Richardson Financial Services Inc. Trims Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Richardson Financial Services Inc. cut its position in Public Service Enterprise Group Incorporated (NYSE:PEG) by 8.6% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,380 shares of the utilities provider’s stock after selling 225 shares during the quarter. Richardson Financial Services Inc.’s holdings in Public Service Enterprise Group were worth $175,000 at the end of the most recent quarter.

Several other institutional investors 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 valued at about $215,074,000. Hsbc Holdings PLC lifted its holdings in shares of Public Service Enterprise Group by 43.2% during the second quarter. Hsbc Holdings PLC now owns 2,426,170 shares of the utilities provider’s stock worth $178,763,000 after purchasing an additional 732,443 shares during the period. Cohen & Steers Inc. lifted its holdings in shares of Public Service Enterprise Group by 23.6% during the fourth quarter. Cohen & Steers Inc. now owns 2,389,722 shares of the utilities provider’s stock worth $146,132,000 after purchasing an additional 455,693 shares during the period. Franklin Resources Inc. grew its position in Public Service Enterprise Group by 12.5% in the 4th quarter. Franklin Resources Inc. now owns 2,331,709 shares of the utilities provider’s stock valued at $142,584,000 after buying an additional 259,694 shares during the last quarter. Finally, Raymond James & Associates increased its stake in Public Service Enterprise Group by 315.2% in the 2nd quarter. Raymond James & Associates now owns 2,206,101 shares of the utilities provider’s stock valued at $162,590,000 after buying an additional 1,674,827 shares during the period. Institutional investors and hedge funds own 73.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PEG. BMO Capital Markets lifted their target price on shares of Public Service Enterprise Group from $78.00 to $86.00 and gave the company a “market perform” rating in a report on Friday, August 2nd. Morgan Stanley increased their target price on Public Service Enterprise Group from $78.00 to $83.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Mizuho boosted their target price 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. Bank of America lifted 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. Finally, Scotiabank lifted 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. One analyst has rated the stock with a sell rating, four have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $77.92.

Insider Buying and Selling at Public Service Enterprise Group

In related news, EVP Tamara Louise Linde sold 19,127 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $80.26, for a total value of $1,535,133.02. Following the sale, the executive vice president now directly owns 67,524 shares of the company’s stock, valued at $5,419,476.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 stock was 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 directly owns 148,892 shares in the company, valued at $12,014,095.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Tamara Louise Linde sold 19,127 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $80.26, for a total value of $1,535,133.02. Following the completion of 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 sold 30,068 shares of company stock worth $2,406,965 in the last 90 days. 0.57% of the stock is owned by company insiders.

Public Service Enterprise Group Trading Down 1.0 %

Shares of PEG stock opened at $83.41 on Friday. Public Service Enterprise Group Incorporated has a twelve month low of $53.71 and a twelve month high of $85.31. The company has a market capitalization of $41.55 billion, a price-to-earnings ratio of 23.11, a PEG ratio of 3.03 and a beta of 0.60. The firm has a 50-day moving average price of $79.49 and a 200 day moving average price of $73.38. The company has a current ratio of 0.65, a quick ratio of 0.46 and a debt-to-equity ratio of 1.16.

Public Service Enterprise Group (NYSE:PEG) last announced its 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 business posted $0.70 EPS. The firm’s revenue was up .1% compared to the same quarter last year. Research analysts forecast that Public Service Enterprise Group Incorporated will post 3.68 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

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

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.