Retirement Systems of Alabama Sells 3,031 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Retirement Systems of Alabama reduced its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 0.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 560,223 shares of the utilities provider’s stock after selling 3,031 shares during the quarter. Retirement Systems of Alabama owned 0.11% of Public Service Enterprise Group worth $34,258,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Addison Advisors LLC bought a new position in shares of Public Service Enterprise Group during the fourth quarter valued at about $31,000. Operose Advisors LLC grew its stake in shares of Public Service Enterprise Group by 435.0% during the third quarter. Operose Advisors LLC now owns 535 shares of the utilities provider’s stock valued at $30,000 after buying an additional 435 shares during the last quarter. Bruce G. Allen Investments LLC bought a new position in shares of Public Service Enterprise Group during the fourth quarter valued at about $36,000. CNB Bank bought a new position in shares of Public Service Enterprise Group during the third quarter valued at about $34,000. Finally, Anchor Investment Management LLC bought a new position in shares of Public Service Enterprise Group during the fourth quarter valued at about $37,000. 73.34% of the stock is owned by institutional investors.

Public Service Enterprise Group Stock Performance

Shares of PEG opened at $67.82 on Monday. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.67 and a quick ratio of 0.46. Public Service Enterprise Group Incorporated has a one year low of $53.71 and a one year high of $68.39. The company has a 50-day simple moving average of $64.64 and a two-hundred day simple moving average of $62.32. The firm has a market capitalization of $33.81 billion, a PE ratio of 13.22, a price-to-earnings-growth ratio of 2.97 and a beta of 0.58.

Public Service Enterprise Group (NYSE:PEG) last released its earnings results on Monday, February 26th. The utilities provider reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.02. Public Service Enterprise Group had a net margin of 22.81% and a return on equity of 11.53%. The firm had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.45 billion. During the same period last year, the business earned $0.64 earnings per share. The business’s revenue was down 17.0% on a year-over-year basis. On average, analysts anticipate that Public Service Enterprise Group Incorporated will post 3.66 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.60 per share. The ex-dividend date is Friday, June 7th. This represents a $2.40 annualized dividend and a dividend yield of 3.54%. Public Service Enterprise Group’s payout ratio is 46.78%.

Insider Activity

In related news, CEO Ralph A. Larossa sold 1,374 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $66.37, for a total transaction of $91,192.38. Following the completion of the sale, the chief executive officer now owns 152,347 shares of the company’s stock, valued at $10,111,270.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Ralph A. Larossa sold 1,374 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $66.37, for a total transaction of $91,192.38. Following the completion of the sale, the chief executive officer now owns 152,347 shares of the company’s stock, valued at $10,111,270.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Richard T. Thigpen sold 4,800 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $64.18, for a total transaction of $308,064.00. Following the sale, the senior vice president now directly owns 31,122 shares of the company’s stock, valued at approximately $1,997,409.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,948 shares of company stock worth $511,814. Insiders own 0.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PEG. Bank of America raised their target price on Public Service Enterprise Group from $66.00 to $73.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Wells Fargo & Company raised their target price on Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 19th. Royal Bank of Canada raised their target price on Public Service Enterprise Group from $70.00 to $72.00 and gave the stock an “outperform” rating in a research note on Thursday, March 7th. TheStreet raised Public Service Enterprise Group from a “c+” rating to a “b-” rating in a research note on Wednesday, March 6th. Finally, Guggenheim cut Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $61.00 target price on the stock. in a research note on Monday, January 22nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Public Service Enterprise Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.15.

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.