Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Sold by BlackRock Inc.

BlackRock Inc. reduced its position in Public Service Enterprise Group Incorporated (NYSE:PEG) by 0.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 51,481,450 shares of the utilities provider’s stock after selling 88,477 shares during the period. BlackRock Inc. owned about 10.18% of Public Service Enterprise Group worth $3,075,502,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in PEG. Allred Capital Management LLC purchased a new position in shares of Public Service Enterprise Group in the first quarter worth approximately $27,000. Elmwood Wealth Management Inc. purchased a new position in shares of Public Service Enterprise Group in the first quarter worth approximately $30,000. Stonebridge Capital Advisors LLC purchased a new position in shares of Public Service Enterprise Group in the first quarter worth approximately $38,000. E Fund Management Co. Ltd. purchased a new position in shares of Public Service Enterprise Group in the first quarter worth approximately $53,000. Finally, Harbour Investments Inc. purchased a new position in shares of Public Service Enterprise Group in the first quarter worth approximately $53,000. 70.24% of the stock is currently owned by institutional investors and hedge funds.

In related news, COO Ralph A. Larossa sold 4,890 shares of the business’s stock in a transaction on Wednesday, September 1st. The shares were sold at an average price of $64.60, for a total transaction of $315,894.00. Following the transaction, the chief operating officer now owns 75,533 shares of the company’s stock, valued at $4,879,431.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Rose M. Chernick sold 400 shares of the business’s stock in a transaction on Tuesday, August 17th. The stock was sold at an average price of $64.71, for a total transaction of $25,884.00. The disclosure for this sale can be found here. Insiders sold 10,980 shares of company stock valued at $698,831 over the last 90 days. 0.52% of the stock is owned by corporate insiders.

PEG has been the topic of several analyst reports. Wells Fargo & Company lifted their target price on shares of Public Service Enterprise Group from $74.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday, August 26th. KeyCorp boosted their price objective on shares of Public Service Enterprise Group from $65.00 to $68.00 and gave the company an “overweight” rating in a research report on Friday, August 13th. Barclays boosted their price objective on shares of Public Service Enterprise Group from $62.00 to $67.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 25th. Finally, Morgan Stanley lowered their price objective on shares of Public Service Enterprise Group from $74.00 to $73.00 and set an “overweight” rating on the stock in a research report on Friday, September 17th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Public Service Enterprise Group currently has an average rating of “Buy” and an average price target of $67.39.

NYSE PEG opened at $61.70 on Wednesday. The company has a quick ratio of 0.53, a current ratio of 0.71 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $31.19 billion, a PE ratio of 21.13, a price-to-earnings-growth ratio of 4.99 and a beta of 0.54. The company has a 50 day moving average price of $63.03 and a two-hundred day moving average price of $61.71. Public Service Enterprise Group Incorporated has a 12-month low of $51.54 and a 12-month high of $65.33.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Tuesday, August 3rd. The utilities provider reported $0.70 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.70. Public Service Enterprise Group had a net margin of 15.49% and a return on equity of 11.40%. The firm had revenue of $1.87 billion during the quarter, compared to analysts’ expectations of $2.31 billion. During the same period in the previous year, the company earned $0.79 earnings per share. The company’s revenue was down 8.6% compared to the same quarter last year. As a group, equities analysts anticipate that Public Service Enterprise Group Incorporated will post 3.55 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 30th. Stockholders of record on Wednesday, September 8th will be paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.31%. The ex-dividend date of this dividend is Tuesday, September 7th. Public Service Enterprise Group’s payout ratio is 59.48%.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group, Inc is a holding company, which engages in the provision of electric and gas services. The firm operates through the following two segments: Public Service Electric & Gas Co (PSE&G) and PSEG Power. The PSE&G segment engages in the transmission of electricity and distribution of electricity and natural gas.

Read More: Basic Economics

Want to see what other hedge funds are holding PEG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Public Service Enterprise Group Incorporated (NYSE:PEG).

Institutional Ownership by Quarter for Public Service Enterprise Group (NYSE:PEG)

Receive News & Ratings for Public Service Enterprise Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Public Service Enterprise Group and related companies with MarketBeat.com's FREE daily email newsletter.