Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Sold by ClearBridge Investments Ltd

ClearBridge Investments Ltd reduced its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 3.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,306,958 shares of the utilities provider’s stock after selling 75,017 shares during the period. Public Service Enterprise Group comprises 5.0% of ClearBridge Investments Ltd’s holdings, making the stock its 10th largest position. ClearBridge Investments Ltd owned about 0.46% of Public Service Enterprise Group worth $170,023,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in PEG. Raymond James & Associates grew 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 acquiring an additional 1,674,827 shares during the period. Sound Shore Management Inc. CT purchased a new position in Public Service Enterprise Group in the 2nd quarter worth approximately $71,298,000. Hsbc Holdings PLC boosted its stake in 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 buying an additional 732,443 shares during the last quarter. Reaves W H & Co. Inc. boosted its position in shares of Public Service Enterprise Group by 73.9% during the 1st quarter. Reaves W H & Co. Inc. now owns 1,572,001 shares of the utilities provider’s stock valued at $104,978,000 after acquiring an additional 667,773 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. boosted its holdings in Public Service Enterprise Group by 381.7% in the 2nd 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. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on PEG. Barclays raised their target price on Public Service Enterprise Group from $71.00 to $80.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. Morgan Stanley boosted their price objective on shares of Public Service Enterprise Group from $78.00 to $83.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Royal Bank of Canada upped their target price 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. Guggenheim upgraded 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. Finally, Bank of America boosted their price objective 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. 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, Public Service Enterprise Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.92.

Public Service Enterprise Group Stock Performance

Shares of PEG stock opened at $86.76 on Monday. Public Service Enterprise Group Incorporated has a 12 month low of $53.71 and a 12 month high of $86.83. The company has a current ratio of 0.65, a quick ratio of 0.46 and a debt-to-equity ratio of 1.16. The company has a market cap of $43.21 billion, a P/E ratio of 24.03, a PEG ratio of 3.09 and a beta of 0.60. The firm has a fifty day moving average price of $79.70 and a 200 day moving average price of $73.67.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share (EPS) 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 business had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same period in the prior year, the company posted $0.70 earnings per share. The company’s revenue was up .1% compared to the same quarter last year. Sell-side analysts predict that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date of this dividend is Monday, September 9th. Public Service Enterprise Group’s dividend payout ratio (DPR) is 66.48%.

Insider Buying and Selling

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the firm’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 transaction, the chief executive officer now owns 148,892 shares of the company’s stock, valued at $12,014,095.48. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now directly 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 available through this hyperlink. Also, EVP Tamara Louise Linde sold 9,563 shares of Public Service Enterprise Group stock in a transaction on Monday, September 9th. The shares were sold at an average price of $79.54, for a total transaction of $760,641.02. Following the completion of the transaction, the executive vice president now owns 57,961 shares in the company, valued at $4,610,217.94. The disclosure for this sale can be found here. Insiders have sold 30,068 shares of company stock worth $2,406,965 in the last ninety days. 0.57% of the stock is owned by corporate 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.