967,413 Shares in Public Service Enterprise Group Incorporated (NYSE:PEG) Bought by Sound Shore Management Inc. CT

Sound Shore Management Inc. CT purchased a new stake in Public Service Enterprise Group Incorporated (NYSE:PEG) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 967,413 shares of the utilities provider’s stock, valued at approximately $71,298,000. Public Service Enterprise Group makes up about 2.4% of Sound Shore Management Inc. CT’s investment portfolio, making the stock its 26th largest holding. Sound Shore Management Inc. CT owned 0.19% of Public Service Enterprise Group as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC increased its holdings in Public Service Enterprise Group by 1.8% in the 2nd quarter. Brighton Jones LLC now owns 7,430 shares of the utilities provider’s stock worth $548,000 after acquiring an additional 131 shares during the last quarter. Bryn Mawr Capital Management LLC grew its holdings in Public Service Enterprise Group by 0.5% in the 2nd quarter. Bryn Mawr Capital Management LLC now owns 25,739 shares of the utilities provider’s stock worth $1,905,000 after acquiring an additional 135 shares during the last quarter. Crestwood Advisors Group LLC increased its position in shares of Public Service Enterprise Group by 4.1% in the second quarter. Crestwood Advisors Group LLC now owns 3,853 shares of the utilities provider’s stock valued at $284,000 after acquiring an additional 153 shares during the period. Evergreen Wealth Solutions LLC raised its stake in shares of Public Service Enterprise Group by 1.7% during the first quarter. Evergreen Wealth Solutions LLC now owns 9,697 shares of the utilities provider’s stock valued at $648,000 after acquiring an additional 159 shares during the last quarter. Finally, Coldstream Capital Management Inc. boosted its holdings in shares of Public Service Enterprise Group by 1.9% during the second quarter. Coldstream Capital Management Inc. now owns 9,144 shares of the utilities provider’s stock worth $674,000 after purchasing an additional 172 shares during the period. Institutional investors and hedge funds own 73.34% of the company’s stock.

Analyst Ratings Changes

PEG has been the topic of several research reports. Barclays lifted their price target on 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. Bank of America raised their price target on Public Service Enterprise Group from $84.00 to $88.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Jefferies Financial Group initiated coverage on shares of Public Service Enterprise Group in a research note on Friday, September 13th. They issued a “hold” rating and a $85.00 price target on the stock. LADENBURG THALM/SH SH upgraded shares of Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 5th. Finally, Morgan Stanley upped their target price on shares of 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. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $77.92.

Public Service Enterprise Group Stock Up 4.0 %

Shares of Public Service Enterprise Group stock opened at $86.76 on Friday. Public Service Enterprise Group Incorporated has a twelve month low of $53.71 and a twelve month high of $86.83. The company has a quick ratio of 0.46, a current ratio of 0.65 and a debt-to-equity ratio of 1.16. The company’s 50 day moving average is $79.70 and its 200 day moving average is $73.54. The company has a market cap of $43.21 billion, a price-to-earnings ratio of 24.03, a price-to-earnings-growth ratio of 3.09 and a beta of 0.60.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly 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 net margin of 16.12% and a return on equity of 10.72%. The firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.03 billion. During the same period in the previous year, the company earned $0.70 earnings per share. Public Service Enterprise Group’s quarterly revenue was up .1% compared to the same quarter last year. Research analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 EPS 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. Shareholders 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 2.77%. Public Service Enterprise Group’s dividend payout ratio is currently 66.48%.

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 transaction, the executive vice president now owns 67,524 shares of the company’s stock, valued at $5,419,476.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the business’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 owns 148,892 shares of the company’s stock, valued at $12,014,095.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 value of $1,535,133.02. Following the completion of the sale, the executive vice president now owns 67,524 shares of the company’s stock, valued at approximately $5,419,476.24. The disclosure for this sale can be found here. Insiders sold a total of 30,068 shares of company stock worth $2,406,965 in the last three months. 0.57% of the stock is currently 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.