Bourne Lent Asset Management Inc. Reduces Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Bourne Lent Asset Management Inc. trimmed its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 2.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,722 shares of the utilities provider’s stock after selling 300 shares during the quarter. Bourne Lent Asset Management Inc.’s holdings in Public Service Enterprise Group were worth $1,046,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Scarborough Advisors LLC acquired a new position in Public Service Enterprise Group during the fourth quarter worth $41,000. SageView Advisory Group LLC purchased a new stake in shares of Public Service Enterprise Group in the fourth quarter valued at about $643,000. HighPoint Advisor Group LLC acquired a new stake in Public Service Enterprise Group during the fourth quarter worth about $535,000. Nomura Holdings Inc. purchased a new position in Public Service Enterprise Group during the fourth quarter worth about $615,000. Finally, Newbridge Financial Services Group Inc. boosted its holdings in Public Service Enterprise Group by 99.6% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,042 shares of the utilities provider’s stock valued at $64,000 after purchasing an additional 520 shares during the last quarter. 73.34% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PEG has been the topic of several analyst reports. Morgan Stanley lifted their price target on shares of 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. Barclays lifted their target price on Public Service Enterprise Group from $80.00 to $98.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Scotiabank increased their price target 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. LADENBURG THALM/SH SH upgraded shares of Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a report on Monday, August 5th. Finally, BMO Capital Markets increased their target price on shares of Public Service Enterprise Group from $78.00 to $86.00 and gave the stock a “market perform” rating in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $84.62.

Public Service Enterprise Group Trading Down 1.1 %

Shares of PEG stock opened at $88.18 on Wednesday. The stock has a market capitalization of $43.92 billion, a P/E ratio of 24.43, a price-to-earnings-growth ratio of 2.72 and a beta of 0.61. Public Service Enterprise Group Incorporated has a fifty-two week low of $56.85 and a fifty-two week high of $92.20. 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 company has a 50 day moving average price of $84.09 and a 200 day moving average price of $76.60.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings results on Tuesday, July 30th. The utilities provider reported $0.63 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.01). The business had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.03 billion. Public Service Enterprise Group had a return on equity of 10.72% and a net margin of 16.12%. The business’s revenue was up .1% on a year-over-year basis. During the same quarter last year, the firm earned $0.70 EPS. Equities research analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total value of $111,190.82. Following the completion of the transaction, the chief executive officer now owns 148,892 shares in the company, valued at approximately $12,014,095.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 9,563 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $79.54, for a total value of $760,641.02. Following the sale, the executive vice president now directly owns 57,961 shares of the company’s stock, valued at approximately $4,610,217.94. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Ralph A. Larossa sold 1,378 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total transaction of $111,190.82. Following the completion of the sale, the chief executive officer now owns 148,892 shares in the company, valued at $12,014,095.48. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 41,010 shares of company stock worth $3,397,855 in the last quarter. 0.57% of the stock is owned by company insiders.

About Public Service Enterprise Group

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.