Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Sold by Amalgamated Bank

Amalgamated Bank reduced its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 2.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 100,781 shares of the utilities provider’s stock after selling 2,581 shares during the period. Amalgamated Bank’s holdings in Public Service Enterprise Group were worth $7,428,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Family Firm Inc. purchased a new stake in shares of Public Service Enterprise Group during the 2nd quarter worth $33,000. OFI Invest Asset Management purchased a new stake in shares of Public Service Enterprise Group during the 2nd quarter worth $35,000. Northwest Investment Counselors LLC purchased a new stake in shares of Public Service Enterprise Group during the 1st quarter worth $36,000. Salomon & Ludwin LLC lifted its position in shares of Public Service Enterprise Group by 1,866.7% during the 1st quarter. Salomon & Ludwin LLC now owns 590 shares of the utilities provider’s stock worth $39,000 after purchasing an additional 560 shares during the last quarter. Finally, Scarborough Advisors LLC purchased a new stake in shares of Public Service Enterprise Group during the 4th quarter worth $41,000. 73.34% of the stock is owned by hedge funds and other institutional investors.

Public Service Enterprise Group Trading Down 1.0 %

NYSE PEG opened at $83.41 on Friday. 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 firm has a market cap of $41.55 billion, a PE ratio of 23.11, a P/E/G ratio of 3.03 and a beta of 0.60. Public Service Enterprise Group Incorporated has a one year low of $53.71 and a one year high of $85.31. The firm’s fifty day moving average is $79.49 and its two-hundred day moving average is $73.38.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same quarter last year, the firm earned $0.70 earnings per share. The company’s revenue was up .1% compared to the same quarter last year. Analysts expect that Public Service Enterprise Group Incorporated will post 3.68 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be paid a dividend of $0.60 per share. The ex-dividend date is Monday, September 9th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.88%. Public Service Enterprise Group’s dividend payout ratio (DPR) is 66.48%.

Insider Transactions at Public Service Enterprise Group

In other news, EVP Tamara Louise Linde sold 19,127 shares of the business’s 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 in the company, valued at $5,419,476.24. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total transaction of $111,190.82. Following the transaction, the chief executive officer now directly owns 148,892 shares in the company, valued at $12,014,095.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Tamara Louise Linde sold 19,127 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was 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 owns 67,524 shares in the company, valued at $5,419,476.24. The disclosure for this sale can be found here. Insiders have sold a total of 30,068 shares of company stock worth $2,406,965 over the last ninety days. 0.57% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PEG has been the subject of several recent analyst reports. Jefferies Financial Group initiated coverage on shares of Public Service Enterprise Group in a research report on Friday, September 13th. They set a “hold” rating and a $85.00 price objective for the company. Bank of America boosted their price target on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Guggenheim raised shares of Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 price target for the company in a research report on Monday, June 17th. Royal Bank of Canada boosted their price target on shares of Public Service Enterprise Group from $80.00 to $84.00 and gave the company an “outperform” rating in a research report on Monday, July 15th. Finally, Barclays boosted their price target on shares of Public Service Enterprise Group from $71.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday, July 10th. One analyst has rated the stock with a sell rating, four have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Public Service Enterprise Group currently has a consensus rating of “Moderate Buy” and an average price target of $77.92.

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.