Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Sold by Gabelli Funds LLC

Gabelli Funds LLC cut its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 0.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 256,723 shares of the utilities provider’s stock after selling 1,845 shares during the quarter. Gabelli Funds LLC owned about 0.05% of Public Service Enterprise Group worth $18,920,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Family Firm Inc. acquired a new position in shares of Public Service Enterprise Group in the second quarter valued at about $33,000. OFI Invest Asset Management purchased a new stake in Public Service Enterprise Group in the second quarter valued at approximately $35,000. Northwest Investment Counselors LLC acquired a new position in Public Service Enterprise Group in the 1st quarter worth approximately $36,000. Salomon & Ludwin LLC raised its position in 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 buying an additional 560 shares during the last quarter. Finally, Scarborough Advisors LLC acquired a new stake in Public Service Enterprise Group during the 4th quarter valued at approximately $41,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Trading Up 4.0 %

Shares of PEG opened at $86.76 on Monday. Public Service Enterprise Group Incorporated has a 52-week low of $53.71 and a 52-week high of $86.83. The stock has a market cap of $43.21 billion, a PE ratio of 24.03, a price-to-earnings-growth ratio of 3.09 and a beta of 0.60. The firm’s fifty day moving average is $79.70 and its two-hundred day moving average is $73.67. The company has a quick ratio of 0.46, a current ratio of 0.65 and a debt-to-equity ratio of 1.16.

Public Service Enterprise Group (NYSE:PEG) last posted 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 net margin of 16.12% and a return on equity of 10.72%. The company had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same quarter last year, the company earned $0.70 earnings per share. Public Service Enterprise Group’s revenue for the quarter was up .1% on a year-over-year basis. Research analysts forecast 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 declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, September 9th. This represents a $2.40 annualized dividend and a dividend yield of 2.77%. Public Service Enterprise Group’s dividend payout ratio is presently 66.48%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Bank of America raised their target price on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. BMO Capital Markets lifted their price objective on Public Service Enterprise Group from $78.00 to $86.00 and gave the company a “market perform” rating in a research note on Friday, August 2nd. Scotiabank raised their target price 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. Guggenheim upgraded 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, LADENBURG THALM/SH SH upgraded Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $77.92.

Insider Activity

In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 19,127 shares of Public Service Enterprise Group 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 of the company’s stock, valued at $5,419,476.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now owns 148,892 shares of the company’s stock, valued at approximately $12,014,095.48. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 sale, the executive vice president now directly owns 67,524 shares of the company’s stock, valued at $5,419,476.24. The disclosure for this sale can be found here. In the last quarter, insiders have sold 30,068 shares of company stock valued at $2,406,965. 0.57% of the stock is currently owned by insiders.

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.