Public Service Enterprise Group Incorporated (NYSE:PEG) Stock Position Reduced by Capital Market Strategies LLC

Capital Market Strategies LLC cut its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 6.9% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,393 shares of the utilities provider’s stock after selling 250 shares during the period. Capital Market Strategies LLC’s holdings in Public Service Enterprise Group were worth $303,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PEG. Family Firm Inc. bought a new stake in Public Service Enterprise Group in the second quarter worth approximately $33,000. OFI Invest Asset Management bought a new stake in Public Service Enterprise Group in the second quarter worth approximately $35,000. Northwest Investment Counselors LLC bought a new stake in Public Service Enterprise Group in the first quarter worth approximately $36,000. Salomon & Ludwin LLC grew its position in Public Service Enterprise Group by 1,866.7% in the first quarter. Salomon & Ludwin LLC now owns 590 shares of the utilities provider’s stock worth $39,000 after acquiring an additional 560 shares in the last quarter. Finally, PFS Partners LLC grew its position in Public Service Enterprise Group by 90.9% in the first quarter. PFS Partners LLC now owns 630 shares of the utilities provider’s stock worth $42,000 after acquiring an additional 300 shares in the last quarter. 73.34% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on PEG. BMO Capital Markets boosted their target price on shares of Public Service Enterprise Group from $78.00 to $86.00 and gave the stock a “market perform” rating in a research report on Friday, August 2nd. Morgan Stanley boosted their target price on shares of Public Service Enterprise Group from $83.00 to $95.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Barclays upped their price objective on shares of Public Service Enterprise Group from $71.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday, July 10th. Scotiabank upped their price objective on shares of 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. Finally, Bank of America upped their price objective 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. One equities 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 assigned a strong buy rating to the company. Based on data from MarketBeat.com, Public Service Enterprise Group currently has an average rating of “Moderate Buy” and a consensus price target of $81.46.

Public Service Enterprise Group Stock Up 0.6 %

PEG stock opened at $91.60 on Friday. Public Service Enterprise Group Incorporated has a twelve month low of $54.80 and a twelve month high of $92.20. The company has a market cap of $45.63 billion, a PE ratio of 25.37, a price-to-earnings-growth ratio of 3.22 and a beta of 0.60. The business’s 50-day simple moving average is $82.26 and its 200 day simple moving average is $75.09. 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 released its earnings results on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share 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 period last year, the business earned $0.70 earnings per share. The firm’s quarterly revenue was up .1% compared to the same quarter last year. On average, research analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 9th were given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date of this dividend was Monday, September 9th. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 66.48%.

Insiders Place Their Bets

In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 19,127 shares of Public Service Enterprise Group stock in a transaction that occurred on 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 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 19,127 shares of Public Service Enterprise Group stock in a transaction that occurred on 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 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $90.20, for a total value of $124,295.60. Following the sale, the chief executive officer now directly owns 147,514 shares in the company, valued at $13,305,762.80. The disclosure for this sale can be found here. Insiders sold a total of 31,446 shares of company stock worth $2,531,260 over the last quarter. Company insiders own 0.57% of the company’s stock.

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.