public Service Enterprise Group from $71.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, July 10th. Scotiabank lifted their price objective on shares of Public Service Enterprise Group from $62.00 to $73.00 and gave the company a “sector perform” rating in a report on Tuesday, August 20th. Mizuho upped their price objective on shares of Public Service Enterprise Group from $65.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, May 23rd. Finally, Morgan Stanley raised their target price on Public Service Enterprise Group from $78.00 to $83.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $77.33.

Public Service Enterprise Group Price Performance

Shares of NYSE:PEG traded up $0.34 during midday trading on Friday, hitting $80.75. The company’s stock had a trading volume of 4,436,247 shares, compared to its average volume of 2,809,725. Public Service Enterprise Group Incorporated has a 12-month low of $53.71 and a 12-month high of $81.89. The company has a market cap of $40.22 billion, a P/E ratio of 22.36, a price-to-earnings-growth ratio of 3.00 and a beta of 0.59. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.46 and a current ratio of 0.65. The business’s 50 day simple moving average is $76.99 and its 200 day simple moving average is $71.06.

Public Service Enterprise Group (NYSE:PEG) last issued its earnings results on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.01). Public Service Enterprise Group had a return on equity of 10.72% and a net margin of 16.12%. The company had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same quarter in the prior year, the firm earned $0.70 earnings per share. The company’s revenue for the quarter was up .1% on a year-over-year basis. On average, analysts forecast that Public Service Enterprise Group Incorporated will post 3.68 EPS for the current year.

Public Service Enterprise Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, September 9th. This represents a $2.40 annualized dividend and a dividend yield of 2.97%. Public Service Enterprise Group’s dividend payout ratio is presently 66.48%.

Insider Activity

In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 19,127 shares of Public Service Enterprise Group stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $80.26, for a total transaction of $1,535,133.02. Following the transaction, the executive vice president now directly owns 67,524 shares of the company’s stock, valued at $5,419,476.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.57% of the company’s stock.

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.